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June 2024 Real Estate Market Update
REALTORS® Association of Grey Bruce Owen Sound MLS® home sales remain subdued in June.
The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 242 units in June 2024. This was a substantial decline of 18% from June 2023.
Home sales were 22.6% below the five-year average and 27.2% below the 10-year average for the month of June.
On a year-to-date basis, home sales totaled 1,221 units over the first six months of the year. This was a decline of 7.6% from the same period in 2023.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $577,300 in June 2024, essentially unchanged, up just 0.9% compared to June 2023.
The benchmark price for single-family homes was $586,600, a small gain of 1% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $469,500, edging up 0.8% compared to a year earlier, while the benchmark apartment price was $367,700, a modest decline of 3.2% from year-ago levels.
The average price of homes sold in June 2024 was $646,378, down by 4.2% from June 2023.
The more comprehensive year-to-date average price was $647,394, a minor increase of 1% from the first six months of 2023.
The dollar value of all home sales in June 2024 was $156.4 million, a big reduction of 21.4% from the same month in 2023.
The number of new listings decreased by 6.4% from June 2023. There were 556 new residential listings in June 2024.
New listings were 0.1% above the five-year average and 0.7% above the 10-year average for the month of June.
Active residential listings numbered 1,595 units on the market at the end of June, an advance of 31% from the end of June 2023. Active listings haven’t been this high in the month of June in more than five years.
Active listings were 52.6% above the five-year average and 21.9% above the 10-year average for the month of June.
Months of inventory numbered 6.6 at the end of June 2024, up from the 4.1 months recorded at the end of June 2023 and above the long-run average of 4.1 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
(1) Sales / new listings * 100; compared to levels from previous periods. (2) Active listings at month end / monthly sales; compared to levels from previous periods. (3) Sale price / list price * 100; average for all homes sold in the current month.
Board & Association Information
The REALTORS® Association of Grey Bruce Owen Sound represents approximately 450 REALTORS® registered with its member offices. The geographical area served by the Association is in southwestern Ontario, bordered by Lake Huron and Georgian Bay including Bruce and Grey Counties, and part of Wellington County.
Related: May 2024 Real Estate Market Update
Wondering how these numbers might impact your real estate plans? Whether you’re buying, selling, or just curious about market trends, I’ve got you covered! Let’s navigate the market together! Call today for a complimentary property valuation.
For more information, contact:
Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca
Moving Made Easy: Tips for a Smooth Transition with Young Children
Moving to a new home is exciting, but it can be stressful, especially when you have small children. As a REALTOR®, I’ve helped many families navigate this transition. Here are some tried-and-true tips to make moving with little ones smoother and more enjoyable for everyone involved.
Be Open and Honest
First and foremost, start by having an age-appropriate conversation with your children about the move. Explain why you’re moving and what they can expect. This helps reduce anxiety and gives them time to process the change. Encourage questions and address any concerns they might have.
Involve Your Kids in the Process
Next, make your children feel like an important part of the move by giving them age-appropriate tasks. Younger kids can help pack their toys or decorate boxes, while older ones might assist with sorting items or labeling boxes. This involvement gives them a sense of control and excitement about the move.
Keep Routines Intact
As much as possible, maintain your regular routines during the moving process. Stick to usual mealtimes, bedtimes, and other daily activities. This consistency provides a sense of security amidst the changes happening around them.
Frame the Move as an Adventure
Present the move as an exciting adventure. Talk about the positive aspects of your new home and neighbourhood. Maybe there’s a great park nearby or a bigger backyard to play in. This positive framing can help build anticipation and enthusiasm.
Pack a Special “Moving Day” Box
Prepare a special box for each child with their favourite toys, books, and comfort items. Keep this box easily accessible during the move. Having familiar objects at hand can provide comfort and entertainment during the transition.
Explore Your New Neighbourhood
Once you’ve moved, take time to explore your new surroundings as a family. Visit local parks, find the nearest library, or discover a new ice cream shop. This helps children start building positive associations with their new home. Check out visitgrey.ca and explorethebruce.com to learn about things to do in your area!
