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Welcome the duke pod a unique twist of Real estate news through the experience a top producing brand featuring tales from a plethora of client tales; how transactions went well, or very wrong and everything in between! When listing this podcast, the audience will learn about fascinating situations behind the scenes. They include great learning experiences, precious advice, often a good laugh and never a dull moment. My name is Filip Hajduk out of dukerealtyhomes.com and these are our stories for your enjoyment!
Episodes
Friday Nov 24, 2023
Friday Nov 24, 2023
Hi Everyone
With so many changes in the market since the Spring of 2023, with interest rates being at an all-time high after 20 years, buyers are struggling to be able to afford a home. Seemingly more and more homeowner has struggled to make sense of their situations and home ownership and skyrocketing prices of the common good as well as mortgages have forced many to try to downsize or sell their homes.
As of now the amount of homes in most markets is now up to 4+ Months of inventory, creeping into the buyer's market territory. Just for reference, the Spring had about 1.5 months of inventory when it was moving well.
The real estate market has slowed to a snail's pace. Many homes, few buyers and so much propaganda and unknown about where the market is heading, often educated people are throwing out works like market crash, foreclosures and other terms that are making consumers scared, and waiting it out. With that in mind, the end of 2023 was been dreadful when attempting to sell. It is clear at this point that 2024 will be much of the same unless consumers become more confident that buying is the right choice, in other words, this market sticks and people get used to it.
With that in mind selling a property is very difficult. Here are my 4 tips to help you become a successful seller in this pseudo-buyer's market.
1. Should you even get into the market? Do your research, look at realistic prices, and understand that we are low. Could it get worse? Yes. But It will also get better. With a high probability of interest rates dropping in the middle of 2024, staying out of this market if you can help it and waiting for late 2024 or 2025 just could be the best idea. However, if you do not have a choice and need to sell, these other 3 tips will help you dramatically.
2. Price aggressively. Review sold listings only from the last 2-3 weeks, then carefully examine the homes similar to yours. Find some or at least one that is one the market, the same or better. Chances are you have to be at their price or most likely a little lower to have a chance to sell.
3. Be patient. Buyers now have all the power. With so few buyers even active, it could easily take weeks to sell your home. Stay patient, pick a good plan, and stick to it. Just understand this is not a fast process. Buyers have too many options, stick with your plan and ideally, they circle back to your home, if priced aggressively, and buy it!
4. Avoid any major renovation with selling in mind. The market is depreciating. Making a new kitchen or bathroom are fantastic renovations to enjoy, but you will not get your money back. Stick to cleaning, decluttering, and fixing minor issues such as paint, patching holes etc. These are not expensive and can be done yourself often. Avoid any major renovations and just stick to pricing correctly with what you currently have!
Good luck out there!
Filip
Tuesday Nov 14, 2023
Tuesday Nov 14, 2023
Hello
Inventory in the Greater Toronto Area for homes is around 4.2 Months, bordering a buyer's market. Condos are already a buyer's market at around 6 Months of inventory. All of a sudden selling a home has become increasingly difficult and competitive. With so few buyers interested in buying right now and even fewer who are comfortable and qualify with today's high-interest rates.
The Zoocasa report in October shows that on average there is a 20% discrepancy for listings between what they are listed for and what is the actually selling price (Today's fair market value). In some cities the discrepancy is as high as 40% now!
Reviewing the next rate cuts as probably in the 3rd quarter of 2024, or potentially spring along with continuious high immigration rates.
My prediction is the market will remain a borderline buyers market in late spring of 2024. With a rate cut, the market may finally start to breathe in the fall of 2024. With potential further rate cuts after that, assuming the first one happens, then the market will return to a more standard one in the Spring of 2025 with lots of interest and movement we were accustomed to.
It would appear that if you were a buyer, you have the next 8 months to capitalize on a great deal before the potential of the next market shift.
For sellers, if you need to sell, you will have to price at a current fair market value. The first potential for more demand appears to be in the fall of 2024. Prices may start to rebound somewhat in the Spring of 2025!
Let's see if time is kind to this prediction in 2024 and 2025!
Friday Nov 10, 2023
Friday Nov 10, 2023
Hi Everyone, In this episode we examine the trends in the Canadian real estate market from the last 3 months, examining only the Ontario and specifically GTA areas. - Inventory is up to 4 months - balanced market and potentially a buyers market. -Toronto condos and condos in the general area are already in a buyer's market for almost 6 months of inventory. - Fair market prices are down, which means prices are trending downward. - What it's like in the trenches- how it feels helping active buyers and sellers. We also examine the immigration and housing affordability trends. The x-factor for 2024 is how many people will be forced to sell when approaching mortgage renewals. To be determined if the spring market is going to help or the same slow market we are in now!
