REALTORS® are the “real” experts on all facets of buying and selling a home. A clear indication of just how REALTORS® are translating their skills into tangible results occurred in the third quarter. The Canadian Real Estate Association reported a record-breaking third quarter with 135,182 MLS® units sold, which was up 18 per cent from the third quarter last year. September 2009 was also the best September on record with 42,497 MLS® sales.
WinnipegREALTORS® enjoyed one of its best third quarters on record, and had its best September ever in both sales and dollar volume. The success of this year’s third quarter ensures a third consecutive year of over $2 billion in MLS® sales activity.
It is interesting to note the recovery of the national MLS® market this year. At the peak of the recession, there was an inventory build-up of 12.8 months in January 2009, which dropped to 4.9 months in September this year. Winnipeg’s listings supply had decreased as well, but not to the same extent, as the local market has always been more stable than other regions of the nation.
However, Winnipeg’s current inventory remains tight with a little over two months of home listings available. Of course, like any other market region, listing supply varies according to the MLS® area, price range and property type — you need to be talking to your REALTOR® about your own particular situation.
Looking ahead, the Bank of Canada maintained its overnight lending rate target this week at 0.25 per cent and the bank rate at 0.5 per cent. Since inflation is subdued as a result of continuing economic challenges in Canada, the central bank does not see a need to change the historically low rate until at least the first two quarters of 2010.
Despite concerns with a higher Canadian dollar hurting Canada’s exports, the Bank of Canada is projecting the Canadian economy will grow by three per cent in 2010 and 3.3 per cent in 2011, after contracting by 2.4 per cent this year.
A REALTOR® recently said he used another REALTOR® to sell his home. Why? He was too emotionally attached to his family home and could not be objective enough to make the right decision.
By the way, Manitoba law requires whether buying or selling a home, a REALTOR® must disclose on the offer to purchase that they are a REALTOR®.
Whether selling your home or looking to buy one, the over 1,400 REALTORS® in Winnipeg and surrounding rural municipalities work together to help you! This REALTOR® network (96,000 across the country) shares information and resources that places you in the best position possible to secure the biggest financial investment of your lifetime.
Who is a REALTOR®?
Not all licenced or registered brokers and salespeople are REALTORS®. Only real estate licensees who are members of the Canadian Real Estate Association (CREA) are REALTORS®. These REALTORS® are committed to a high standard of professional conduct, ongoing education, and to a strict code of ethics and standards of business practice. Using the service of a professional REALTOR® helps in disclosing maximum property information and facts therefore reducing your risk.
Teaming up with a REALTOR® provides you with invaluable access to professional real estate expertise and knowledge. You benefit because:
• Your REALTOR® can help determine your buying power and refer you to lenders best qualified to maximize your loan and minimize your cost.
• Your REALTOR® has full access to all the features of the Multiple Listing Service®, Canada’s most powerful real estate marketing network.
• Your REALTOR® provides local community information on utilities, zoning, schools, etc. REALTORS® assist you in making the best choice when selecting an environment where you and your family can grow.
• Your REALTOR® has a finger on the pulse of the housing market and is knowledgeable about developments and trends in real estate.
• Your REALTOR® has the facts
on comparable pricing, neighborhood trends and housing market conditions, data you can use to set your best course of action and maximize your home’s
resale value when you are ready to sell.
• Your REALTOR® can negotiate the best deal. There are myriad negotiating factors, including price, financing, terms, date of possession and often the inclusion or exclusion of repairs, furnishings or equipment. By negotiation alone, your REALTOR® often saves you more than the cost of their service.
• Your REALTOR® assists you in providing due diligence to evaluate the property. This may include inspections for mold, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in determining what conditions to recommend and assist in finding qualified professionals to investigate and provide reports to you.
• Your REALTOR® can guide you through the sales process making sure everything flows smoothly from initial offer to closing.
• Your REALTOR® markets your property to other real estate agents and the public. Often REALTORS® will provide guidance on staging or repairs that enhance the salability of your property. Your REALTOR® will harness the power of the MLS® to expose your property to a large network of qualified buyers as well as co-ordinate marketing through the most effective array of other advertising media. Only Winnipeg REALTORS® have access to the marketing exposure of the Winnipeg Real Estate News.
• All REALTORS® are graduates of a real estate education program and are committed to pursuing ongoing professional development courses.
• REALTORS® must adhere to a strict Code of Ethics and Standards of Business Practice; your guarantee of professional conduct and service excellence.
• All REALTORS® carry errors and omissions insurance.
• The Real Estate Insurance Alliance Fund is available to you in the rare event of fraud or breach of trust by a REALTOR®. It is your protection against financial loss. This fund is financially supported by our members.
• A licenced brokerage supervises the business conduct of all REALTORS® to ensure their compliance with Manitoba law.
Why the registered “®” after the word REALTOR®?
Only REALTORS®, who are members of the Canadian Real Estate Association and a local real estate board, or association, can call themselves REALTORS®.