Richard Silver, Author at Silver Burtnick & Associates

While real estate in Toronto has strongly favoured sellers in recent years, trends are beginning to shift. Today, getting a great price on your home involves thoughtful preparation. This is especially true when it comes to staging – one of the most important steps in selling.

Staging your home for the market can help you be competitive, sell faster, and land a higher price.

When it comes to selling successfully, there are no shortcuts. If you’re looking to sell soon, here are a few reasons why you shouldn’t skip the staging process.

Want to learn more about the selling process? Check out The Magic of Listing.

The Market is Balancing Out

Over the past decade, Toronto’s housing market has seen its fair share of fluctuations. Despite the general inventory shortage across the province as a whole, things are cooling off in the GTA. Although homes have sold for record-high prices in recent years, sellers may need to curb their expectations in 2022.

While there are still plenty of active buyers, homes are spending more time on the market than they used to. As a result, homeowners who want to get the most out of their sale should be ready to put in the extra effort.

What Staging Looks Like

If you’re a first-time seller, you may be unfamiliar with what the staging process typically involves. First things first, staging does not mean large-scale renovations or home improvement projects. Rather, it generally consists of optimizing your existing space to help it shine in front of buyers.

Common staging techniques include:

Cleaning and decluttering
Removing or replacing old furniture
Small tweaks to decor
Re-painting

Preparing to sell your home? Check out these resources from our blog.

First Impressions

When it comes to showcasing your home to potential buyers, first impressions matter. In 2022, most buyers will first discover your home digitally. And, with hundreds of other available properties just a click away, it’s more important than ever for your home to stand out. Not only can professional staging ensure your home looks great at open houses or showings, but it will also help it look amazing online too.

Audience Connection

While your home is currently tailored to your unique needs and interests, potential buyers will likely have different tastes. Staging helps ensure your home appeals to the most relevant buyer audience. During the process, a staging professional will incorporate both your home’s distinct strengths and industry-leading design trends to curate a welcoming and desirable space.

Great staging tells a story and allows buyers to envision themselves in your home. When buyers develop an emotional connection to your property, they’ll go above and beyond to buy it.

The ROI is Great

In Toronto, selling your home is no longer about setting a finite price. Today, homes enter the market and will typically sell within a certain price range. If you want your home to sell at the top end of that range, you’ll need to put in the work. The good news is that when it comes to staging, the work really pays off.

Staging has a ‘3X Factor’. This means that sellers typically see the funds they invest into staging tripled upon the sale of their home. For example, if you contribute $15,000 towards staging, you can expect an additional $45,000 added to the value of your home.

Want to learn more about Toronto’s housing market? Explore these resources from our blog.

Faster Sales

On top of bringing in a higher price for your home, staging can also help you sell it faster. Ultimately, when your home looks great and connects well with buyers, they will be more eager to make an offer. While this makes sense on the surface, there’s also data to back it up.

A 2020 study performed by the Real Estate Staging Association (RESA) analyzed 13,000 for-sale homes and how long each property spent on the market. Results showed that the homes that had been staged spent 73% less time on the market in comparison to those that weren’t.

Professional Collaboration

While staging may seem straightforward and simple, it is not a DIY process. Like other aspects of selling your home, staging is most effective with professional help. During the listing process, your real estate agent will coordinate the staging of your home. Depending on your agent, they may have an in-house staging team or will connect you with an industry professional.

Ready to begin the home selling process? From staging to showings, we can help every step of the way. Get in touch.

Have you ever tried sorting through reviews to find a good real estate agent? It can be a tricky endeavour. Many agents know how to use all kinds of buzzwords and marketing tactics to make them seem better than they are.

And, of course, everything looks good on paper, from real estate listings to agent reviews. It’s common knowledge now that the word “cozy” often means tiny and cramped. “Needs TLC” is often code for falling apart. When you’re bombarded with ads from every direction, it can be hard to obtain the accurate information you need to make an informed decision.

