FRESH BRICK: THE STRONG WILL SELL

The housing market feels like a spectator sport sometimes. Lots of listings battling it out against each other with crowds of people watching and anticipating the outcome. Some of the ‘players’ come on strong and others are dark horses. But at the end of the day, the formula is easy: Be priced right and/or have a product that no one else has. Its that simple. The strong WILL SELL.

353 Bay Street South
Photo: VOGELCreative

Look at 145 Fairleigh Avenue South in Hamilton. Stunning character. In demand location. Backyard Oasis with pool and priced right under $1M. It generated ton of buzz (oohs and aahs online) and ended up selling quickly for $955K ($18K over-asking).

145 Fairleigh Avenue South
Photo: VOGELCreative

There’s also 46 Melville Street in Dundas. It didn’t sell last fall, but was relisted this Summer after some minor, yet smart improvements, and is now conditionally sold. Priced right with demand amplified by location and ‘one-of-a-kindness’. Back to that winning formula. Dundas inventory is limited, especially for character homes in the downtown Heritage Conservation district. Homes can easily reach $2M+ (take the recent sale of 59 Cross Street), so anything priced in the low-to-mid 1 million is typically snatched (24 Melville St sold in 1 day for $32K over asking -- $207K more than when it last sold only 1 year ago).

46 Melville Street
Photo: VOGELCreative

24 Melville Street
Photo: APi 360 Photography

And I can’t forget 240-242 MacNab St S in Hamilton which recently sold for $1.270M. Formula in spades. Walk-able and in-demand Durand location, stunning architecture with retained character features, equity and income potential, and a realistic/justified go-to-market price at $1.250M.

242 MacNab Street South
Photo: VOGELCreative

At the end of the day, the old adage, ‘the market will speak’, always rings true.

And don’t be confused between high price and market value. Something priced at $2M can be better value than something priced under $1M. It’s not the bottom-line price. The price tag doesn’t matter to the right buyer if its worth what you are asking. Case-and-point…There was a recent #HamOnt coming soon preview I shared that ‘broke the internet’. It was described by many as their ‘dream home’ and ‘favourite home in The City.’ The property was tried and true formula, offering a product no one else has and it could easily fetch over $4M (shattering sales records) for the right buyer.

96 Mayfair Crescent
Photo: VOGELCreative

But it’s not one size fits all. Put your best foot forward, take your blinders off and step into the present. There are far too many ambitious listings out there. Summer is slow and people are living their lives. On top of that, rising interest rates and economic uncertainty have cooled the market. Not everything is going to be a homerun or a slam dunk. Stop playing games. Don’t expect a bidding war. Price for what you want to get. Yet be realistic. I love you 353 Bay Street South, but your return to the market for nearly $4M (2x what you paid 1 year ago) was bananas! I assume that is why after just two weeks the listing has been removed. Hopefully a relist with a price adjustment is in the future! I still think you can make a nice profit, just not a $2M win!

353 Bay Street South
Photo: VOGELCreative

Doug Folsetter and Tricia Taffs, of Folsetter Taffs and Associates are positive for both sellers and buyers and offer some sage advice/perspective (they are far more politically correct than I am lol):

“While there seems to be strong interest from buyers in the market these days, the new crop of buyers is patient. The ‘fear of missing out’ has been replaced by ‘the fear of overpaying’. Homes that are well presented and offer exceptional value are selling quickly in most price points, often in competition, whereas homes that are just a bit off in any regard are sitting with very little activity.”