As we celebrate and reflect on 2017, we must begin by thanking all of you for your continued support and encouragement.
Did you know that the Kingston and Area Real Estate Board actually stretches from villages east of Gananoque to west of Napanee and far north into cottage country hours away? Many people don’t realize that our local board covers such a large area.
This information is really important when reading the latest stats. For example, out of the 795 active residential listings at the end of November for our entire board, 23 were in Gananoque, 25 were in Greater Napanee, 21 on The Islands, 300 were within Kingston’s City Limits, and the rest were in surrounding areas.
Something else to keep in mind is that those residential stats include everything from detached homes to apartment style condominiums and everything in between. They also include to-be-built homes in new or growing subdivisions (there are currently 60 either under construction or brand-new in the City of Kingston alone).
Yeah, but, how many sold? Well, a total of 234 residential sales were recorded in our entire board in the month of November, which was one less than last year. Year-To-Date, those numbers tell a different tale as there were 3570 sold this YTD compared to last year’s 3403 (which was also a record year).
With more residential properties sold and significantly less inventory, this is what has led to a seller’s market in most areas. This has increased market values for many, ranging between 3-10% YTD depending on the area and age and condition of the property.
Fun fact: If you were looking to buy a hobby farm when you hit the jackpot or retire, there are currently 353 to choose from in our local board.
If you or anyone you know is thinking of selling next year and would like to chat with us about our Eight Week Marketing Plan and receive a Comparative Market Analysis (CMA for short), we would be happy to do so.
Our Eight Week Marketing Plan begins well before the sign is up and is quite extensive. We believe you only get one chance to make a great first impression, and that is why our team hires professional photographers, home staging consultants, and professional marketing designers to work with us to ensure a home not only shines, but stands out.
For those that haven’t sold with us, you might be wondering how our CMA process works. We’re glad you asked…
First: We start by looking up past sales history and general information, and begin comparing the property to recent sales in the neighbourhood. We also gather competing active listings and failed to sell data.
Second: We arrange a time for a visit and tour of the property. This is when we will chat about the place in detail and ask a bunch of questions including favourite features, upgrades, additions, foliage, activities, etc, etc.
Third: We go away and hunker down with all the new information to pare down the list of comparable properties. We will then add or subtract value to each comparable for various features as they relate to the subject property.
Fourth: We discuss our findings amongst the team to solidify our conclusion and determine the specific marketing approach best suited for the property.
Fifth: We come back for another visit (Yay!). This time we bring a full detailed report, including an opinion of value and suggested list price (which are not the same thing). We’ll even show photos from inside the comparable properties we used to help explain our findings. Then we will discuss our suggestions for next steps, timing, and our specific negotiating strategies for the home. Sometimes, we even have two options for list price based on timing and possible renovations. Of course, we will answer any and all questions along the way.
This entire process takes us between 6 to 10 hours to complete. Yep, that’s a long time. However, we know that pricing a home accurately is a key component in a successful marketing strategy and well worth the time.
New rules for buyers
Just a friendly reminder that some buyers will have to follow a new mortgage stress test starting in January. If you are anticipating buying in 2018, it would be wise to review all changes with your Mortgage Professional soon. Depending on the weather, we could have an early spring market!