Words Can Play Tricks on You

No one ever posts a listing that says, “Small, overpriced house that needs more in renovations than its worth.”

Likewise, you’ll never read an agent review that says “greedy and arrogant and never answers their phone.”

Every business seeks to portray its services in the best light, but no one should resort to deceptive marketing practices.

With a decision as life-changing as buying or selling a house, it’s critical to get it right. The process is already stressful, and the wrong agent can turn it into a nightmare.

There is some good news. Most real estate agents are highly trained, respectable and genuinely care about helping their clients. As in any industry, of course, there are bad players.

How do you weed out the wrong agents when it seems that everyone has all five-star reviews on Google?

Reading reviews can be an excellent place to start. However, you want to take them with a grain of salt. Reviews aren’t always honest, and many people only leave reviews when they are furious.

However, here are some signs you should watch out for.

Quantity Over Quality

If an agent has pages and pages of reviews, beware. Chances are, you’ll find all kinds of vague words like “thoughtful” and “a great person.” Without specifics, agents may have recruited their friends, family and basically everyone they know to give them a review. They may not have even worked together!

When it comes to real estate reviews, more isn’t necessarily better. Unlike other businesses, a typical real estate agent doesn’t have thousands of clients. It doesn’t make sense for them to have thousands of reviews.

On the other hand, if there are only one or two reviews, it pays to be cautious. This could indicate an agent with very little experience or who isn’t active.

Real estate isn’t a part-time gig. If your mechanic has just gotten their real estate license and is now offering to help sell your home, that’s a red flag.

Of course, working with a new agent isn’t necessarily a bad thing. They are often passionate about the industry and eager to go above and beyond for their clients. What matters is their professionalism and commitment to helping you through your transaction.

The next phase of your life isn’t about “downsizing” so much as “rightsizing” so you can make the most of life. Read our Complete Guide to Right-Sizing here.

No Negative or Neutral Reviews

No one is perfect, and no one can please everyone every single time. If you discover an agent with zero negative reviews, alarm bells should go off. There is also a rumour of the dreaded Google Slap, where the search engines penalize a company that doesn’t get 100% perfect reviews.

This penalty, real or not, has some businesses scrambling to get five-star reviews by any means possible.

Look For a Mix

A professional agent will have mostly good reviews, some neutral, and even a few bad ones.

A three or four-star review may mean an agent did an excellent job for a client. But some people never give five stars because there is always room for improvement.

Agents are human, and things don’t always go according to plan despite their best efforts. When that happens, the occasional bad review is inevitable.

What to watch out for is how they respond to their reviews.

Do they ignore them and hope they will go away? Or do they answer promptly, making every effort to make things right?

How an agent responds to reviews and feedback can you more about their ethics and practice than the reviews themselves.

Are you thinking about “rightsizing” your home? Here’s how one of our own agents went from 3500 to 1000 square feet.

Once you have researched possible agents, it’s time to take the next step. Before you commit to working with anyone, book an interview where you can ask questions and see how comfortable the agent makes you feel.

You need someone professional and knowledgeable, but that isn’t enough. You also want someone who is easy to work with who takes your questions and concerns to heart.

Want a unique new way to list your home in the best light the right way? Check out these Five Seller Insights From The Magic of Listing.

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There’s no denying that going through a divorce can be an emotionally painful experience. Add to that the legal, financial, and practical challenges, and life can start to feel a little overwhelming. Fortunately, by paying attention to the logistics, you can take much of the stress out of your divorce—and one of the details you’ll want to focus on is the sale of your home.

Here’s what you should know about selling your home during a divorce…

Understand the concept of the matrimonial home

The home a married couple shares comes with special protections, and they have implications once divorce is on the table. This living space is known as “the matrimonial home” in provincial family law, and it could have serious implications for your next step.