Set Up Kids’ Rooms First
Prioritize setting up your children’s rooms soon after arriving at the new house. Having their own space organized quickly can provide a sense of stability and help them adjust faster to their new environment.
Be Patient and Understanding
Remember that children may need time to adjust to the new home. Be patient and understanding if they express sadness or frustration. Encourage them to talk about their feelings and reassure them that it’s okay to miss their old home while getting excited about the new one.
Final Thoughts: Moving with Young Children
Moving with small children doesn’t have to be overwhelming. With some planning, involvement, and positivity, you can turn it into a memorable family experience. As your real estate agent, I’m here to support you through every step of your move and help make your transition to your new home as smooth as possible.
Related: How to Decide if a Neighbourhood is Right for You
Looking to buy, sell, or invest? Contact me today for a complimentary property valuation!
For more information, contact:
Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca
Should You Fix It or Leave It? A Guide to Prepping Your Home for Sale
When you’re preparing your home for sale, you obviously want your property to look its best for buyers. That means fixing things that are broken, and, possibly, making a few improvements.
But, how do you decide whether to invest in fixing or improving something versus just leaving it as is?
Say, for example, the walls throughout your home are a bit faded. (They’ve gone through a lot of living!) You can get all the dents and holes filled and repaint the entire place. That would definitely make a huge difference in how your property looks to buyers. Or, you can choose NOT to do that project in the hopes your home will “show” well regardless.
There are a few things to consider before making that decision:
- How much will the fix or improvement cost?
- How much better will your home look to buyers?
- Will the fix or improvement help sell your home faster?
- Will the fix or improvement help sell your home for a higher price?
Once you have those answers, you’ll be in a much better position to make that decision.
By the way, painting is almost always a smart move when preparing your property for sale. The impact can be dramatic, and the cost is relatively low.
Related: Instant Home Improvement: Budget-Friendly Tips for a Fresh Look
Looking to buy, sell, or invest? Contact me today for a complimentary property valuation!
For more information, contact:
Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca
Instant Home Improvement: Budget-Friendly Tips for a Fresh Look
Are you looking to enhance the appeal of your home without breaking the bank? Whether you’re preparing to sell or just want to give your living space a fresh look, there are several easy and inexpensive updates you can make that will have a big impact. In this blog post, we’ll explore some of the best home improvement tips to instantly elevate your home’s aesthetics and functionality.
Refresh Your Walls with Paint
A fresh coat of paint can do wonders for any room. Consider light, neutral colours to make spaces feel larger and more inviting. If you’re feeling bold, an accent wall can add a pop of colour and create a focal point. Paint is one of the most cost-effective ways to transform your home.
Tips:
-
- Use high-quality paint for better coverage and durability.
- Prep walls properly by cleaning and repairing any holes or cracks.
Update Hardware and Fixtures
Replacing old hardware on cabinets, drawers, and doors is a quick and affordable way to update your home. Modern handles, knobs, and pulls can give your kitchen and bathrooms a contemporary feel.
Tips:
-
- Choose finishes that complement your existing decor, such as brushed nickel, matte black, or brass.
- Don’t forget to update light fixtures, faucets, and showerheads for a cohesive look.
- Screwless wall plates are easy to install and provide a sleek, uncluttered appearance.
Install New Lighting
Good lighting can dramatically change the ambiance of a room. Swap out outdated fixtures for modern designs that provide better illumination. Consider adding dimmer switches to create mood lighting and save on energy costs.
Tips:
-
- Use LED bulbs for energy efficiency and longer lifespan.
- Layer your lighting with a mix of overhead, task, and accent lights.
- Add under-cabinet lighting in the kitchen for improved functionality and aesthetics.
Enhance Curb Appeal
First impressions matter, and your home’s exterior is the first thing guests and potential buyers see. Simple updates like painting the front door, adding potted plants, or updating house numbers can make a big difference.
Tips:
-
- Keep the lawn well-maintained and trim bushes and trees.
- Power wash the driveway, walkways, and siding to remove dirt and grime.
- Consider adding a new welcome mat and outdoor lighting for added appeal.
