By Lynda Cox
Over the years I have witnessed many couples buying and selling property. Here are some of my observations:
- Couples in a good relationship know how to compromise. He wants new windows and she wants good natural light. They keep looking until they find both. They overlook the insignificant deficiencies of the home because they can see themselves living happily there, with each of them finding enough positives to be happy with their choice. Needless to say, these are my favourite clients.
- You can tell that a relationship is in trouble when the couple walks around the house commenting on this or that but never imagines themselves living there. I showed one engaged couple many condos and townhomes and instinctively knew that something was wrong. They could not make a decision even when the house was perfect in every way. They finally broke up. Each of them eventually found the right partner and the right houses followed; happy endings after all.
- Couples just starting out in second-marriage relationships often want to sell off their individual homes and start their ‘togetherness’ in a new one. One couple I worked with just couldn’t see eye to eye. One wanted waterfront, one wanted urban. We combed the city and countryside. They finally found a lovely home near the water, yet still in an urban setting. The husband just couldn’t make up his mind and they were in a bidding war to boot so had to decide quickly. He eventually told me to flip a coin. Yes, he asked me to flip a coin. She won the toss and they put in their best offer. They got the house and have had many happy years there! The coin toss was a first for me.
- Relationships are very exposed in the home-buying or selling experience, both the good and the bad. You can easily see if the relationship is balanced or not. If not, it quickly becomes evident who holds the most power.
- Selling a home and dealing with an offer is also a very good indication of the individual personalities in the couple and how they work out their differences. One might want to hold out for every dollar while the other is more generous and wants both sides in the negotiation to be happy. This can often be a battleground. I recall one negotiation where the two sellers were in two different provinces for work. They were on speaker-phone dealing with an offer. I opted to leave the room while they yelled and hashed it out. Not my favourite situation.
Final Thought: When you are happy with each other, decisions about housing are not too hard to make. Only start looking to buy or sell when you have worked out your needs and priorities. You need to be on the same page. If you are, you will find the process an exciting one and your realtor will love working with you no matter how long it takes.
Lowertown Update
Residential: 7 properties sold over the last 2 months, all townhomes. They sold very quickly, many in as little as 2 weeks. At present there are 10 active listings.
Sales of interest:
One on Myrand sold over-asking in 13 days. Asking price $489,900
One on Murray sold over-asking in 3 days. Asking price $399,900
One on Bruyere sold in 6 days. Asking price $499,900
Condo: Very active, with 15 sales. This resale market is still playing catch-up in terms of pricing but volume is much improved. There are 33 active listings.
Sales of interest:
One on York, 1 bed, 1 bath, sold forapproximately 19% less than it sold for in 2015. List price $195,000
One on Guigues, 2 bed, 1 bath, sold for approximately 13% less than it sold for in 2012. List price $389,000
Stacked townhome on St. Patrick sold for approximately 2% less than it sold for in 2010. List price $335,000