The matrimonial home is defined as any property that you and your spouse “ordinarily occupied” as your family residence at the time of your separation. It can be a house, townhome, cottage, ski chalet, or other type of residence.

If you’re hoping to sell your matrimonial home, your spouse will need to agree. The same is true if you’re planning to mortgage it. In addition, you both have the right to occupy the property, at least until a separation agreement or court order says otherwise—or one of you releases your rights to the home.

To be really clear, it doesn’t matter who bought the matrimonial home or whose name is on all the paperwork. You and your partner have the same rights with regard to the property, which brings us to our next point.

Interested in learning what selling a home is like right now? Read some of our valuable seller resources to find out more.

Make sure you’re in sync

When it comes to having the smoothest divorce possible, cooperation is key. Deciding what to do with the matrimonial home can be one source of conflict, which is why it’s important to discuss your needs, preferences, and future honestly. Of course, you’ll want to keep many factors in mind during these conversations, like the best interests of your children (if you have any) and your respective financial positions.

Sometimes, one partner wants to stay in their matrimonial home while the other wants to sell. In a worst-case scenario, the person who wants to sell may be able to get an order for the sale of the home to force the other’s hand. Needless to say, getting the courts involved can be stressful for all involved, and it’s best avoided whenever possible.

If you want to stay in your current home, you can also buy your spouse out in one lump sum. Refinancing the mortgage is one way to get the money together to do this. You’ll then need to requalify for your mortgage (finding a joint borrower or guarantor can help if need be).

And if you both want to sell? Perfect! Your best bet is finding a real estate agent who’s helped divorcing couples sell in the past. They’ll have the experience to obtain the best possible price without favoring one party over the other. By remaining impartial, they can help prevent conflicts from building.

Are you and your spouse trying to decide whether to put your home on the market? Learn why selling your home right now could be one of the best decisions you ever make here.

Considerations when you’re moving

When you’re selling the matrimonial home, one of your biggest concerns is sure to be where you’ll live next. To start with, should you buy or lease? And if you’re purchasing, should you opt for a house, townhome, duplex, or condo?

First off, make sure you truly understand the costs associated with whichever option you’re seriously considering. For example, if you’re thinking of moving from a house to a condo, you’ll very likely be embracing a more affordable option. But the new costs you’ll incur can add up quickly. For example, condo fees vary a lot, but owners can expect to pay hundreds of dollars each month. On the other hand, if you’re used to living in a house, you know that the ongoing maintenance costs can be steep too.

Our point is, careful budgeting is crucial. It will be your income alone covering expenses now, and (depending on your previous circumstances) that could take some getting used to.

Of course, there’s more involved in this decision than your budget. As you embark on a new chapter in life, what matters most to you? Do you see this as an opportunity to explore a new lifestyle, or is it about maintaining the one you have now? You’ll likely want to factor in things like proximity to your chosen amenities, as well as how close you’ll be to work and family.

Moving forward…

If you’re in the midst of a divorce, you’re probably thinking through your next step. When it comes to the property you shared with your spouse, there are a few things to keep in mind.

Make sure you understand your rights as they relate to your matrimonial home (when in doubt, speak to an experienced attorney). Do everything you can to cooperate with the spouse you’re divorcing, and (if you’ll be moving) consider your budget and preferred lifestyle. Last but not least, if you and your partner decide to sell, work with a real estate professional who has helped others in similar situations.

There’s no way around it: divorce can be a very difficult experience. The good news is, being prepared can make the process less stressful—and help you move forward.

One small piece of advice that you also might want to consider: When anything monumental with change happens in your life, like divorce, we suggest the first year after might be a good time to lease. It gives you enough time to reflect on what the next plan might be and not commit you to something you’ll later regret.

Wondering what it’s like to sell with our team? Discover our selling process here!

sellers selling selling a home tips

It’s no secret that property values across Canada are exploding, especially in Toronto. According to the Toronto Regional Real Estate Board, the value of a detached home in the GTA has increased by 29%.