Refresh Flooring
Worn-out carpets and outdated flooring can detract from your home’s appeal. Consider more affordable options like vinyl plank flooring, which is easy to install and mimics the look of hardwood. Area rugs can also add warmth and style to any room.
Tips:
-
- Consider peel-and-stick vinyl tiles or planks for a quick and easy update. They are budget-friendly and come in various styles.
- Use rugs to define spaces and add colour and texture.
- If replacing carpets isn’t an option, consider a professional carpet cleaning service to revitalize your existing carpets.
Upgrade Window Treatments
Old or mismatched window treatments can make a space feel dated. Swap them out for new curtains, blinds, or shades to instantly update the look of your rooms.
Tips:
-
- Choose treatments that allow for natural light while providing privacy.
- Consider energy-efficient options like thermal curtains or cellular shades.
- Select window treatments that are easy to clean and maintain, like machine-washable curtains or dust-resistant blinds.
Declutter and Organize
A clutter-free home looks more spacious and inviting. Take the time to declutter and organize your belongings. Invest in storage solutions like shelves, baskets, and bins to keep everything tidy.
Tips:
-
- Focus on one room at a time to avoid feeling overwhelmed.
- Donate or sell items you no longer need or use.
- Use labels and clear containers for easy access and organization.
Final Thoughts: Boost Your Home’s Appeal with Simple Changes
Improving your home doesn’t have to be expensive or time-consuming. With these easy and affordable updates, you can instantly enhance your home’s appearance and functionality. Whether you’re aiming to impress potential buyers or just want to enjoy a more beautiful living space, these tips will help you achieve your goals. Start today and see the difference small changes can make!
For more home improvement tips and real estate advice, be sure to subscribe to my blog and follow me on social media. Happy updating!
Related: Elevate Your Home’s Appeal: Staging Tips for Every Room
Looking to buy, sell, or invest? Call today for a complimentary property valuation!
For more information, contact:
Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca
Does your Home Still Match your Lifestyle?
When you purchased your current home, chances are it was a good match for your lifestyle. It had the space you needed, the features you wanted, and a location that worked for you.
But for most people, lifestyle and needs evolve through the years. Kids get older. Jobs or careers change. People take on new hobbies and other interests. As a result, the home that was ideal a few years ago may not fit with your current lifestyle. That doesn’t necessarily mean you need to shop for a new home! However, it may mean that it’s worth taking a look at the market and seeing what’s possible.
Think about the kind of home that would support your lifestyle today. Ask questions like:
- How many bedrooms do we need?
How easy is it to travel to work each day?
What special features do we want in our home? (Big backyard? Rec room? Quiet neighbourhood?)
What do we want nearby? (School? Playground? Walking and biking trails? Shopping? Entertainment? Golf?)
What else does our home need in order to support our lifestyle?
After asking yourself some of these key questions, ask other family members for their opinions too. You may, in fact, find that the property you have now is still ideal for your lifestyle.
If, however, your home is no longer a good fit, you have options. You can stay in your current home despite it no longer being ideal; you can make some changes (a renovation, perhaps); or, you can see what’s available in the housing market.
If you need help with any of these options, call today.
Looking to buy, sell, or invest? Call today for a complimentary property valuation!
For more information, contact:
Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca
May 2024 Real Estate Market Update
REALTORS® Association of Grey Bruce Owen Sound MLS® home sales reach plateau as new supply continues to rise.
The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 276 units in May 2024. This was a moderate decrease of 8.6% from May 2023.
Home sales were 4% below the five year average and 16.1% below the 10-year average for the month of May. The average price of homes sold in May 2024 was $659,827, a modest gain of 2% from May 2023.
On a year-to-date basis, home sales totaled 980 units over the first five months of the year. This decreased by 4.9% from the same period in 2023.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $570,900 in May 2024, up modestly by 1.9% compared to May 2023.
The benchmark price for single family homes was $580,500, a minor increase of 2.1% on a year over-year basis in May. By comparison, the benchmark price for townhouse/row units was $457,800, a slight reduction of 0.5% compared to a year earlier, while the benchmark apartment price was $360,200, edging down 0.4% from year-ago levels.
