Grey Bruce Real Estate News from Susan Terry July 2018   

 
Purchasing a home is an emotional time when serious mistakes can be made by even the savviest of buyers. This month's article highlights some common blunders that can cause a serious case of buyer's remorse.

We also examine the advantages of taking a staycation this summer as well as a few tips on how to naturally keep away those pesky mosquitoes.

Thanks so much for checking out this month's newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general -- it'd be great to hear from you!

Cheers
Susan Terry

In this issue...
Grey Bruce Real Estate Market Update 
Home sales solid as overall supply drops to record low.

Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 327 units in June 2018.

This was a decrease of 13% from the record for the month seen in June 2017 but was still one of the better months of June in history.

On a year-to-date basis, home sales totalled 1,454 units over the first six months of the year. This was a decrease of 17.6% from the same period in 2017.

The average price of homes sold in June 2018 was $342,111, rising 11.4% from June 2017. The more comprehensive year-to-date average price was $343,141, up 10.3% from the first six months of 2017.

New residential listings in the region numbered 443 units in June 2018. This was a decrease of 15.1% on a year-over-year basis and was the lowest level of new supply since the early 2000’s.

Overall supply also stands at record lows. Active residential listings numbered 944 units at the end of June. This was a decrease of 18% from the end of June 2017.

Months of inventory numbered just 2.9 at the end of June 2018, down a bit from the 3.1 months recorded at the end of June 2017 and below the long-run average of 9.5 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 June 2018 was $111.9 million, edging down 3.1% from the record for the month seen in 2017.

Sales of all property types numbered 377 units in June 2018, a decrease of 18.9% from June 2017. The total value of all properties sold was $129.4 million, down 8.8% from June 2017.

How to Avoid Buyer's Remorse 
A bit of advanced planning will help you avoid buyer’s remorse.

Buying a home can be an emotional roller coaster which is why it's so easy to make mistakes. Here are a few common buyer blunders to be aware of:

  1. Not Thinking Ahead - If you’re hoping to start a family in your new home one day, it pays to consider features like local parks and school zones.

  2. Buying a Home that's too Expensive - Buyers who overextend themselves are often forced to sell at a loss. Avoid temptation by only viewing homes that are in your price range.

  3. Bad Location, Bad Location, Bad Location - Determining the location that best suits your lifestyle is critical so consider proximity to public transit, schools and other amenities.

  4. Choosing the Wrong Home - Make a list of all the features that are essential to you. It's easy to be taken in by curb appeal, but walk away if it lacks anything that you’re unable to live without.


  5. Uninspected Circumstances - Just because a house looks solid doesn't mean all is well behind the scenes. Making an offer conditional on a home inspection will help eliminate any regrets.

  6. Acting too Slowly - The home you fall in love with could be gone tomorrow if you wait too long. Do your research ahead of time so you'll have the confidence to act swiftly when the time comes.

  7. Not Using an Agent - It's important to have an agent to help you make crucial decisions, negotiate the offer and explain the conditions in order to have a positive experience and avoid buyer’s remorse.

Buying a home can be an extremely emotional process so it's important to stay grounded in order to avoid errors that could cause regret. If you conduct your research ahead of time and are well aware of your wants and needs you'll be able to move forward with confidence and peace of mind. If you ever have any questions about real estate, please don’t hesitate to get in touch.

There's No Place Like Home 
Exploring your local area can be just as much fun as going away!

When you go on vacation, not only do you have to pack and plan but you also have to arrange for someone to collect your mail and look after your pets.

Gas prices also take a huge toll on vacation budgets so this year, consider unwinding locally with a staycation! Here are a few ideas:

  1. Be a Tourist - Contact your local tourist board so you can plan a trip as if you were visiting your area for the very first time.

  2. Take a Hike - Check out a couple of local community trails that you’ve never been on before.  Enjoy a hike, bike ride, picnic or geocaching experience.

  3. Overnighter - Head out to an unfamiliar place an hour or so from home to experience a true getaway.  Book a night at a campground to really get into the spirit!


  4. Dine Out - Visit a few restaurants that you've been meaning to check out and research  specials such as happy hours or 2 for 1 promotions so you can plan around the deals!

  5. Kids Stuff - Involve your kids by letting them each pick a new attraction to visit. Nearby amusement parks, museums and summer festivals offer endless hours of fun.

Staying home and seeing your area through the eyes of a tourist will give you a new appreciation of where you live. Not only will you save money but you'll also reduce your carbon footprint while supporting the local economy. Best of all, you won't need a vacation after your vacation!

Natural Mosquito Repellents 
A few natural alternatives for all you mosquito magnets out there!

It’s so unfair :(  Whenever the weather turns nice, we have to lather ourselves in chemicals so we don’t get chased inside by swarms of mosquitoes. Here are a few natural solutions to consider:

  1. Go Natural - Make homemade sprays and lotions with essential oils such as lemon eucalyptus, lavender, mint or tea tree oils.

  2. Not on My Watch - Eliminate breeding places by covering or flipping over backyard bowls, buckets, bird baths or any other spot where there’s stagnant water.

  3. Get your Garden On - Plant citronella, geranium, eucalyptus, rosemary, catnip and lavender in both your garden and in pots as they all help repel the little bloodsuckers.

  4. Gone Batty - Bats eat thousands of mosquitoes each night so attracting them to your yard by installing a few bat boxes is a great way to defend against skeeters.

It’s well worth giving some of these natural alternatives a try to avoid the nasty chemicals that come in spray cans. Don’t forget to also wear light or neutral shades as mosquitoes are attracted to people wearing dark clothing and avoid any heavy, perfumed scents.



PS Are you sick of scouring the paper and MLS sites looking for homes?  Tired of playing telephone tag with agents only to hear the home's already sold?  Sit back, relax and let me do the work for you!  Just visit my website and check off the features you're looking for.  Whenever a home matching your criteria hits the market, it'll be automatically flagged and emailed to you so you'll never have to worry about missing your dream home.


Not meant to solicit clients already under contract.