Peter Dewsbury, Royal Heritage Realty blog to discuss Real Estate statistics or issues.

Peter Dewsbury

Best in Time, Quality and Price. TQP

Ok. I am trying to figure out the market. We do have a bit of a slow down during this lock down. There are rumors that the lock down might be extended. Now, I was talking to the mortgage side of Real Estate and they are getting a lot of people coming in for Pre-Approval. Does this indicate another rush in sales coming? Maybe after the lock down?
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I have listed a new property at 38 KING Street East in Omemee.
Office/Retail space 4.75m x 4.51m fronting on to main downtown street with large parking lot in front. Attached garage, Hot water and water softener, 2pc washroom, oil heat, and large picture window. Being sold with attached 1Br and 2Br bungalow apartments (Address-25 Mary St for Fire Dept purposes). The apartments have electric baseboard heat, 1 bathroom and 1 garage each. Walking distance to town amenities (grocery, beer, post office). Walking distance to Pigeon River (fishing, trails, swimming). (id:2493)
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I have listed a new property at 25 MARY Street in Omemee.
Apartments being sold with Office/Retail space fronting onto main downtown street (38 King St E) with an attached garage and 2pc washroom. 1 Bedroom and 2 Bedroom apartments with attached garages. The apartments are attached to the rear of the Office space with a separate Mary St. address for Fire Dept. purposes. Electric baseboard heat for the apartments. 1Br is currently tenanted. 2Br and Office are vacant. Walking distance to downtown (groceries, beer, post office). Walking distance to Pigeon River (fishing, trails, swimming). (id:2493)
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We have seen a small increase in the number of listings in 2021, but the number of sales has kept pace. This leaves the Months of Inventory below 1. This number has been below 1 since September of 2020.
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We have the standard requirements of wearing a mask, staying 2 meters apart, and sanitizing our hands. Other safety precautions for showings are:

We must arrive in leave in 2 cars. Clients can not ride in the agents car.

There is not physical contact with our clients.

Only 2 clients and 1 agent are allowed at any showing.

We do not open or close cupboard doors in a house,

We do not sit on the furnature.

I do wipe door handles and light switches before and after use,.If all of lights are on I will leave them on,

After a showing I will sanitize my hands and wipe down the car steering wheel and door handles,

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My last Real Estate stat was about Inventory. We have less then 1 month of inventory each month since September. December has the lowest number of listings (Peterborough) for the year. Sales have dropped off each month since October making the December number lower than April when Covid hit. If you have to sell, the price is good, but if you need to buy you may have trouble finding the correct house.
Where are headed for 2021? Stay tuned.
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I have gotten a question regarding the pricing of a seller's home. Should we list at or higher than the last comparable sold in this market? Example: If a house is correctly listed at market value, say $800,000 and it gets 20 offers and sells for $950,000. First $800,000 may be low. Second, with 20 offers there was only one person willing to go to $950,000. 19 other buyers either could not go that high or were not willing to go that high. So, if you have a comparable house, the majority of buyers are going to be less than $950,000.
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Categories:   Omemee Real Estate
Peter Dewsbury
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