A Short Message from Prudential’s Chairman

pruselect — Fri, 31 Jul 2009 18:08:59 +0000

Prudential Real Estate and Relocation Services Chairman John Van Der Wall wasted no time at this year’s Sales Convention recognizing the strength of the Prudential Real Estate Network. He reminded us what it means to be a professional in the real estate industry and what it takes to succeed in this or any economic climate:

“These are the times for experts, times for true professionals—not amateurs. The days when anyone could plant a yard sign and sell a house are over. In troubled times, industries consolidate around better brands and better sales professionals. In real estate, that means to the best sales professionals in the business, representing the strongest brand and companies in the business.”

It is not only the power of the brand which drives our business, but also the skilled and dedicated professionals here at Prudential Select that help our clients buy and sell properties with the utmost care and professionalism. This message from John Van Der Wall inspires us to serve you better and provide the best service there is to offer within the current market.

The Buyer’s Role in Predicting the Price of Your Home

pruselect — Mon, 20 Jul 2009 18:36:16 +0000

There are three key indicators to home pricing predictability and with the current economic climate, the buyer’s role as dominant decision maker in the home buying process has never been more prominent. An article in the July 2009 edition of REM goes over why these factors are important and outlines the indicators for predicting the price of your home.

Three key indicators to pricing predictability
By Leon d’Ancona
From REM

Real estate is a true and absolute manifestation of the law of supply and demand. Homes will sell for a price that buyers perceive they should pay for it, not what sellers decide they want for it.

If you have difficulty with that concept, think about how much your home will be worth when they find just a little nuclear waste in your backyard. Even esoteric matters can influence the price of a home. A house that President Kennedy slept in will command a higher price than the one next to it.

In over two decades of providing real estate statistics to thousands of brokers and agents, a truth has emerged that I see happening over and over again. Sellers and buyers react to what they read. They fail to notice that what they read already happened and has already affected the price of their homes. Instead of reacting to market conditions, real estate consumers respond with too little, too late, if at all.

Real estate is the most documented endeavour of the free enterprise system. No other activity gives such complete details about a transaction. Not only do we know the exact price that a home sold for, detailed information is available about all aspects of the sale including the intent of
the seller when he first put the house up for sale and subsequent price changes.

Real estate agents have detailed information about every transaction with which they can advise their clients as to market trends. These precise details are the key to moving with the market rather than following the market.

Our society that advocates caveat emptor (let the buyer beware) makes purchasing a big-ticket item an adversarial process. Adversaries look at the same thing with different perspectives.

While the seller is convinced that his home is an under-priced palace, the buyer looks at the same habitation as an overpriced dwelling that will take fix-up efforts to meet his needs.

While it might be said that the buyer and seller behoove each other, it is the buyer who decides the outcome of the transaction. The buyer is the dominant decision maker in the home buying process, to which the seller must subjugate himself. This is especially true in a declining market.

Newspapers and real estate agents like to write about a “buyers market” or a “sellers market”. These terms are meant to indicate the relative negotiating strength of each of the parties in the current housing market.

Newspapers tend to report the out of the ordinary. The problem with reading about real estate trends in the newspaper is that assuming the author knows as much about real estate as you do (which in many cases is not so), he is regurgitating information read elsewhere, which is usually general, rather than specific. Any real estate agent is likely to have a better appreciation of the market than the newspaper writer trying to meet a deadline.

A key indicator that every agent recognizes is days on market – the time it took to sell a home. Even small movements in days on market are significant when taken with the right sampling. If you are tracking 500 homes sold and notice that last month it took eight days longer to sell a home, the conclusion should be obvious: 1,000 buyers (usually two per home) took an extra eight days to make up their minds. They felt less compelled to make a quick decision. The logical derivative of this slower decision-making is that these people’s perception was that the market was not as buoyant as the sellers believed.

Yet another key indicator that should act as a barometer predicting short-term housing price movement is the “sold-to-asked” ratio. Simply put, it is the ratio of the asking price versus the selling price. If the asking price was $100,000 and the property sold for $95,000, then the sold-to-asked ratio was 95 per cent. The logical progression is that a decline in these numbers along with longer days on market, results in a price decline.

The next indicator the true real estate professional uses is tracking the average price or median price of homes on a month-by-month basis, especially in the agent’s sphere of influence.

Using these three indicators makes short-term market predictability much easier. The challenge of the real estate professional is to be able to give clients a short-term pricing scenario that is realistic, while her sellers or purchasers are relying on data long since negated by the current reality of real estate. I believe that consumers, when educated properly, accept that reality. Sixty-day price predictions are easy and accurate to come by.

