Toronto’s 2014 Summer Real Estate : Do you see what i see or hear?

In May/June 2014, I had the priviledge of interacting with many tenants looking for their next abode , and a few investor buyers looking for their green apple. In the individual consultations and chats we shared on what’s important, what’s not, what’s hot , what’s not, including everyone’s favorite question ” what do you think about the market”.

Here’s a couple of nuances and personal sentiments I picked up on …..

Finishes – New is viewed as Better because we are aesthetically drawn to it, often times it may be more environmentally practical and many a times it cost more to have nice finishes but that’s ok as long as we are on the receiving end right. Well if you have 2 apples and a person took time to clean and shine “A” apple, it stands out right so always assume the “role” that best fits your budget and situation : will you be the one eating the apply or shining the apple?

Location –  Everyone is buying in “A” neighbourhood, so it must be hot? Oh its accessible, has all the amenities , has great schools, the walkscore is 95 or even 100, its walking distance to a go-station. Somewhere along the line folks focus so much on all that is happening external to the home, and stuff out of their control and neglect asking the real questions which is

Do I see myself in this location in 2 yrs , 5 yrs or 10 yrs ?

Are the kind of people attracted to this locale, people like me?

Is there a sense of community far stronger than external variables ?

Remember the saying “no man is an island” , well the same applies to houses.  I really liked how a recent client we’ll call “SharpShooter” said ” If I saw my neighbour’s house derelict with expensive cars in their driveway, i’d still not buy the house next door with all the right finishes, upgrades and price.

Sq. footage vs Lot Size – Do you think these 2 variables are the same? I sure hope not because the reality is as I hope “our out of town” buyers realized today, you can view 2-3  homes all with the same lot size but the interesting and unique thing is you will find variances, in the actual square footage of the home built on the lot as well the floor plans, layout, upgrades  etc will most often give each home a different look or fell.

Its true Lot size matters more for homes ( detached, semis, townhomes ) but square footage matters also for Condos. Even with all the IKEA staged rooms in the store, the reality folks is 4 people should not be living in a 800 sq ft condo because its a health and safety hazard plus the wear and tear of being like “packed” sardines isn’t a luxury most owners can afford.

Price – I do believe there is always something for everyone so while some “pricing strategies” may defy logic, they may emotionally connect with someone or even several people, one thing I recall from a recent Seth Godin Marketing Class I took on Skillshare is  – Tribes matter, Tribes exist and your job as a provider of a unique service or product is to focus on your tribe, the other stuff – let’s call them Kracos !

Cheers to a lovely weekend sharing your head and heart at whatever activity or function you are at- World Cup Soccer games anyone?