By: Tracy Lilly

February 2019 Real Estate Market Update

Tags: BURLINGTON, OAKVILLE, DUNDAS, WATERDOWN, STONEY CREEK, HAMILTON, ANCASTER, GRIMSBY, SHOULD YOU MOVE OR RENOVATE?, MAKING "NEIGHBOURHOOD TARGETING" WORK FOR YOU, LOW-COST STORAGE HACKS FOR CREATING MORE SPACE, HOUSE SALES, HOME VALUE'S, HOUSE PRICES, GTA, GOLDEN HORSESHOE, JANUARY 2019, REAL ESTATE MARKET UPDATE, TRACY LILLY, ROYAL LEPAGE

 

Real Estate Update:

The January sales numbers are in, and it’s showing a promising start to the year.  Sales have increased in 5 out of the 10 communities represented in this newsletter.  Home values have risen as well in 9 out of 10 areas, only Hamilton West saw a drop in prices. We believe we will see moderate growth in sales this year.  As mentioned in my last newsletter, we’re anticipating a 2 – 2.5% increase in home values in 2019.

The home buying trend remains the same as last year…lower priced properties seem to be the preference for consumers and are in high demand.  Even with higher demand properties, buyers still have some time to view and compare homes before putting in an offer to purchase, most of the time.

Last month, the Bank of Canada (BOC) decided not to raise the overnight lending rate affecting variable rate mortgages. The consensus seems to be that we may see fewer BOC rate hikes this year, which would be great news to anyone considering a home purchase. The next rate announcement will be March 6th. If you’re more comfortable with a fixed rate mortgage then there’s good news there as well, as fixed rates dropped last month.  2019 may prove to be a good year to get into the market with continued low interest rates.

Something else to listen for… we’re starting to hear rumours of some changes coming in the next federal budget that may help some home buyers. The stress test has made it very difficult for some.  There may be some relief on the way. We don’t have any details as yet, so stay tuned.

For a more in-depth analysis of the market in your specific area, please feel free to call, text or email anytime.  I'm here to answer all your questions. C: 905-464-6208

 

Tracy Lilly

Sales Representative & Accredited Staging Professional

Cell: 905-464-6208   Office: 905-338-3737   Email: tracy@tracylilly.com

Website: www.tracylilly.com

 

Should You Move or Renovate?

 
 
 
Determining whether you should buy a new home or fix up your current one isn’t easy. In fact, the decision can be steeped in so much drama, they make reality TV shows about it!

So, if you’re wondering whether to move or improve, here are three things to consider:

1. Will a renovation truly fix what you don’t like about your property?

If you’re tired of a small kitchen, for example, given the layout of your house, it might not be possible to make it any bigger. On the other hand, if you’re craving a spacious rec room with a cozy fireplace, then a renovation could make that happen.

Of course, there are some things you may want that aren’t specific to your house, such as an easier commute or nearby park. Those are features you may only be able to get by moving.

2. How much will a renovation cost? How does that compare to the cost of moving to a new home?

It’s important to get accurate estimates of both the cost to renovate, and the cost of a new home, so you can make an informed decision. 

Renovations often have a habit of costing more than you originally anticipate. Remember, the final result should be a home you want to stay in for quite some time.

3. Beware of compromising versus settling.

Whichever decision you make - to renovate or to sell - you can expect to have to make at least some compromises. That’s normal.

For example, consider the impact of adding an extension to your house. It would be a major renovation. Is it the ideal way to get the extra room you want? Do the benefits of renovating outweigh the benefits of finding a new larger home that already includes the space you need?

It can be a tough decision. If you’re in the midst of making it, call today to get the facts you need to make the best choice.

 

Making “Neighbourhood Targeting” Work for You

 
 
 
Imagine if you dreamed of owning a special limited-edition vehicle. What would you do to ensure that your dream vehicle would someday be parked in your driveway - with your name on the ownership papers?

You would probably start by doing some research. You’d find out how much that vehicle would cost, what features are available, and so forth. You would likely visit a local dealership and take a test drive if a model is available on site. You would keep an eye on the market for any that come up and let the dealer know you’re looking for just that car.

If you did, then, someday, you’d probably be the proud owner of the limited-edition car of your dreams.

What does this have to do with real estate?

Well, you can take the same approach when there’s a neighbourhood you’d love to live in someday. You can target it, learn what homes typically cost in that area, and keep your eye on that market in case a property becomes available that meets your criteria.

By focusing on a specific neighbourhood, you increase your chances of someday living there, simply because you’re focusing on it.

Of course, neighbourhood targeting isn’t as simple as aiming to own a specific car someday. That’s why you need someone like me who can keep an eye on that neighbourhood on your behalf, and alert you to opportunities that become available.

Then, if a listing that’s a good fit comes on the market, you can decide whether or not to make a move. 

Is there a dream neighbourhood you’d like to live in some day? Call today to start making it happen.

 

Low-Cost Storage Hacks for Creating More Space

 
 
 
Comedian George Carlin’s most memorable routine was, “A place for my stuff.” In it, he talked about dealing with the increasing quantity of items we accumulate throughout life.

George was funny. The problem is not. Here are some low-cost ideas for quickly creating storage space for your stuff.

  • Attach a cloth pouch or thin plastic basket to the inside of cupboard doors. This is a great way to store Tupperware lids, cosmetics, etc.
  • Install hooks inside the foyer closet for loose items such as hats and scarfs.
  • Use egg cartons to make effective storage inserts in drawers.
  • Fashion stores often put purchases in stiff, high-quality boxes. Placed on their sides, these make effective storage compartments. (Shoeboxes are especially effective.)
  • Consider using suitcases for out-of-season clothing. In addition to storage, they also provide protection.
  • Never throw out an old wine rack. There are numerous ways these can be used for storage. (For example: tools)

By thinking creatively, you can probably come up with many other simple ideas for creating more storage. The reward is a home that looks neater and more spacious.

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