Leon d’Ancona B.T.L., M.T.L., RRESI, is president and founder of IMS Incorporated, and creator of REality, an online service used by franchises, brokers and agents to improve their bottom line. Author and writer, he is a regular speaker at real estate gatherings throughout the continent, and is well-known for his entertaining, illuminating presentations. Email: Leon@realestatestatistics.com.

For visual resources and to see the full story in REM, click HERE.

Orangeville’s Annual Founder’s Fair 2009

pruselect — Fri, 10 Jul 2009 19:26:25 +0000

Once again Orangeville’s annual Founder’s Fair takes over Orangeville with activities for everyone. Taken from their E-Newsletter, the information below has over a dozen reasons why you and your family should partake in the events celebrating Orangeville and it’s heritage.

DISCOVER BROADWAY in the summer!
From Discover Broadway Orangeville, Ontario Newsletter

What better time to take a stroll along Broadway than the weekend of Friday, July 10th and Saturday, July 11th as downtown Orangeville celebrates its heritage at the 39th Annual Founders’ Fair celebrations.

This annual summer celebration takes its direction from the original Fair celebrated in 1970 and offers free fun, entertainment, demonstrations & events throughout the weekend.

Shopkeepers line the streets with summer sidewalk sales. They have stocked their shelves with delightful summer treats, downtown restaurants are highlighting their specialties of the summer season on their menus and cafes and coffee shops offer refreshing summer treats to satisfy your cravings.

Enjoy a unique summer festival experience in Orangeville with a stroll along Broadway and it’s side streets to discover all there is to see and do in this historic Town. Stay a night or two and be sure to take a train ride, walk the tree sculpture tour, visit our historical streets and smile with the community as you meander…spend a night at Orangeville’s own Best Western Inn & Suites and discover the joy of being a part of the Orangeville experience.

Local merchants provide a high-class shopping experience.

Downtown Orangeville radiates charm and character and provides the perfect backdrop for a mix of unique shops sets within some magnificent historic Ontario architecture. Stroll along Broadway or along one of the many side streets of downtown Orangeville and visit an array of clothing boutiques, art stores & galleries and specialty shops.

Arts, Artisans & Galleries
Books
Convenience Shops
Clothing
Electronics
Jewellers
Pets and Veterinary Services
Specialty Shops

For a list of Festival activities and times click HERE.
To sign up for the DISCOVER BROADWAY E-Newsletter click HERE.

Effective Mortgage Rates for July 9, 2009

pruselect — Fri, 10 Jul 2009 16:17:54 +0000

We have just received the mortgage rates effective July 9, 2009 from our friends at Oriana Financial. Oriana shops the market to give our clients the best rates available. Oriana also provides Second Mortgages for as little as 5% down payments.

Rates effective July 9, 2009

Prime Rate - 2.25%
1 Year - 2.75%
2 Year - 3.05%
3 Year - 3.29%
4 Year - 4.09%
5 Year - 4.29% for a 45 day close
5 Year - 4.39% for a 90 day close
5 Year - 4.39% for a 120 day close
7 Year - 5.35%
10 Year - 5.25%

For a competitive quote at any time please call
BRIAN SAMUEL
Direct: (416) 399-5389
Fax: (905) 265-8316
Email: bsamuel@orianafinancial.com

4300 Steeles Ave, W Suite 34
Vaughan, Ontario
L4L 4C2

RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE WITHOUT NOTICE

GTA Resale Housing Market Posts Best June on Record

pruselect — Mon, 06 Jul 2009 20:22:24 +0000

TORONTO, July 6, 2009 - In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700¹.

“The record result in June is testament to the fundamentally sound housing market in the GTA,” said the Toronto Real Estate Board’s newly appointed President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”

The average price for June transactions was $403,972 – up by two per cent compared to the same month last year.

“The re-emergence of seller’s market conditions has exerted upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing.”

¹Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current month relates to historical annual figures.

The Archetype Sustainable House in Vaughan, Ontario

pruselect — Wed, 24 Jun 2009 17:34:47 +0000

As we strive to practice sustainable living through greener efforts, an important factor in keeping us motivated to do so is inspiration. An article in the June 2009 edition of REM covers the opening of “one of Canada’s greenest homes” in nearby Vaughan. Here great achievements have been made in outlining “environmentally sensitive” methods of building and the future of “building green”. A quick look at the article tells us why:

‘One of Canada’s greenest homes’ opens
From REM

A demonstration house billed as “one of Canada’s greenest homes” was unveiled recently in Vaughan, Ont.

The Archetype Sustainable House consists of two semi-detached units, with one unit showcasing environmentally sensitive methods of building, and the other featuring the future of “building green”. The units will serve as an education facility for trades and builders. More than 150,000 students and members of the general public are also projected to visit the house annually.

Energy and water conservation technologies, as well as material sourcing and construction processes will be addressed. Each home is rated under a variety of new home labeling systems including EnergyStar, GreenHouse, LEED for Homes and R-2000 labels.

