Susan Terry

Sales subdued but prices picking up amid low inventory.

Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 259 units in April 2019.

This was a decrease of 18.6% from a very strong April in 2018 but stood close to the 10-year average for the month.

On a year-to-date basis, home sales totaled 680 units over the first four months of the year, a decrease of 13.6% from the same period in 2018.

The average price of homes sold in April 2019 was $384,580, up 9.8% from April 2018. Aside from an aberrant reading in August 2018, this was the highest average price on record in the region. The more comprehensive year-to-date average price was $365,698, up 8.4% from the first four months of 2018.

New residential listings in the region numbered 409 units in April 2019, up 5.7% on a year-over-year basis. Even so, this was still below every other April on record with the exception of 1988. Overall supply remains near record lows but is beginning to edge slightly higher. Active residential listings numbered 805 units at the end of April, up 7.8% from the end of April 2018.

Months of inventory numbered 3.1 at the end of April 2019, up from the 2.3 months recorded at the end of April 2018 but below the long-run average of 8.9 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The dollar value of all home sales in April 2019 was $99.6 million, decreasing by 10.6% from the same month in 2018. Sales of all property types numbered 357 units in April 2019, down 8% from April 2018. The total value of all properties sold was $134.4 million, edging 2% lower compared to April 2018.

Not ready to sell your home? You could always rent it out instead!

Opportunities usually come out of the blue. For instance, there might be a temporary work contract that forces you to relocate.

Or perhaps a strong buyer’s market means it’s a great time to buy, but you don’t want to be forced to sell your current home at a loss.

Renting your home might be an option but there are lots of things to consider. For starters, you’ll want to conduct an in-depth financial analysis. Here are a few other things to keep in mind if you’re thinking about renting out your home:

1. Step Away – Being a landlord isn’t always easy. You’ll need to detach yourself emotionally from your old home.
2. Tax Talk – There may be tax implications, so contact your tax advisor as rules can vary depending on individual circumstances.
3. Money Matters – Make sure to have a bit of extra money on hand in case the rent doesn’t cover your mortgage, taxes, utilities, insurance, etc.
4. Playing the Market – You may be able to increase your equity as the market gains strength, but if it tanks, you could end up on the losing end.
5. Be Prepared – The future’s uncertain so always be prepared for unexpected repairs or if your tenant suddenly falls behind on their rent.
6. Raucous Renters – Tenants aren’t likely to treat your home with the same level of care as you once did so when it comes time to sell, your home may need some work.

As with any decision, it’s important to weight the pros and cons. If done right, renting can be one of the best financial decisions you ever make but you’ll need to treat it like a business, so evaluate the rental market and research landlord/tenant laws before moving forward.

If, on the other hand, you decide to put your home on the market, make sure you have a professional real estate agent to help advise you on how to sell your home quickly and for top dollar. Please don’t hesitate to reach out if you have any questions regarding this decision, or any other real estate related matters.

Create a garden space at your Port Elgin home that’ll bring you health and relaxation!

It’s that fresh new time of year when many of us step outside, roll up our sleeves and bring our gardens back to life! Here are a few ideas to help inspire you this spring:

1. Grow Local – Flowers, shrubs and grasses that are native to your area are easy to maintain and also provide a natural habitat for birds, pollinators and insects.
2. Sky High – Vertical gardening is popular, especially for those with small spaces. All you need is a wall, fence or trellis to grow edibles, annuals and perennials. The sky’s the limit!
3. Foodscaping – Instead of traditional vegetable patches, backyards are being transformed into edible landscapes that include vegetables, berries, fruits and herbs.
4. Flower Power – Edible flowers such as red clover, bee balm, daylilies and borage are also surging in popularity as they look beautiful and taste even better!
5. Child’s Play – It’s important to limit screen time and get kids back into nature so parents are encouraging their children to develop an appreciation for gardening.

The new generation of gardeners are interested in supporting the environment and growing their own food, which is slowly starting to change the way we live and eat. Gardening is also the perfect excuse to switch off your device and get in touch with mother nature!

Grey Bruce home sales post below-average March.

Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 172 units in March 2019. This was a decrease of 11.3% from March 2018.

On a year-to-date basis, home sales totalled 422 units over the first three months of the year, down a similar 10% from the same period in 2018.

The average price of homes sold in March 2019 was $353,235, up 5.3% from March 2018. The more comprehensive year-to-date average price was $353,681, rising 7.6% from the first three months of 2018.

New residential listings in the region numbered 308 units in March 2019, falling 21.8% on a year-over-year basis. The last time the supply of new listings was lower in the month of March was 1993.

Overall supply also stands near record lows. Active residential listings numbered 699 units at the end of March, down 2.2% from the end of March 2018. You have to go back to 1989 to find a lower reading.

Months of inventory numbered 4.1 at the end of March 2019, up a bit from the 3.7 months recorded at the end of March 2018 but still less than half the long-run average of 9.8 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The dollar value of all home sales in March 2019 was $60.8 million, down 6.7% from the same month in 2018. Sales of all property types numbered 234 units in March 2019, down 9.7% from March 2018. The total value of all properties sold was $81.4 million, up 6.8% from March 2018.

The junk in your attic may be a treasure trove of opportunities!

Upcycling is a popular trend where existing items that would normally make their way to the curb are instead transformed into something useful and stylish. Here are a few creative ideas to help inspire you:

1. Tub Chair – Cut an old claw foot tub in half and add a few seating pads for a very unique set of chairs.
2. Bike Sink – Transform an old bicycle into a bike sink and use the basket for towels, plants or toiletries.
3. Stylish Shelf – Turn an old ladder into a cool spot to hang towels or fix it to the ceiling and hang photos or lanterns from the rungs.
4. Picture Perfect – Love an old painting but don’t have anywhere to hang it? Just add some handles to create a unique serving tray!
5. Door Designs – Salvaged doors can be upcycled into tables, headboards or a storage bench. You can even create a folding screen divider by fixing a few of them together.

The opportunities for creative upcycling are endless, so give your old items a new lease on life while adding your own twist to them. Not only will you save money but you’ll also help the environment while injecting some fresh new creativity into your space!

Check out the latest and greatest in household smart gadgetry!

Every year, the Consumer Electronics Show in Las Vegas introduces new and exciting technology. Here are a few of the latest innovations in smart home gadgetry:

1. Smart Plank – This smart home hub looks like a smooth and simple piece of wood but it has an integrated touch sensor that will help control your home.
2. TV Be Gone – Now you can literally not watch TV as the latest models will magically disappear and turn into an attractive piece of furniture when not in use.
3. Sleep Easy – There’s a new headband for those not getting enough shut-eye. Sensors detect when you enter a deep sleep cycle and then play sounds to help you remain there.

These are just a few of the latest technologies to hit the market. As homes get smarter and more connected, homeowners will continue to benefit by enjoying unprecedented levels of convenience and comfort.

Will the housing market cool down, level out or gain steam?

No one can say for sure what’s around the corner when it comes to the real estate market but there are steps you can take ahead of time to prepare yourself. If you’re currently considering home ownership, here are a few points to consider:

1. Planning Makes Perfect – It’s important to plan ahead so research local amenities and consider features like parks and schools if you’re planning to start a family.
2. Know the Numbers – Ensure you’re financially ready to buy a home. There are many other costs aside from mortgage payments so know what you’re getting yourself into.
3. Stick to Your Budget – Examine your individual needs so that you don’t overextend yourself financially. Make a list of the features that fit your family’s lifestyle before looking at homes.
4. Go Pro – Have a real estate agent help guide you through the entire process. Start with a market evaluation of homes that have recently sold in your area along with an analysis of community trends.
5. Think Straight – It’s normal for home buyers to experience a full range of emotions during the complex real estate rollercoaster ride. House hunting should be fun though, so don’t take things personally or let your emotions rule every decision.
6. Inspect the Unexpected – Just because you’ve checked over the house thoroughly doesn’t mean all’s well behind the scenes. Making an offer conditional on a home inspection will help you avoid any nasty, expensive surprises.

An uncertain real estate market can make it difficult to know whether you should hold off purchasing a home in case prices fall, or jump right in before prices skyrocket. One thing’s for sure though. The time to buy is when your budget matches your needs, so always consider your personal circumstances before making a decision. Please don’t hesitate to get in touch if you ever have any questions!

Grey Bruce home sales moderate in February.

Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 137 units in February 2019. While this edged up 1.5% (two sales) from February 2018, it was a noticeable slowdown following the solid momentum seen at the end of 2018.

On a year-to-date basis, home sales totalled 251 units over the first two months of the year. This was down 8.7% from the same period in 2018.

The average price of homes sold in February 2019 was $364,376, rising 10% from February 2018. The more comprehensive year-to-date average price was $354,738, up a similar 9.6% from the first two months of 2018.

New residential listings in the region numbered 208 units in February 2019. This edged down 1.4% (three listings) on a year-over-year basis. Overall supply remains near record lows. Active residential listings numbered just 605 units at the end of February. This was up 9.6% from the end of February 2018 but stood below the same time in every other year on record, and well below the log-term average of around 1,500 listings.

Months of inventory numbered 4.4 at the end of February 2019, up a bit from the 4.1 months recorded at the end of February 2018 but still way below the long-run average of 12.9 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The dollar value of all home sales in February 2019 was $49.9 million, rising 11.6% from the same month in 2018.Sales of all property types numbered 175 units in February 2019, up 6.7% (11 sales) from February 2018. The total value of all properties sold was $63.4 million, rising 19% from February 2018.