RE/MAX Hallmark Blog

Flying off the Shelf...

Another beautiful morning here in our City and our real estate market is still humming along well into July. Many would of predicted for our market to have adjusted to a slower summer market by now, but by all accounts, nothing could be further from the truth.

As they say in retail, product is just flying off the shelf.

Here is a list of possible reasons for the strong activity, in no particular order of relevance:

• low low interest rates
• abundance of mortgage money available
• not many quality homes on the market at one time
• still a pent up demand from the late fall and early winter slowdown
• renewed confidence in our national and global financial systems
• realtors are working long hours with a sense of confidence in our economy
• Toronto is a fantastic city to live in and raise a family in, people are moving here
• in spite of what many predictors have said, the sky didn't fall and won't fall
• real estate is the investment of choice over everything else

Summer in the city, no better place.

Our Market Needs More Listings

"What is with this summer market?" Each day I am asked this question from realtors and the public.

What we have going on right now in many markets in Toronto is a return to 2007 market activity. Many many multiple offer listings, bidding wars and pre-empetive offers are now common. With what we have been through in the past 6 months in the world financial scene, why is this happening?

Of course, I have my theory. During the months of October, November, December and parts of January past, the activity level dropped from our real estate scene. Prices dropped for product that had to sell. The public's confidence in our financial institutions was shattered, and the expectation was that we were about to follow the US lead which was being experience in their markets. Wholesale price reductions, very little sales and plenty of foreclosures. Therefor the public collectively sat on their hands and pulled themselves out of the market.

At the beginning of this year, the realization set in that we were not the same as our US friends. We didn't have the same banking problems, and our real estate market did not contain a high percentage of speculators. Our prices in the past, had moderate and controllable yearly increases, not many massive price spikes. The Toronto real estate market was mature and stable. When that realization set in with the public, they got back into the business of buying homes to live in big time. It hasn't hurt that our mortgage rates have been incredibly low for a long period of time and our banks have plenty of money to lend out. There has been a tightening up on the procedures to an already conservative banking and mortgage system here which will help us even more moving forward.

So now, we have the dreaded (from the buyers perspective) multiple offer scenes. It is not uncommon to have 10 or more bids on one property today.

We need more listings now. More houses and condos must be put on the market to satisfy the needs of buyers. It is all about supply and demand, and today the supply is low and the demand is high.

Give me City LIfe

I am by and large, a "City Guy. " I feel most comfortable in big cities. I like the distraction of people and things. Not sure how long I would last living in the country, all that space and quiet air. I can take the "country" life for a while, but "cottaging" has never been a big thing for me. Just sitting around a lake or "resting" in a hammock isn't my idea of fun. I guess I need the stimulation of people and things around me. Most of my friends who are cottagers are handy men or handy women, they have to be. Seems like they are always doing something or fixing something, or building something while at their cottages. As for me, I have trouble hanging a picture on the wall.

Nope, leave me in the city and I will be happy. There is so much to do here. Exploring different shops, neighbourhoods, theatres and museums. Toronto in the summer is my favourite time in our city. Most of my cottage friends have left it so there is less traffic on the roads, less hassles everywhere.

I guess I can relate to Eva Gabor in the hit TV show of the 70's, Green Acres.

Park Avenue or a barnyard?

Park Avenue every time.

RE/MAX Hallmark Scholarship Award Winners 2009

Last Tuesday, we officially awarded the RE/MAX Hallmark Scholarship Awards for 2009. Several years ago, we initiated our Scholarship Awards Program in order to acknowledge and help children of our clients with their post secondary education. Since the Scholarship Programs inception, we have contributed over $30,000. and made a difference to 26 bright, young individuals and their futures.

This year, our Scholarship Committee selected the following students for the award.

Brittany So who will be entering McMaster University under the Physiotherapy Program.

Donald Van Luven is going to Guelph University and enrolled in Health Care.

Tareke Ingleton will be enrolled in a future of Journalism through a political science degree.

Ameer Nassif will be attending Seneca College with a goal to become a police officer.

Claire Brown is attending Carleton University in the Journalism Program and has a goal to become a writer.

Christopher Kovacs will be attending Seneca College with a focus on business marketing.

Kaileigh Nichols is enrolled at the University of Waterloo and will be studying Environment and Resources.

Astrik Golendukhin is attending McMaster University and will become an Optometrist.

Daniel Mckercher will be attending the University of Ottawa in the Political Science and Philosophy Faculty and has a goal to become a Foreign Diplomat.

All  past clients and current clients of RE/MAX Hallmark realtors are eligible for our RE/MAX Hallmark Scholarship Awards. Nomination forms are available for 2010 through any RE/MAX Hallmark realtor.

Our Scholarship Committee selected these students based on their academic achievements and their commitment to the communities in which they live. We are very proud to be a part of their futures.

Value always first

Running a business, which we all do as realtors can be explained (for me) in this simple analogy. I first heard this being told today in a Robin Sharma VLOG. Robin was interviewing a CEO of a world class firm located in Singapore. Amongst other things in the VLOG, Robin asked the CEO for his outlook on his business. I can't really recall what the business was, nor does it matter. What mattered to me was the philosophy of business this gentleman had.

He realized that for him and his company, they were truly in business to be of value to their clients and the public. Without "making a difference" or creating a legacy of value, nothing else mattered. He explained his business way of being by describing a coin, which of course has two sides. One side represented making profit at all costs, without value to the human side of business. The other side of the coin represented a making a difference to others, providing value. Choosing the profit side of the coin at all costs, represented to him a disservice to everyone he came in contact with. Choosing the side of the coin which represented making a difference to one and all, represented true growth and fulfillment.

Making the decision to run a business with value first will always lead to profit. Choosing to run a business with profit first with little attention to values and people will lead to emptiness.

Click Here to watch this VLOG from Robin Sharma.