Touring a house at home

Virtual Home Tours

Hello all. I write a monthly article for the Auroran and I thought I would share this months article about virtual home tours in advance. If you’d like to read last months article click here

Dear Big Tuna-

Hi Julien, I have a two-part question for you.  My wife and I are hoping to purchase a home here in Aurora, is this the right time or should we wait longer since we have noticed a big price correction.  Second question: We both are incredibly busy, is it common that realtors will show us a house during a live broadcast like Skype or FaceTime?  Thank you in advance, Chevy Man.

Chevy man you asked some GREAT questions.  This is absolutely the time to buy!

When I am chatting with my clients I need to remind them that the big price correction we experienced in our market happened almost two years ago.  As we all know, prices really shot up in 2016/17 and then the market began to cool. This was tough on home sales; however, the dust has settled and sellers have accepted the normalization of our market. A strong example of this cooling trend is apparent in homes priced at over a 1 million dollars in 2017 and are now listing at under $900, 000.  As a result, there is currently great value in Aurora, Newmarket and King City.

So from these numbers, we can see prices will likely rise.

Saying that Toronto Real Estate Board TREB, released their 2019 market predictions and statistics. If the report is correct, average home sale prices in the GTA could be close to the peak in 2017.  The average home sale price in the GTA in 2017 was $822,587 and TREB’s forecast for the average home sale price in 2019 is $820,000.  Compared to last years average price of $787,195, that is a 4% price increase. This is a positive adjustment compared to 2018 and only 0.32% less than 2017 peak.

So from these numbers, we can speculate that listing prices will likely rise, therefore I recommend that now is the time to buy before we see this increase.

Looking at a house online

Live virtual walkthroughs can beneficial for everyone!

To answer your second question is tricky.  I myself love doing live virtual tours.  It is a great way for new parents, shift workers and out of town buyers to see a home. Some Realtors prefer not to use technology as they prefer a more traditional approach, virtual tours can lack that interpersonal relationship some realtors have made their businesses on.  Additionally, some buyers are hesitant to view a home virtually and subsequently make an offer because a big portion of buying a home is the ‘feel’.  When I do this for my clients I have to work really hard to find the right words on how to describe a room, the light, the depth of the views and smells etc. 

However, showing a home via FaceTime or Skype can be beneficial especially for my busy clients because it may be hard for them to make the time to see the house. With these clients, if the virtual tour is a hit we draft an offer and do a second walkthrough in person to confirm their thoughts and then I act.  This does speed up the process and be more efficient for both parties.

Chevy man.  This is the best time to buy whether you see the home virtually or physically.  However, if you and your wife wait too long you could run out of gas and your time to buy could leave you in the dust.  I am ready whenever you are!