Empty nesters face several challenges when their children leave home. This month, we discuss some points to consider if you too are thinking about flying the coop.
We also offer some tips on how to set up a fully functional home office as well as a delicious grilled pineapple recipe that'll have your guests begging for seconds!
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Greater Toronto REALTORS reported 7,922 transactions through the TorontoMLS® system in July 2011, representing a 23% increase over July 2010.
Total sales through the first seven months of this year amounted to 55,863 – down by 1.3% compared to the same period in 2010. After adjusting for seasonal fluctuations, the July figure continued to point to an annual sales result close to 90,000 – in line with results from the previous six months.
"Strong home sales continued in July, with a substantial rebound over last summer's slow-down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST. The greatest rebound was seen in the condominium apartment segment in the City of Toronto," said Toronto Real Estate Board President Richard Silver. "If the current pace of sales holds up, we could see the second best year on record under the current TREB market area."
The average selling price in July was $459,122 – up by almost 10% compared to the July 2010 average of $418,675.
"Tight market conditions have boosted the annual rate of price growth this year. However, the listings situation is starting to improve. A better supplied market later this year and into 2012 would lead to a more sustainable rate of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Neighborhood Market Trends
We are still seeing a very solid market in Toronto, and sales are continuing to run well ahead of last year. Inventory levels are very low and this is resulting in many multiple offers and selling prices well above the list price. In some neighborhoods the change in average price is heavily influenced by a shift in the type of homes sold. For example, Leaside saw very few million dollar plus sales in July and this exaggerates the price change from last year. The year to date change is +14%. Please have a look below for price trends in your neighborhood.
See Summary of Price and Sales Trends Below:
Monthly Housing Price Trends by Type of Dwelling and Area – Total GTA
Founder and former CEO of ForSalebyOwner.com, Colby Sambrotto listed his 2,000 square foot New York condominium on his own through online classified ads and FSBO sites, but after six months, he opted to hire New York broker Jesse Buckler who immediately a...dvised a price change as the listing was not attracting the right buyer.
After giving up on the DIY route, Sambrotto’s decision to hire a broker led to attracting multiple offers, closing for $150,000 over the original asking price. The Wall Street Journal reports the listing sold for $2.15 million including a 6% commission.
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Tips for Empty Nesters -- After the Kids Fly the Coop
When your children finally leave home, you'll be presented with a variety of unexpected challenges. It's easy though to spin this major life change into a positive growth experience.
Many empty nesters opt to sell their homes and buy smaller properties in order to free up capital and reduce maintenance costs. There are however some important points to keep in mind. Here are a few tips for homeowners wishing to downsize:
condos are great for travelers as there's very little maintenance
consider living downtown if you'd like to be "part of the action"
plan ahead for the years when stairs will become a challenge
be sure your new abode has room for future grandchildren!
If you're not quite ready to sell up and move on, consider transforming an old bedroom into your very own personal retreat. Select the room with the best outdoor view, remove the bed, paint the room a relaxing shade and bring in a few comfortable chairs. Now you’ll have a spot to call your own where you can do whatever you please!
Empty nesters tend to travel often so you'll want to consider updating your security features. Make sure the locks on all your doors and windows are working and that the outside doors are hinged from the inside. Finally, ask a friend or the person next door to park in your driveway and collect the mail while you’re away.
It's a big adjustment when the kids leave home so take your time and don't make any rash decisions. You may find it difficult at first but it’s a great opportunity to pursue new hobbies! Just make sure you turn your new found freedom into a positive experience by viewing it as an opportunity to focus on yourself.
How to Create a Functional Home Office
Many people are breaking the chains of the corporate world in order to pursue careers that allow them to work from home. Here are some tips on how to get the most out of your home office:
Well Used - Purchase used office furniture to keep costs low but make sure you get a good quality ergonomic chair.
Plan Ahead - Make room for filing cabinets, a printer station, shelves, etc. Remember to allow ample wiring for electronic equipment.
Lighten Up - Position lighting so there's a nice even flow. If possible, choose a room with lots of natural light. A few plants will help add to the atmosphere.
Sound Off - Hard surfaces tend to amplify sounds. Carpets, rugs and fabric window treatments will help absorb excessive noise.
Keep Out - Choose a space in your home where you have complete privacy and make sure you don't use it as a dumping ground for non-business related items.
A well laid out office is key to working effectively from home but without a specific game plan, a lot of time and money can be wasted. Planning ahead means you’ll be able to spend your time taking care of business!