All of this may have you wondering: Should I sell my home? It’s a big decision, and the thought of moving might feel overwhelming, maybe even a little sad. Saying goodbye is never easy, but you know the time is coming. It’s just a question of when? Should you sell now? Or hold on for a few more years?

Ask yourself these questions?

Have your children all moved out, or will they soon?
Are there rooms in your house you rarely use for anything other than storage?
Do you have boxes packed away full of things you haven’t used in more than a year?
Is maintaining your home starting to feel like a burden?
Do you feel safe alone in your home? Are there stairs that are getting difficult to navigate? Do you have family that can pop in and check on you regularly?
Does it still feel worth spending time and money fixing your home? Or would you rather travel, or spend more time on things you love?

If any of these are true, there has never been a better time to sell your home.

Thinking of downsizing? Here’s a complete guide to finding the perfect size at a price you can afford: Download the Complete Guide to “Rightsizing” Today

Here are some other things to consider in the coming months:

Your neighbourhood is going to get louder and more crowded.

Millennials are moving away from the big cities in record numbers. More than ever, they’re working from home and no longer need to live close to their employer. Relocating to outlying areas of the GTA allows them to afford larger homes for their growing families.

The question is, who is moving in to replace them? Those buildings won’t be unoccupied for long. Chances are, investors are going to scoop up the properties and rent them out to whoever they can find, often to young single professionals living on their own for the first time.

If you think your neighbourhood is already too loud or too crowded, it’s about to get worse.

More people moving in means even heavier traffic, more pollution and more stress.

If you want to relocate to somewhere more peaceful, the time is now.

You don’t even have to leave the city if you don’t want to.

The downtown area and Distillery Districts are growing like wildfire, but you can still find hidden gems of calm and tranquillity.

The Waterfront Central has the highest number of couples without children, and half as many adults between 25 and 34. If you love the idea of condo life, this might be the perfect neighbourhood for you!

You could also consider the Runnymede-Bloor West Village area. It’s quaint and quiet, but you won’t miss out on any of the excitement. The trendy restaurants and nightlife of Bloor and Dundas are a short walk away.

These are just two examples right here in Toronto.

If you want to escape the hustle and bustle of Toronto altogether, you don’t have to go far.

Many areas on the outskirts of the GTA are easily accessible on the Go Train, so you can visit your friends and family any time you want.

Your real estate agent can help you find the perfect solution for your needs, whether you want to move within the city or far away.

Canada has never seen a sellers’ market as strong as this one.

Property values are at record-breaking prices that are still climbing. Even so, homes are selling fast and bidding wars are common. Detached family homes are especially in high demand from millennials looking to move with their families.

One of the biggest reasons someone might hesitate to sell is not knowing if you’ll be able to afford to get back into the market.

But if you sell now, you can still earn enough for a smaller home or condo in an area that is still affordable, especially with the currently low-interest rates currently available.

You might even consider renting for a while.

Renting isn’t for everyone, but definitely has some upsides, including:

All maintenance is taken care of by the landlord.
No property taxes to worry about.
No long-term commitments.
Less risky than investing in homeownership.
Gives you time to plan your next steps.

Not sure whether to rent or buy right away? We can help you analyze your finances and your goals and determine the best path forward.

If the idea of renting for a while is intriguing, find out more here:

The best time to sell is when you don’t need to sell.

Selling before you need to means you have time to consider more offers and reject the unsuitable ones. It’s less stressful to sell when you have all the time in the world to pack, organize and research your next steps.

Plus, you’ll have time to prepare your home and get expert guidance that allows you to get the most value possible.

If you wait until selling becomes urgent, you might not get the best outcome.

Interest rates are lower than they’ve been in years.

Low-interest rates can help you get back into the market after selling.

The Bank of Canada has lowered rates to help homeowners and businesses through the pandemic and the economic downturn that followed.

