What's up?

Busy Friday. That's what's up!
Kassie hosting agents open house on superb condo at 2855 Bloor Street # 516. Sheila busy as always handling admin. and getting our newest listing ready for the market next week. Gail getting ready for weekend open house on 30 Millsborough Court, Doris getting ready for public open house at 4 Evesham Court and I have been told I'm training Kassie on the art of holding an open house at 47 Primcess Anne Crescent. Hope I haven't forgotten how to.
Stop by and say hello. Maybe buy a house while you're at it!

Where have all the Bungalows gone?

Seems like everyone I know is downsizing these days and almost all are moving to a condo.

I have nothing against condos and think they offer a great lifestyle for certain people. Although I have never lived in one, my inner downtown persona kind of likes the idea of living in a condo in a cool, downtown neighbourhood. Don’t know if a 56 year old is allowed to use the word “cool” in a sentence, but there you go, I’ve done it. Anyway, I digress.

All this condo activity got me thinking. Where have all the bungalows gone? Most of my friends don’t want to live in a 700 square foot shoebox, but that is what the developers are building these days. They are missing the mark. There is a huge demand for luxury, condominiums that are conveniently located, and which offer space at a reasonable price; but the majority of what is being built are the “entry level” condominiums that by and large appeal to young professionals who want to live and work downtown and can actually live in 700 square feet.

Used to be, that a bungalow was a viable option for an empty nester moving out of a larger family home, wanting to downsize and who didn’t want to live the condo lifestyle. But it seems to me that bungalows are disappearing - to the point that in my neck of the woods, people are paying a premium for a bungalow because they can’t find a condo that offers the same space.

The term bungalow originated in India, and originally it was used to describe hovels in India for English sailors of the East India Company. Later the term became synonymous for the spacious homes or official lodgings of officials of the British Raj, where it had high status and exotic connotations.

I think they had the right idea. With spacious being the definitive term.  I have lived in a bungalow for the last 28 years and now that my kids have moved out, I find it is a perfect alternative for a condominium.  Although, I do still have to cut the grass & shovel the snow!

Hmmm, maybe it is time to re-think my housing requirements.

 

 

Niels Christensen, ABR., CCREC., CFE., is a licensed real estate Broker & Realtor with RE/MAX Professionals Inc. Brokerage and has been representing clients in West Toronto & Etobicoke for 24 years. He can be reached at 416-236-1241 or through www.christensenteam.ca

Bidding Wars - Effective Pricing Strategy or Incompetence?

If you follow the real estate market, you will have read about homes selling as a result of a bidding war.

Homes selling for 200K over the asking price or better still, 489K over the asking price with 30 offers on it have both been reported in the media lately. And while it makes for great newspaper copy because it generates reader interest, I always wonder - was the sale price was a result of an effective pricing strategy by a smart agent or was the agent incompetent, had no idea of market value and instead relied on luck and a strong market to dictate the selling price?

Clearly, part of what a consumer relies on when working with an agent, is the expertise to correctly advise on market values and pricing strategies. And to do so, the agent must be familiar with local values. Pricing a home aggressively as a strategy to solicit multiple offers in a defined period of time can be a very effective strategy given certain market conditions, but it can also have drawbacks, and in my view, when a home sells for $400,000.00 above the asking price, it begs the question – did the agent really know what they were doing? Or were they just relying on luck.

When a person retains an agent to represent them in the sale of their home, that agent is required by law to be competent to represent the client’s interests. This means that the agent must be familiar enough with a given location that they can advise the client with respect to values. If an agent doesn’t have the expertise to do so, then ethically that agent should decline the business and refer the client so that the client’s interests are served properly.

Some agents don’t want to do this of course because it means the potential of a lost commission. But true professionals will realize that the obligation they have to act in the client’s best interest rises above their personal interest in earning a commission.

If an agent doesn’t know what the value of your home is and suggests that an effective marketing strategy is to list it at a very low price and hope for a bidding war, I suggest you question the agent very closely on what can go right, and what can go wrong if this strategy is implemented. Sometimes you get lucky and win the lottery, but you can also leave money on the table and if you want to entrust the sale of your home to an agent whose marketing plan relies on luck, that of course is up to you. I call it gambling!

If you are thinking of selling your home, deal with a local agent who you recognize is active in your market place and who has the competence to represent your interests properly. 

For information about real estate in west Toronto & Etobicoke, please feel free to contact us at 416-236-1241 or www.christensenteam.ca

New Team Member

P39

Welcome to Kassaundra Dobson who joins the Christensen Team. We are excited to add a new level of expertise to our team and Kassaundra's vibrant, energetic approach to real estate will assist us in providing the level of superior service to our clients that we have become known for.

To contact Kassaundra directly, she can be reached on 647-668-3685 or Kassaundra@christensenteam.ca

For more information on real estate in west Toronto & Etobicoke, visit our web site at
www.christensteam.ca

Are You Buying a House or a Home?

Real estate advertisements often use the words "house" and "home" interchangeably. But, when you think about it, there is a difference between a house and a home.

Our slogan “Selling Homes...........not Houses” represents the mindset of how we do business when we represent clients. We believe there is a distinct difference between the two and the right agent can assist you in making the right purchase.

A house can be a place to eat, sleep, park your car, and store your family members. It is a possession and an investment.

A home, on the other hand is where you laugh, cry, yell and play your 70’s tunes really loud. It is where you raise your family, share good times (and bad) with close friends, and run around turning the lights off after your kids.

A home is your castle. It is where you live your life.

A house is something you buy logically. A home is an emotional purchase. When buying real estate you have to balance the two because usually, they will be in conflict.

The trick in buying real estate is to view your decisions with both logic and emotion. If a situation presents itself that requires a trade-off, decide on what is more important for the particular situation. Logic is important, but emotion should always be a factor. That way you will find yourself owning a home and an investment for the future at a price you are willing to pay.

In 26 years of representing clients, I have met more than a few people who absolutely had to have a particular house. For whatever reason, they were unable to buy that house they absolutely had to have, only to realize with the passage of time, that there is always another house. It may not be on the market today or tomorrow, but there is always another house.

Make a wise decision when you buy a house. And then go about making that house a home.  

For information on real estate in west Toronto & Etobicoke, call us at 416-236-1241 or visit

www.christensenteam.ca

Christensen Team is Growing! Younger!

Happy to announce that we are adding a dynamic young woman to our team. Adding youthful, energetic, fresh perspectives combined with 30 years of real estate experience will help us continue to deliver the high standard of service we are known for. More details to follow later this week.

For information on real estate in west Toronto and Etobicoke, call us at 416-236-1241 or visit www.christensenteam.ca