April 16, 2020

COVID-19: How we work

To our valued customers and clients, 
We know that this is a stressful time for all of us in Canada and the World as news of the COVID-19 outbreak is changing daily, with different recommendations at the Federal, Provincial and Municipal levels. 

The Toombs Team wants to offer you comfort in knowing that we have your real estate needs under control and can still handle them in a safe and responsible manner. We are still open for business, but we are taking all the necessary precautions as recommended by the various health agencies and governments. 

  • We are limiting face-to-face engagement/contact with general public, and using alternative communication means wherever possible, such as virtual tours of homes, online conference calling with clients to review documents and discuss their needs/wants.
  • We will be postponing all Open Houses until it is deemed safe to continue hosting them by the Ontario Real Estate Association.
  • For our current listings, we will require all buyers and their agents to sign a declaration prior to giving confirmation of that showing, that to the best of their knowledge and belief, they have not been exposed to the COVID-19, nor are they showing any of the symptoms, and that they have not travelled within 14 days prior to the showing. 
  • We will require any showing visitors to wear a face covering while inside the home.
  • We will be providing hand sanitizer at all our listings for visiting guests to use before touring the home, and will make every effort to be present for showings so we can wipe down any touched services after the showing is complete. 
  • For our Buyers who are touring homes of interest with us, we will be providing rubber gloves and hand sanitizer to use before entering any property. If they do not possess a mask or face covering, we will provide them. 

If you are feeling ill or showing symptoms of the COVID-19 virus, or have travelled in an airplane in the past 14 days, we ask that you stay home. We can arrange alternative ways to tour properties that will help to limit the potential spread of the virus if it’s by way of a virtual tour, a live face time or video call, zoom call… what ever it takes we will ensure we can support your needs. 

We know that this is going to be a temporary inconvenience for those in the real estate market, but we are taking this very serious as we really want to see the world get back to a state of normalcy. 

If you have any detailed questions about how we are handling our real estate business during this health emergency, feel free to reach out!
Thank you and be safe!

View or brokerages COVID-19 Questionnaire here: darcytoombs.ca/covidquestions

Posted by dtoombs at 6:36 AM

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April 13, 2020

COVID-19 Week 6: Market Watch

Week 6: April 5, 2020 – April 11, 2020

Week 6 of My COVID-19 Market Watch paints a similar story to week 5. Significantly less new listings, as well as sales, but it should be noted that Friday was also a ‘holiday’ and may not have had some offices open to report some sales.  But here are the numbers: 

NEW LISTINGS: 

  • York Region: 197 
    • 571 fewer than the same dates in 2019 (768)
  • Newmarket: 18
    • 45 fewer than the same dates in 2019 (63)
    • 28% of what was listed in the same time period in 2019

SOLD:

  • York Region: 73
    • 153 fewer than the same dates in 2019 (226)
  • Newmarket: 9
    • 17 fewer than the same dates in 2019 (26)
      • 35% of what was sold in 2019
    • 3 were sold over asking (33.33%)
    • Median Sale Price: $800,000
    • Avg Sale Price: $832,833

ACTIVE LISTINGS:

  • York Region: 2,462
    • 30 fewer than the previous week. 
    • For reference, there were 4,157 at the end of March 2019
  • Newmarket: 158
    • 4 fewer than the previous week
    • For reference, there was 328 active listings at the end of March 2019

Withdrawn From the Market:

  • York Region:
    • Terminated: 86
    • Suspended: 67
  • Newmarket: 
    • Terminated: 10
    • Suspended: 4

While the number of sales may at first appearance look very concerning, but because the very low number of new listings being added to the market, the prices have remained relatively stable. Sales/Active listings was 50% which is considered a balanced.

There was only 1 sale over $1,000,000 in Newmarket though, and 8 of the 9 sales were under $900,000. 

There are currently (at the time of writing this) 6 properties listed as being conditionally sold, with only 1 being conditional upon the Buyer selling their property. This is a healthy sign, which may lead to a total of 6-9 sales reported this coming week (as the SOLD stats are based on when the sale is reported SOLD, which is a bit of a lagging indicator if there are conditions). 

It’s hard to say what the coming weeks/months bring, as we do not appear to be ‘flattening the curve’ enough to see our normal lives come back in the short term, but if this does drag on into June/July, we may see some surprising numbers start to appear. However, I am optimistic that the market will not crash in our local area, as our proximity to the financial hub of Canada, Toronto, will always be in demand by younger buyers as well as immigrants…. and this pandemic will end at some point, so we can get back to a sense of normalcy. 

What to do:

Buyers: If your financial position has not changed, keep going, especially if the property is in a desirable area. Good Real Estate will sell in any market, provided its price is fair. Location Location Location! If we have learned anything from this pandemic, it’s likely that you really should love where you live!

Sellers: You need to think strategically. Is there many listings in your area? If yes, then it may not be the best time, unless you are prepared to get aggressive with price. You should take the time needed to get your house as perfect as you can, because with the low number of sales, presentation of a property has never been more important. You Need to have a home tidy with as few imperfections as possible. Get out that paint brush and freshen up the home while you have the time to. It will make a difference! If you plan to wait until the state of emergency is over, keep in mind you will not be alone when it comes time to come back on the market. I fully expect a HUGE swell of listings as we start to come out of this, and it will be oh so important to have your home ready then as you may only have a short window of opportunity to maximize your sale price, especially if this drags into the fall. 

Thinking of selling, Get a copy of my free home enhancement guide, with a bunch of useful tips to prepare your home for sale, visit: darcytoombs.ca/guide

About: I started keeping track of the FREEHOLD market data in Mid-March after the state of emergency was announced, and went back to start tracking the numbers from March 1 (week 1). I will be presenting the numbers every week and providing some commentary on them as to what I believe they mean for the overall market and try to give some valuable overall advise to those looking to Buy or Sell.

Posted by dtoombs at 6:36 AM

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Darcy Toombs
Darcy Toombs

Real Estate Broker

I am a real estate Broker with Coldwell Banker The Real Estate Centre, in the town of Newmarket, which is located about 30 minutes north of Toronto, Ontario, Canada. I love my wife, our dog and my town!

Referred to as “Mr. Newmarket” by my friends, I love making sure friends, family and perfect strangers know how great a town we live in and try to get as many people involved as best I can with local events and charities.

This blog is intended to help Buyers, Sellers, Tenants & landlords better understand what is going on in the local real estate market.

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