Buyers are scrambling to lock in these low rates before they begin to spike again, which could happen as early as March 2022.

Even if a buyer pays more for a house initially, they’re going to save in the long run because of the lower interest.

This makes it the perfect time to get the maximum value when you sell your house.

Are you ready to enjoy a less expensive, more laid-back lifestyle?

Think of how much time you spend maintaining your property. The work never ends, no matter what the season. There are leaves to rake, grass to cut and snow to shovel.

Something always has to be replaced or repaired; your sink stops draining, the air conditioner breaks, the furnace stops working.

Selling your house can mean the end of non-stop worrying and bills, giving you more time and money to enjoy the things you love.

If you’re thinking of selling soon, here are some resources to help you prepare:

downsizing lifestyle neighbourhoods selling

Are you thinking about downsizing your home? Why not try rightsizing instead? At Silver Burtnick & Associates, we are passionate about helping clients find the perfect home to suit their style at any stage of life. We’ve helped countless clients rightsize their lives and move into a home that helps them maximize their golden years.

We can’t stress the benefits of proactively rightsizing at the correct time in your life. Not only does it help you save money and time in the long run, but you’ll also experience a more vibrant, healthy, and exciting life! Isn’t that something we all want?

If you’re on the fence about rightsizing or you’re looking into ways to help a loved one rightsize, we created this guide for you! In this e-book, we’re covering everything you need to know about rightsizing from decluttering and decorating a smaller space, to some of the emotional and legal implications of leaving your family home.

You can download the guide for free right here.

Happy Rightsizing!

Richard & Jim

downsizing

Flashback just a handful of years ago and Toronto’s intersection of Yonge Street and Eglinton Avenue would look completely different from how it does today. Naturally, when a certain part of the city goes through such a notable redevelopment, the neighbourhood’s local real estate market also goes through a few changes too.

And, seeing as Yonge and Eglinton was already such a highly regarded residential community, keeping track of major changes to the area’s real estate market will be of enormous interest to both its current residents and potential future residents alike.

To learn a little bit more about the current state of Yonge and Eglinton’s local real estate market and where we think it’s heading in the near future, our post below is here to offer you our professional opinions and experienced insight.

What’s New About Yonge And Eglinton?

As we stated above, Yonge and Eglinton has experienced some large-scale developments in recent years — and that’s putting it lightly. The most obvious of redevelopments has come in the form of the TTC’s Eglinton Crosstown LRT line, which will add 25 LRT stations along Eglinton Avenue from Kennedy in the east to Mount Dennis in the west.

While this transit development has caused major headaches for motorists, pedestrians, and cyclists alike for what feels like an eternity now, once the project is complete it will undoubtedly add a substantial amount of value to the area. The TTC hopes Line 5 Eglinton, the Eglinton crosstown line, will be ready for use in 2022, but as of now, there are still enormous holes in the ground at several junctures across the popular east-west street.

In addition to the transit-focused construction, there are also a large number of newly-built high-rise condo buildings that have been completed in recent years too. Whereas Yonge and Eglinton’s real estate market was once dominated by detached and semi-detached single family homes, the sharp rise in popularity and availability of new condo buildings is changing the landscape of the neighbourhood’s housing market.

At Silver Burtnick, we have a deep love and appreciation for the Yonge and Eglinton area. Find out more about the neighbourhood we feel so fondly about in our Yonge And Eglinton Neighbourhood Guide here.

Who Lives There?

Due to the notable number of new condo buildings in the Yonge and Eglinton area, the general demographic of residents has changed remarkably too.

Before the construction of the many new condo developments, the average resident of Yonge and Eglinton were families and empty-nesters who were typically long-time residents of the area. This is because away from the busy main streets of this intersection, the residential areas of the neighbourhood are made up of two-to-three-storey single family homes, most of which are Edwardian or Craftsman-style in design.

