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Home Buyers Seek Sleepovers
In most markets, home buyers have the upper hand these days. That often means they have greater negotiating power when it comes to price or the ability to squeeze out extra perks from sellers. But on occasion, they will ask a seller for even more, a request that will help get to know the home better. They will ask to sleep over.
As reality programs such as TLC's "Date My House" and HGTV's "Sleep On It" show buyers spending a considerable amount of time -- and sometimes an entire night -- in homes they are considering, some buyers in the real world are getting the chance to do the same.
It isn't something being agreed to by droves of sellers, but it is a new tactic that some are considering, said Pat Skiffington of Keller Williams Classic Realty in Orlando, Fla. He is arranging for a prospective buyer to stay overnight in a downtown Orlando condo.
See story in The Wall Street Journal »
July 15, 2008 in Buying Toronto Real Estate | Permalink
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Today,Toronto stock market TSX hit bottom 13,168 and one month ago was 15,154.
From Statistics Canada ,July 11/08:
In June, employment declined by 24,000 in Ontario, pushing the unemployment rate up 0.3 percentage points to 6.7%.
The unemployment rate in Canada edged up 0.1 percentage points to 6.2%.
“After 15th October, the new rules will likely contribute to the cooling of the housing market.”said TD Bank deputy chief economist Craig Alexander.
Sales in the GTA are off 18% and we can see still high inventory levels (+22%).
“June Market More Balanced?” said TREB President Maureen O’Neill.
I don’t think so. Because today 80% of new listings in GTA are more expensive from April and May/08 about 10K- 30K….
Sales in GTA are significantly lower than in the banner year that was 2007, but they are also returning to before 2004-2006 levels between 78,000 to 81,000 sales in 2008.
Toronto Area is experience 13.8-per-cent lower sales for the first six months.”
It’s still remaining a good Sellers’ market, when avg. prices still going up…..
About Residential ReSales in GTA in 2008:
Jan.2008 sales decreased 2.1%
Feb.2008 sales decreased 11.2%
Mar.2008 sales decreased 22.2%
Apr.2008 sales decreased 7.3%
May.2008 sales decreased 16%
Jun.2008 sales decreased 18%,avg.price up, and and a 22 per cent increase in inventory.
Residential ReSales in GTA from Jan. to June:
2008. 43,685 sales sales decreased 13.8%
2007. 50,648 sales
2006. 45,797 sales
2005. 44,771 sales
2004. 46,398 sales
Toronto building permits down 12.2% in June/08.
My Real Estate prediction for July 2008:
Sales volume in GTA will be down between
18% and 23%.
Posted by: | Jul 16, 2008 12:16:34 PM
This would be cool. I would love to try out the houses that I was going to be buying. I believe this is a great idea. Giving the person who is looking at purchasing the property time to lay out their house is a great way to make sure they like what they are getting.
homebuyerfirst
http://first-time-home-buyer-s.com
Posted by: homebuyerfirst | Jul 16, 2008 10:42:32 AM
It's definitely not a bad idea. Trying a property you consider buying has some logic to it. Maybe this trend has not reached Toronto yet, or at least I have not had such request from a buyer. However, it's true as you say that buyers these days have greater negotiating power. Cheers, Elli.
Posted by: Toronto condos | Jul 16, 2008 4:11:21 AM