The more comprehensive year-to-date average price was $647,872, up modestly by 2.5% from the first five months of 2023.
The dollar value of all home sales in May 2024 was $182.1 million, a decrease of 6.8% from the same month in 2023.
The number of new listings saw a sizable gain of 16.5% from May 2023. There were 685 new residential listings in May 2024. This was the largest number of new listings added in the month of May in more than five years.
New listings were 24.9% above the five-year average and 15% above the 10- year average for the month of May.
Active residential listings numbered 1,510 units on the market at the end of May, a substantial gain of 35.8% from the end of May 2023. Active listings haven’t been this high in the month of May in more than five years.
Active listings were 59.4% above the five-year average and 23.7% above the 10- year average for the month of May.
Months of inventory numbered 5.5 at the end of May 2024, up from the 3.7 months recorded at the end of May 2023 and above the long-run average of 3.8 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
(1) Sales / new listings * 100; compared to levels from previous periods. (2) Active listings at month end / monthly sales; compared to levels from previous periods. (3) Sale price / list price * 100; average for all homes sold in the current month.
Find more information and statistics at ragbos.com
Wondering how these numbers might impact your real estate plans? Whether you’re buying, selling, or just curious about market trends, I’ve got you covered! Let’s navigate the market together! Call today for a complimentary property valuation.
For more information, contact:
Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca
How to Decide if a Neighbourhood is Right for You
Say you’ve found a house for sale in an area that’s unfamiliar to you. How do you figure out if it’s going to be the ideal neighbourhood?
The first step is to take a walk. Stroll the neighbourhood and explore. If you get the chance, chat with homeowners and get their opinions of the area. Ask what they love about it. Also ask what they don’t like.
Next, determine how the neighbourhood is going to fit with your lifestyle. You’ll want to consider things like commuting routes, local amenities, schools, parks, shopping, etc. Google Maps is a great tool for this. Just turn on the satellite view and get a bird’s eye view of the area and its features.
Finally, get the latest data on neighbourhood characteristics such as noise, demographics, crime rates, and more. You’ll be surprised by how much data is available, and the valuable insights you can gain about what it’s going to be like to live there.
If the neighbourhood turns out to be a good fit, consider making an offer on that house!
Related: Tips for Settling into a New Neighbourhood
Looking to buy, sell, or invest? Call today for a complimentary property valuation!
For more information, contact:
Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca
Elevate Your Home’s Appeal: Staging Tips for Every Room
Whether you’re gearing up to sell or simply craving a fresh look, staging is your golden ticket to creating an atmosphere that captivates potential buyers or guests alike. From the welcoming embrace of the foyer to the serene oasis of the bedroom, every space plays a crucial role in shaping the overall impression of your home. Let’s dive into staging tips tailored for each room:
Foyer
First impressions are everything, and your foyer sets the stage for what’s to come. Start by decluttering the space to allow for easy movement and a sense of openness. A statement mirror or artwork can add depth and visual interest. Don’t forget to illuminate the area with strategic lighting to create an inviting ambiance.
Living Room
The heart of the home, your living room should exude comfort and style. Begin by arranging furniture to promote conversation and flow. Plump up cushions and add throw blankets for a cozy touch. Fresh flowers or greenery breathe life into the space, while tasteful accessories like coffee table books or decorative trays add personality without overwhelming.
Kitchen
A well-staged kitchen can be a major selling point. Clear countertops of unnecessary clutter to showcase ample workspace. Invest in high-quality, matching appliances to create a cohesive look. A bowl of fresh fruit or a vase of flowers adds a pop of color and freshness. Consider staging baked goods to evoke the warmth of family gatherings.
Dining Room
Whether hosting intimate dinners or extravagant feasts, your dining room should embody sophistication and hospitality. Start by dressing the table with elegant linens and dinnerware. A statement chandelier or pendant light can elevate the ambiance. Set the scene with candles or a floral centerpiece to create an inviting atmosphere that begs to be enjoyed.