While those types of homeowners are still hugely prevalent in the neighbourhood, especially within the quieter sidestreets of the community, the newer large condo buildings provide an alternative housing type that appeals to different demographics.

Now, it’s much easier for singles, young couples, downsizers, and new Canadians to live in the Yonge and Eglinton area too. With a huge influx of bachelor, one-bedroom, and two-bedroom condo units recently becoming available for sale in the area, the diversity of local residents has increased too.

What’s The Real Estate Market Like?

Although inventory, in general, is down, one sector is seeing an increase and that’s condos. However, even with the significant development, the perennial desirability of living in the Yonge and Eglinton area also means the barrier to entry for some buyers still very much exists there.

In fact, the values of the single family homes in the greater Yonge and Eglinton area have increased markedly as a result of the new neighbourhood developments, though might’ve dropped off initially during the infancy stages of the huge construction projects.

More engaging amenities, easier transportation, and an all-around increase in the area’s development mean that property prices have steadily gone up over the past few years. And once all of the messy construction at Yonge and Eglinton finally ceases — or slows down, at least — in a few years’ time, you can expect the neighbourhood to reach a very high peak in terms of local housing prices.

Buying A Home At Yonge And Eglinton

If you’re looking to make a good long-term investment in a piece of Toronto real estate, we would strongly advise you consider purchasing a home in the Yonge and Eglinton area.

For the reasons stated above, we’re big believers that the area poses a lot of long-term value for homeowners, and property values are almost certainly going to sharply appreciate over the next two to five years. Between now and then, we really only foresee a steady increase in home prices, so if you’ve been biding your time thinking about if you should purchase a home here, there’s no better time to do it than as soon as you’re ready.

In addition to the area’s vast development, we also predict the long-term cultural appeal of the community will also appreciate in value over the coming years too. More residents of diverse backgrounds and demographics tend to reveal growth-positive trends in urban neighbourhoods.

With a larger, more diverse community, you can expect to see more locally-owned and locally-focused businesses appear in due time. These will not only make the neighbourhood more vibrant and interesting to visit but will also contribute to the property values of homes at Yonge and Eglinton.

If you’re thinking about investing in the Yonge and Eglinton area, don’t wait too long to get started. With home values rapidly increasing across the neighbourhood, we can help you get in the door while the market’s still on the rise. See how in our detailed homebuying guides here:

Selling A Home At Yonge And Eglinton

If you’re thinking about selling your home in the Yonge and Eglinton area, you’re definitely not alone. After years upon years of major construction and redevelopment in the neighbourhood, factors such as lifestyle, transport, and aesthetics have been put on the back-burner for longer than many can accept.

We’re seeing big trends of empty-nesters, downsizers, and even frustrated families listing their homes in the Yonge and Eglinton area as a result of the increasing number of day-to-day inconveniences in the neighbourhood. Whether it’s the noise, the traffic, the ugly construction, or all of them at once, many homeowners are deciding that it just isn’t worth it to live in the area anymore and are seeking greener pastures.

Do you own a home in the Yonge and Eglinton area (or elsewhere in Toronto) and are set on selling? Learn more about our smooth and stress-free selling process at the link below, then schedule a home evaluation to learn more about the current market value of your property.

Selling your home in the Yonge and Eglinton area at this time, right before the projected culmination of some of the neighbourhood’s largest project, isn’t necessarily advisable for maximizing the ROI of your home. However, property prices have definitely increased over the past few years, so you would still stand to make a tidy profit in the real estate market.

That being said, if you do own a single family house in the Yonge and Eglinton area and want to cash in while the market is still hot, you don’t necessarily have to leave the area for good. Now is the perfect time to sell your home and downsize into one of the area’s luxury condos or townhouses, and doing this should most definitely end up earning you some extra cash along the way.

If you’ve been considering selling your home and moving into a smaller space better suited to your current lifestyle, learn more about how we can help you Rightsize the right way via our informative guides below.

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Author: Richard Silver