Monday, November 17, 2008
Early Morning Walk with Future Guide Dog Archer
Barbara & I have this little guy for 2 more weeks. He's a 4 month old standard poodle that we're fostering.
Thursday, November 13, 2008
October 2008 versus October 2007
This October has certainly felt the effects of a difficult global economy. Oakville sales volumes were down 40% at 181 sales from 304 in October 2007. While the average sale price has fallen over 11% to $474,000 from $527,000.
We are definitely in a buyers market. First time buyers can enjoy alot of choice and not have the added stress of having to coordinate the sale of a property. Homes trading under $500,000 have represented the bulk of these October sales with the median sales price dropping to $390,000 from $435,000.
Of course the impact of the stock market has caused the higher end homes sales to soften. People are just staying put unless they have to make a move. Showings have virtually dried up. Similarly seniors are facing the financial crunch as well and in many cases are finding it difficult to make a move to a retirement home as a result of the lower values of their RRIFs and non registered savings.
There are ways to hedge yourself should you wish to make a move in this market. You can include the sale of your existing home as a condition in an Offer. There is a good chance that the Seller will accept it. You can also negotiate a longer than the normal 60 to 90 day closing period to allow you additional time to sell your home. For those who bought before the market fell and are still trying to sell their existing home you may consider renting your new home out to gain some income while you complete the sale of your existing home. Although there are more rental choices, the number of rental sales year over year has remained the same at just over 40 for October for the Town of Oakville.
We are definitely in a buyers market. First time buyers can enjoy alot of choice and not have the added stress of having to coordinate the sale of a property. Homes trading under $500,000 have represented the bulk of these October sales with the median sales price dropping to $390,000 from $435,000.
Of course the impact of the stock market has caused the higher end homes sales to soften. People are just staying put unless they have to make a move. Showings have virtually dried up. Similarly seniors are facing the financial crunch as well and in many cases are finding it difficult to make a move to a retirement home as a result of the lower values of their RRIFs and non registered savings.
There are ways to hedge yourself should you wish to make a move in this market. You can include the sale of your existing home as a condition in an Offer. There is a good chance that the Seller will accept it. You can also negotiate a longer than the normal 60 to 90 day closing period to allow you additional time to sell your home. For those who bought before the market fell and are still trying to sell their existing home you may consider renting your new home out to gain some income while you complete the sale of your existing home. Although there are more rental choices, the number of rental sales year over year has remained the same at just over 40 for October for the Town of Oakville.
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