New survey finds that investing in home renovations is key to competitive market

A new survey by RE/MAX Ontario-Atlantic Canada found that a significant number of Ontario homeowners are investing in renovations before listing their homes for sale.

The RE/MAX Survey of Home Buying and Selling Trends in Ontario found that 79 per cent of sellers said they made improvements to their homes two years prior to listing. The survey found that home sellers are spending on average, $21,000 in renovations; the most popular of which are updated kitchen cabinetry,

• hardwood flooring,
• new windows,
• an open concept; and
• a finished basement.

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Balanced market conditions in the GTA

House sales in the Greater Toronto Area decreased during the first half of September, according to the Toronto Real Estate Board. They're down 16 per cent compared to the same period in 2007. While in the 905 region, sales are down 11 per cent.

However, there's no need for anyone to panic about the market. With all of the media reports about the housing crises in the U.S. many Canadians are worried about the real estate market here at home. The reality is that homes are simply taking a little bit longer to sell, but they're still selling! While, it may not be a buyer's market just yet, it's fair to say that the field has leveled.

Home buyers have more options available to them when searching for a home, whereas a year or two ago most home buyers had to buy a house that came on the market immediately because of bidding wars and the potential to lose their dream home.

Real estate definitely has cycles, and a balanced market isn't one to be concerned about. If you're considering putting your home on the market I'd be more than happy to sit down with you and discuss your options in today's market.

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