“We’re choosing newer, innovative and experimental technologies to help ensure a greener future,” says Leith Moore, chair of the Building Industry and Land Development Association (BILD). “This collaboration will forge the future of sustainable, livable, and affordable communities in the GTA and across Ontario. There are great gains to be made through a short-term investment in sustainable housing, as well as government programs for retrofit that GTA residents need to be educated about.”

For photos and to see the full story in REM, click HERE
For information on “greening your home” now, click HERE

Working Towards an Environmentally-Friendly Home

pruselect — Fri, 19 Jun 2009 22:09:18 +0000

In today’s environment, we’re beginning to feel the impacts of excessive energy consumption, and subsequently, Canadian homeowners are becoming increasingly concerned about rising energy costs, home comfort and their footprint on the environment at large.

While we can all appreciate the notion of cultural change, collectively, we need to continue to find the means to implement change in order to begin to see a reduction in our overall energy consumption.

Nationwide Energy Advisors (NEA), a Licensed Organization with Natural Resources Canada, is helping to modify current energy standards and save homeowners thousands of dollars in energy efficient home upgrades by delivering Energy Evaluations through the ecoENERGY Retrofit Homes Program, which was launched in April of ‘07.

According to NEA, the Energy Evaluations consist of two home evaluations. The first evaluation is used to identify problematic areas within a client’s home in relation to energy efficiency, and recommend affordable solutions that outline specific rebate amounts allocated toward specific upgrade retrofits. Ultimately, homeowners have an 18-month period in which to complete any of the suggested upgrades to qualify for an available program rebate. The second evaluation is used to confirm that the suggested retrofits have been completed in order to qualify the homeowner for their specific rebates. The rebates are based on the retrofit work completed.

At the conclusion of the evaluations, homeowners are then provided with a final “energy rating” that determines their homes overall energy efficiency on a scale of 1-100.

For more information on NEA, and to determine the benefits of the ecoENERGY Retrofit Homes Program to the homeowner, visit www.nationwideenergyadvisors.ca

Caledon Farmers’ Market, Est. 2009

pruselect — Thu, 18 Jun 2009 21:49:46 +0000

Opening today rain or shine is the Caledon Farmers’ Market located at the Bolton Community Centre. Expected to be a fantastic homegrown weekly event, the gathering showcases locally grown and produced items to the residents and visitors of Caledon and promises to be fun, interesting and tasty!

Be sure to visit and support this local affair put on by the Town of Caledon.

Location: 150 Queen Street, Bolton, ON
Time: Thursday – 3 to 8pm
Months: June 18 to October 8, 2009

For More Information contact Sandra Dolson
Phone: 905-584-2272 ext. 4152
Email: sandra.dolson@caledon.ca
Website: www.caledon.ca/farmersmarket

Keep Connected in Caledon

pruselect — Thu, 11 Jun 2009 20:24:06 +0000

As an active member in the Caledon community, both in real estate and in volunteer/sponsorship programs we feel it is important to emphasize the resources we believe to be valuable within the community.

One of the leaders in entertainment and information within the community is Radio Caledon at B105.5 FM. The Bolton FM station broadcasts an eclectic music mix, with emphasis on local and Canadian artists as well as hosts a variety of information programming relevant to the Bolton and Caledon community. With emphasis on promoting charitable activities, B105.5 FM also broadcasts a loop of regularly updated local weather and road conditions, bus cancellations, school closings and tourist information. As part of the success of keeping Caledon connected, B105.5 FM also hosts regular programs featuring interviews and information sessions with experts in specific fields from around the community. This proves to be a vital way to stay in touch with local events and a great way to stay informed on information of specific interest.

In keeping up with our busy schedules and sometimes struggling to keep informed, Radio Caledon is a great way to stay connected to what is happening in and around the area. Listen live at http://www.radiocaledon.com/ and listen in at 8:30am and 3:30pm for information about Prudential Select Real Estate.

Welcome to Your Real Estate Information Link

pruselect — Tue, 02 Jun 2009 22:11:54 +0000

Welcome to the Prudential Select Real Estate, Brokerage blog. With over 30 years of service to Caledon and surrounding areas Prudential Select has maintained a reputation of quality service with informed real estate professionals and staff. As such, we would like to extend our knowledge and expertise to you and provide you with the most up-to-date information, industry news, articles and tips and tricks for buying or selling your property. Check in often or subscribe to the RSS feed to stay connected with the information we provide on the blog. Stay tuned for articles written by our brokers and sales representatives, market information and links to useful information that will best help you in the real estate market.

We would also love to hear from you. Please feel free to offer any comments or suggestions about any of the information or resources we post and take part in any discussions presented. We hope to be your link to the real estate world now and in the future.

Thanks and be sure to check back soon.