Bedroom
A serene and tranquil bedroom is essential for relaxation and rejuvenation. Make the bed the focal point with luxurious bedding and plenty of pillows. Keep decor minimal and cohesive to promote a sense of serenity. Soft lighting, such as bedside lamps or string lights, creates a cozy ambiance. Consider adding a seating area or reading nook for added functionality and charm.
Bathroom
Transform your bathroom into a luxurious retreat reminiscent of a spa getaway. Declutter countertops and invest in quality towels and bath mats in soothing hues. Incorporate calming scents through candles or essential oil diffusers. Fresh flowers or potted plants add a touch of nature’s tranquility. Don’t forget to ensure all fixtures are sparkling clean and in good repair.
Outdoor Spaces
Finally, don’t overlook the potential of your outdoor spaces. Whether it’s a sprawling backyard or a cozy balcony, staging these areas can significantly enhance your home’s appeal. Arrange outdoor furniture to create inviting conversation areas. Add pops of colour with vibrant cushions or potted plants. Consider setting the scene with ambient lighting or a crackling fire pit for cozy evenings under the stars.
The Importance of Staging
Staging is the secret weapon to maximizing your home’s potential and leaving a lasting impression on potential buyers or guests. By implementing these staging tips tailored for each room, you’ll elevate your home’s appeal and create an atmosphere that’s sure to charm and captivate. Remember, the key is to strike a balance between style and functionality, allowing potential buyers or guests to envision themselves living their best life in your space. Happy staging!
As your REALTOR®, I offer complimentary staging to ensure your property shines its brightest. Let me help you unlock the true value of your real estate.
Looking to buy, sell, or invest? Call today for a complimentary property valuation!
For more information, contact:
Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca
Setting Emotions Aside When Selling
Imagine shopping for a used car. You find one that you like and while negotiating the price, the seller gets sentimental. He shares happy memories of family picnics, his kids’ soccer games and other adventures with the vehicle. Then he demands a higher price. After all, he couldn’t possibly part with it for anything less.
Are you likely to pay for his sentimental value? Probably not. Yet the same thing often happens when selling a home.
It’s normal for homeowners to form an emotional attachment to their property. It can be very difficult to watch their home being treated as a product with a price tag, and watch buyers stand in the living room discussing furniture arrangements. Emotions can get in the way of a sale. It can even cause some sellers to stay firm on a high price, when a reasonable offer within market value is received.
After all, as they say, ‘Home is where the heart is.’ So, when it’s time to sell your property, think about all the ways you will take your happy memories with you. Then, focus on selling for the best price within the current market conditions.
Looking to buy, sell, or invest? Let me help you find the true value in your real estate. Call today for a complimentary property valuation!
For more information, contact:
Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca
Cleaning Tips for Instantly Improving Curb Appeal
As you may know, curb appeal refers to how your property looks from the street, where potential buyers first see it. Your home’s curb appeal can have a big impact on the sale of your property.
In fact, it’s not uncommon for a buyer to drive by a listing, rather than stop, because they don’t like what they see.
So, how can you improve your home’s curb appeal quickly? One way is to do some outside cleaning.
Start with the main entryway. Wash down the front door and sweep (or power wash) the front steps. It only takes a few minutes, but you’d be surprised by the impact it can have. Sweep or power wash your walkway too and you’ll improve the overall look of your home — sometimes dramatically.
Clean your front windows to brighten the look of your home’s facade. It doesn’t have to be an arduous chore. In fact, there are washing products available that attach to your garden hose. You don’t even need a ladder! Ask your local home improvement retailer for recommendations.
If you have hedges and shrubs, give them a trim. To keep your trimming level, use a wide board, or even a piece of cardboard, then cut to the desired height. Pull off any dead leaves or branches. Of course, also mow the lawn!
Finally, inspect your property from the street. Can you see anything else you can do to quickly improve the look? Do you notice anything that is unsightly or distracting, such as garbage bins that could be relocated?
Related: What Buyers Want to See when They Walk into a Room
Looking to buy, sell, or invest? Let me help you find the true value in your real estate. Call today for a complimentary property valuation!
For more information, contact:
Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca
