I know that’s hard to believe.
After all, in all the time you’ve been reading my articles, I’ve been pretty much flawless.
- Predicting the recovery of the Nortel stock I bought at $40 per share? Nailed it.
- Deriding the internet as a temporary fad? Dead on.
- Proclaiming that frosted hair tips on men is a timeless, classic look? Damn straight.
So as hard as it is for you to believe, I made a mistake recently.
In the last six months to a year I’ve mentioned on a few occasions that it was a good time to sell a property that had some fundamental flaws. I go through what I consider fundamental flaws in an article I wrote in January, 2017 that you can read here. One of my most popular articles!
But Jeff, you say, wasn’t that pretty accurate? Wasn’t it in fact a good time to sell?
Yes it was accurate and yes, it was a good time to sell.
The mistake I made is that I wasn’t forceful enough.
I said you should consider selling. I should have said you have to sell.
I said now was a good time to get a great sale price for your property despite the flaws. I should have said if you don’t sell now and get into a place without flaws, you’re making a huge mistake.
I should have grabbed one of those sandwich boards and loitered at busy street corners shouting “Sell your problem house before the market shifts!” until I was carted off to the Home for Disturbed Realtors. Which, ironically, is located on a busy street with a meat rendering plant next door.
I said it, but I didn’t say it loudly enough, clearly enough, with enough force.
I’m not making that mistake again.
So hear me now, loud and clear.
NOW IS THE TIME TO BUY A HOME.
If you’ve been on the fence, considering buying or not buying, wondering what’s going on with the market and waiting, congratulations, your patience (or indecisiveness) has paid off.
The market has shifted and in certain areas and price points, there are bargains to be had.
In the last couple of weeks I’ve helped two clients buy homes. Both of them were able to get them at great prices, with no competing offers and we even bought them with conditions.
I helped a client buy an amazing sun-filled condo in the Corktown neighbourhood of Toronto with an unbelievable terrace of over 200 square feet that faces a green roof courtyard and gorgeous pool area. Floor to ceiling windows, great finishes and a den that is actually big enough to be a 2nd bedroom. We bought it conditional on financing and for $70K less than a comparable unit sold for a month earlier.
I helped another client buy a very attractive corner lot home in Aurora with a salt water pool and a massive patio with a large gazebo. To top it all off, it backs onto a conservation area and park for the kids. We bought it conditional upon home inspection and financing and we paid $125K less than the house sold for in March. That earlier deal fell through and my client was able to get an amazing home for 10% less than what it cost just a few months earlier.
As we shift away from a seller’s market towards a more balanced market, there are amazing opportunities to be had in buying a home.
August is traditionally a slow time for home sales as we take advantage of holidays and nice weather. When you combine that with dramatically increased inventory in almost all housing types and areas, you have some sellers getting desperate for a sale and some Realtors who don’t know how to deal with the shift.
For anyone who has been thinking about buying a home, this August is the time to do it. Mortgage rates are going up, so get pre-approved and locked in now. I know an amazing mortgage broker that I’m happy to introduce you to in that regard.
With all our ducks in a row, we can head out to start seeing homes. We’ll find properties that have been sitting on the market due to buyer indecision, sellers who are anxious and worried that it will never sell, and we’ll get a hell of a bargain.
Now, I think that was pretty loud and clear. No mistake this time!
If you or someone you like has been considering buying a home, please get in touch with me ASAP so we can get started. I’d love to be responsible for what comes next.
ROOMS TO RENT
As the life of a building changes, the need for space shrinks and swells cyclically. The building must be able to adapt to to this irregular increase and decrease in the need for space.
There have been many times when I’ve seen people sell homes because the space no longer suits their needs. Too little or too much space is in fact one of the primary reasons people move.
This design lesson reminds us that if we are thoughtful in how we design homes, we can accommodate changes in what we need in the home. Family members who need a temporary place to stay can have their own place if we’ve made one part of the home with a private entrance separate from the main entrance, with a bathroom directly reachable from this space without going through the main part of the house. By being thoughtful about how we lay out our homes, we can have them change as our needs change.