Market Snapshot: April 1-7, 2018

Local MLS® Sales Data

All Hamilton Real Estate Districts Combined*
   
Total Sales: 152 
Average Price: $508,607 
Median Price: $473,250 
Avg Days On Market: 26 

Sales volume remains fairly tepid, but prices are not deflating as a result - average price ticked up above $500k again this week and median also moved up a little bit.
 
Time on market continues below the 40 day historical norm.

Average price varies by district. Call to discuss sales data for your specific area, or for a sale price estimate specific to your property. **
 
*Ancaster, Dundas, Glanbrook, Hamilton, Stoney Creek, Waterdown
 
** Not intended to solicit clients currently under contract.

Market Snapshot: March 25-31, 2018

Local MLS® Sales Data

All Hamilton Real Estate Districts Combined*
   
Total Sales: 164
Average Price: $494,174 
Median Price: $454,000 
Avg Days On Market: 24

Sales volume experienced another small uptick, but not enough to 'save' the month.  The [local real estate association has reported] March 2018 as being down almost 40% over the same month last year.

Average sale price continues to float just below the $500k mark, with the median fluctuating a bit and ending a bit softer this week.
 
Time on market continues typical weekly fluctuations, but remains below the historical norm of approximately 40 days.

Average price varies by district. Call to discuss sales data for your specific area, or for a sale price estimate specific to your property. **
 
*Ancaster, Dundas, Glanbrook, Hamilton, Stoney Creek, Waterdown
 
** Not intended to solicit clients currently under contract.

RAHB REALTORS® release March statistics

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,099 sales were processed through the RAHB Multiple Listing Service® (MLS®) System in March, 38.6 per cent fewer than the same month last year and 18 per cent fewer than the 10-year average for the month.

[READ THE FULL REPORT]

What is a GFCI outlet and why do you need one?

GFCI stands for 'Ground Fault Circuit Interrupter'.

A GFCI outlet is a special electrical outlet that has a built-in safety feature. To prevent electrical shock, the outlet has a form of breaker built in to it. 

If you've never looked at one, the buttons on the front are a 'test' button to make sure it's physically functioning and able to cut off the power (as a mechanical device, it's not impossible for them to stick so it is good to check them now and then), and the other is a 'reset' button to turn it back on.

They're relatively new (in terms of the history of people using electricity), but building standards have adopted them widely.

Mostly seen in kitchens and bathrooms, they should really be installed anywhere that an outlet is within a short distance from a water supply, including outside due to the elements.

One might wonder why an outlet needs its own cut off feature if there are breakers at the electrical panel. But there is a key difference between the way the GFCI operates and the way a normal circuit breaker works that makes them an important safety item.

A circuit breaker at your panel has a certain current rating, at which point it will cut off, typically 15 amps on a normal circuit.  This will keep more that the rated current from passing through the wires, which is important to prevent over-heating and a risk of fire.  However, the current has to build up to 15A before it cuts off, so it doesn't really prevent electrical shock.  You'll briefly have 14A going through you before it hits 15A and cuts off. And it doesn't take long for electrical shock to become deadly.

The GFCI, on the other hand, does not operate based on how much current is going through, but rather how quickly the current is changing.So if it detects the beginning of a rapid spike in current - as would be the case in a short circuit or electrical shock - it will cut off way before it gets to the maximum current allowed by the circuit breaker.  This greatly reduces the risk of deadly electrical shock.

Older homes quite likely won't have them, because they were not required by code. If you do renovations, then your contractor should be installing them as required.  But if you'd like to add this safety feature to existing kitchens, bathrooms, laundry, etc, contact a qualified electrician to get a quote.  It's not a bad safety feature to have.

Not all renovations are about ROI

Last week, we looked at the [best renovations for ROI on selling your house], but some things need to be done even if there is no significant financial return.


General maintenance and repairs are the easiest example. These type of things often do not offer much ROI, if any at all, but are more of a negative if left undone. For example, replacing one broken window may not offer much return, but if left cracked, it's an ugly eyesore that could turn buyers off - particularly if it is in a highly visible location.

My advice would be to start with the little things. Oils creaky hinges, replace broken or battered cabinet hardware (handles, etc.), tighten loose door knobs. These are small and low-cost repairs that will still help to contribute to the overall impression a buyer gets from a property.

Next, look at the more time-consuming or expensive repairs. One example is to replace a garage door if it is in terrible shape. Or at least repair it, if possible. You will almost definitely not recover the cost of replacing it, but if it is falling apart it will have a detrimental effect on the sale. Not only may it affect the prices that buyers offer, it could prevent many from even looking at the property as they drive buy and get a poor impression of the property's condition.

I actually have first-hand experience with this. A client once did everything I suggested - everything that is except changing the garage door that was falling apart in spots. They even re-painted the interior, moved furniture, cleared out the basement, and put a lot of clutter in storage. But they didn't change the garage door, even though I said that was top priority. So when I held an agents-only open house, the agents coming through commented more than once that the house was in better shape than they expected. 

The property was relatively new and actually pretty nice, but the builders had apparently used poor quality doors that deteriorated faster than one would expect (I heard from neighbours that many had the same issue).  Unfortunately, the eyesore on the exterior set poor expectations.  Showings were slow for that property until they did change the door.

So, before you start looking at renovations for resale and thinking about ROI, have a good look at the property through buyers' eyes and ask yourself if there is anything you should do on the repairs & maintenance end of things first. 

If you'd like a neutral arm's length opinion, I would be happy to have a no-obligation walk through your house with you and give my advice as an experienced professional.