Tour Tuesday: $100,000 over List?

It’s Tour Tuesday and this week the team talks about interest rates, the current home prices and market situation.

The Quinte and Belleville home market is booming if you want to know what your best actions are, tune in to Tour Tuesday or reach out to us, we’re always happy to answer any questions.

Tour Tuesday Transcript:

It’s Tour Tuesday is and what a bright, sunny, very cold Tuesday it is, but it’s not raining or snowing.

N ice and sunny.

We were told the other day that there’s no more driveway cleaning because it’s not going to snow anymore. So, Jeremy, I know you watch us, and I hope you’re right. I hope there is no more snow. But honestly, I expect to probably see at least one or two more times this year.

Well, we have a new listing to talk about today. It’s 334 Platt Rd., and it is a beautiful side split home, three bedrooms on the second level, one bath. And it’s got a lot of updates. The shingles have been updated. The furnace has been updated. That just got installed, actually. Forced air propane. Beautiful. The kitchen’s updated. Oh, it’s beautiful. Kitchen with nice doors out to a patio. There’s a very large double car garage.

Got a single door on it because the other part can be used as a workshop. But it’s a big double car garage in a beautiful country setting. So we are holding offers on that until Monday the 8th. So if you want to see it again and before that and stay tuned for the Facebook Live Open House will be coming sometime this week, but we’ll let you know. And that’s coming up. We’ll post it.

Yes. So that’s a really great property. We also have a piece of vacant land down in the county. So if you want to get down into the county, we have one hundred and fifty two acres down there and it’s all in one country. So it’s a beautiful property. It’s got some trees on it. It’s got hay fields that are being worked on it right now. It’s got a large Quonset hut and a driveway. And so there’s hydro there as well.

So it’s a really nice property too.

You want to talk a little bit about interest rates? Yeah, we’ve actually got our market update this week because it is the first Tuesday of the month. So we are going to start doing that on the first Tuesday of every month.

So let’s talk about where pricing is at, because that is the number one question that everybody has right now.

Homes are selling about eight point six percent above list price. Now, keep in mind, that is on average, which means every price category is different. So you may see a 20% increase in some categories and a 1% increase in others. So it’s really important that we are only talking averages here. But we as a team have a broken down for price category so that when you do go in as a buyer onto an offer, we can at least give you some idea of what to do with with price and where to go.

So having said that, right now, our average list price for February of 2021 was $449,900. That is in Belleville. We’re talking Belleville only and the average sale price was $525,500.

Yeah, so there’s a lot of price categories, basically, you’re anywhere from $75,000 to $100,000 over the price.

So the nice part is we are seeing more listings. Come on. It is the beginning of our spring market. So there are people that are going to be on the move. So I encourage you that if you are looking at getting your home ready for the market, now is the time to talk to us, because it does take us a lot more time ahead of time.

Used to be in the day that we could go, you call us and say, hey, we want to list our house. We come over, we do everything we listed that day. We can’t do that today, not efficiently, because we do a lot of things that we used to do after the listing. We now need to get ready before the listing goes live one because we are all over the Internet everywhere now. We’ve been doing that for a long time.

But but now that’s where the main sources for everyone to go. So we need to make sure because we’re holding houses for about a week and so we need to get everything ready. So when it goes live, everything will go live. It takes us that first day to get everything up and running. And then we have the six or seven days to advertise it, get it out there and get the people through and then review offers. There are still some homes that are no longer our more expensive homes are generally on longer.

But that’s that’s kind of a course of action. So buyers really important for you to have a realtor you’re working with more so today than ever before. We’d love it if it’s us, but if it’s not somebody else, you need to pick a realtor because the days of calling up the listing agents and saying, I want to see this something, call the next agent you’re going to miss out on houses because they are up and down so fast right now.

You need somebody looking for you. And then the next part of that for buyers and sellers that are looking maybe not to move, but remortgage interest rates are at all time lows right now. But we are starting to see a little bit of an increase. So there is potential that it may increase again this year. That’s, of course, going to be rather where we are economically and with inflation and all of that. So that’ll all come into consideration.

And if you talk to one person, you may get a different story than somebody else. But what we can tell you is we have seen some slight increases as an example, as you could get a variable rate under one percent and now we’re seeing about one point two, five percent. So that’s our market report. It’s a quick and easy one. We have the numbers for all areas. We’re just talking primarily Belleville today. Otherwise we could be going on and on.

But if you are interested in specifically your area, you just give us a call or send us an email or text and we can give you that as well.

I had a conversation this weekend with a buyer who’s from out of town a little bit frustrated that the holding offer thing and the multiple offers situation and I said there’s pluses and minuses to to holding offers. I said, but if people didn’t hold offers, it can be sold before you even get a chance to come to town to see it. Yeah, right. So in that sense, it works in your favor where you actually have an opportunity, where it’s not the first person who walks through the door it up and nobody else even gets a shot at it, right?

Yes, there are pluses and minuses. So look at it from different perspectives.

And that’s a really good point, Julie. That is the reason why we started holding offers, because the first person that went through, because we’re so short on houses, they would buy it and they buy it at less price. So two things were happening. All those other buyers didn’t get the opportunity to go through and the house didn’t sell to where maybe it should. Right. So, I mean, I know a lot of buyers are saying, but they’re holding offers.