Tuesday Oct 31, 2023
Tuesday Oct 31, 2023
It's October 31st, 2023. This ninja is ready to take his little ninjas trick or treating, but something is on his mind. After a nearly full year of 2023, the real estate market in Canada has a rather bleak outcome at the moment. For the first time in years, it is impossible to tell if the home prices will actually increase again anytime soon. Foreclosures are up 400%. Some Homeowners cannot even sell their homes anymore as inventory is shooting up. Consumer purchases are way down, and high interest rates keeping them down. People are very concerned if they can still keep their homes in the future when they have to renew their mortgages. And for the first time in seemingly forever, owning rental properties is not as cool as it used to be. Here is everything I have seen out there in the last month and why the real estate market is where it is right now. Filip Hajduk dukerealtyhomes.com info@dukerealtyhomes.com Re/max Real estate Centre 647 460 0911
Thursday Feb 24, 2022
Thursday Feb 24, 2022
A Picture is worth 1000 Words. I heard that many times over my lifetime and it can defiantly be true, some photos more than others.
These days with our Hyper Aggressive, low supply seller's market in Ontario Real Estate, I am suggesting buyers be totally prepared if they want to secure and "win" a new home. Their first home or their dream home. This includes adding a family photo and a letter to the sellers with each offer.
The point is to get a nice family photo, a friendly letter about why the home is great for them and what they loved about it and convert the sellers to have a slight rooting interest in the buyers. It is not going to work every time. However today's story just happened last week, and that picture and letter were worth thousands of saved dollars as it directly helped our buyers secure their dream home. My buyers were ultimately able to win their dream home, using a strong offer, picture and letter even though they were not the "highest" offer!
Listen to hear how it went and how it could help you one day.
Filip Hajduk
Cloud Realty
Duke Realty Homes
dukerealtyhomes.com
Friday Feb 04, 2022
Wednesday Jan 05, 2022
Wednesday Jan 05, 2022
Real estate in Canada and other parts of the work just got nutty.
Prices are skyrocketing. For some that own real estate, their property (properties) have helped make them a lot of money. In this episode, we talk about the various steps and general tips from start to finish about owning 1 or more investments properties.
1. Figure out your finances and get a mortgage approval
2. Look at many investments and figure you the best ones for your budget.
3. Put in lots of offers! 10-1 ratio of offers to accepted offers.
4. Single-family vs Duplex vs Multiresidential pros and cons
5. How to maintain the investment
6. Different strategies to use your investment to help continuously grow your real estate portfolio
Enjoy!
Filip Hajduk
@filip.hajduk
647 460 0911
Tuesday Dec 07, 2021
Tuesday Dec 07, 2021
The pandemic has brought home bidding wars non stop. Here are my tips for successful winning won.
1. What to keep in mind when you visit the home. Do I need financing for this home? Do I need an inspection?
2. Prepare a high deposit ie 5% is good
3. Please the listing agent
4. Tell the listing agent about how your clients are a great fit and send them a picture of the family
5. Make sure you are prepared by doing your research.
Happy hunting friends
Filip Hajduk
Dukerealtyhomes.com
647 460 0911
Real Estate agent
Cloud realty brokerage
info@dukerealtyhomes.com
Saturday Jul 24, 2021
Saturday Jul 24, 2021
Welcome.
When looking to invest in real estate here in Canada, you are most likely going to buy a resale home on the residential real estate market, or a pre-construction home or unit from a builder. Here are 8 differences between the two purchases you should know to help you make the best decision and investment.
1. Buying used vs new
2. Preconstruction is buying a floor plan. Resale homes you can walk in and feel the home!
3. Pre- Construction homes are 5-15% more expensive
4. Pre- Construction requires limited mortgage information
5. Long closing vs short closings
6. New builds will have additional developmental charges
7. Assignment clauses
8. Pre- Construction units have a 10-day cooling-off period, no questions asked Cheers,
Filip
Duke Real Estate
352 Hinton Terrace, Milton, ON L9E 1E1
Phone: 647-460-0911
Website: https://dukerealtyhomes.com
Contact: info@dukerealtyhomes.com
Tuesday Jun 15, 2021
Tuesday Jun 15, 2021
Hi Everyone.
Real estate in Canada, especially the GTA has been such a hot topic for so long. For as long as the pandemic has been around, the real estate market has held its hand, continuing a seller's market in such a strong desire for housing over the last year and a half!
We examine 2 clients that purchased homes and climbed the real estate ladder to be able to do a lot more with their lives and financial abilities because of those purchases years ago. This takes time, however, one day you can cash in.
One client was able to use his increased equity from a home he purchased last year. He purchased that home for just under $600,000 and with some conversation with his bank, he is able to refinance that home which is now, one year later, worth around $900,000 and buy a second home.
One recent client, while looking for a second, investment home, put in an offer on a home that needed some love. It was listed very low and ended up with 15 offers selling 20k over our budget (it sold $620,000). Then another home that was better, needs minimal work, just had 2 offers and we found out, it could be had for $605,000 which was 15k less than the fixer-upper. We put in that offer, got the home and today are feeling lucky. Were we just lucky or just on top of things, pounced when we should!
A special congratulations to that client for his first investment home!