Dmitry Furman's Home Trends

CELL: 289-807-0673 dmitry.furman@icloud.com www.dmitryfurman.realtor Real Estate Agent DMITRY FURMAN

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DMITRY FURMAN

If you’re looking to add warmth, comfort and texture to your living spaces this winter consider velvet. From thick, shimmery curtains to luxurious couches and chairs, this fabric is making a comeback this winter and can be found in stores and homes throughout the country. New synthetic options make velvet more durable, vibrant and cost effective than ever before so feel free to use it in high traffic areas and where kids and pets play. Start small with throw pillows or blankets in your living room or bedroom if you’re unsure if you’ll love the look of this fabric in your home. Once you know if it fits your décor tastes, the options are limitless. Try a velvet couch in a deep, rich jewel tone to bring warmth and life to your home. Velvet curtains in a dining room can add elegance and sophistication. In the bedroom, aside from blankets and pillows, velvet can be incorporated in the form of an upholstered headboard or bench at the foot of the bed. If you’re feeling exceptionally bold, use velvet to create an accent wall in your home. You can pair velvet with velvet (think sofa with throw pillows) or really any other fabric as it is quite versatile. It can also soften a room with hardwood floors and wooden accents. USE VELVET TO ADD WARMTH TO YOUR HOME

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DMITRY FURMAN

HOME UPDATES TO DO BEFORE SELLING Over winter, many homeowners take on home renovation projects to prepare their home to list in the coming months. Kitchens and bathrooms tend to have the largest return on investment for those that are focused on resale benefits. Painting is also a very common project for those looking to sell soon. A neutral colour throughout the home will help buyers envision themselves in your space. When faced with a plethora of colour in each room, many buyers just see a tally of all the work they’ll have to do when moving in. Essentially, you want a potential buyer to walk into your home and see it has been well maintained, everything is in working order and is visually appealing. The less they see that they have to "fix" when they move in, the better. If there are issues with appliances, the foundation or roof for instance, those types of renovations need to be addressed first. But if everything is okay overall, then look to smaller improvements that are manageable and can help increase the value of the home. New light fixtures, new cabinets and new countertops are three areas that can be addressed in the kitchen. In the bathroom, new taps and faucets, an updated vanity and new lighting are three items that can make quite the impact. As always, consult with your real estate agent on what other homes in your area are offering and what buyers are looking for.

CELL: 289-807-0673

DMITRY FURMAN

PAYING DOWN YOUR MORTGAGE FASTER When you own a home, making a regular mortgage payment is something you’re going to be doing for a long time. Thankfully, there are a few things you can do to help cut down the length of time it takes to pay off your mortgage and in turn how much you pay in interest. Any additional payments you make towards your mortgage, whether they are lump sum payments or additions to your monthly payment, go straight to your principal amount. That means you not only pay less in interest, but also cut down on the total length of time you’re making payments. Most lenders set guidelines as to how much of a lump sum payment you can make – typically it’s a percentage of the amount remaining, so check with your lender if you come into some unexpected cash and want to put it towards your mortgage. Another smaller way to pay off your mortgage faster is to accelerate your payments or round up the amount. For example, if your mortgage payment is $984 a month, adding an extra $16 to make the payment an even $1,000 would go directly towards the principal amount. Making accelerated payments (essentially a 13th monthly payment each year) also helps in the long run. Talk to your lender to see what options are available to you as you should be able to change your payment frequency or add a lump sum (within the guidelines set out in your mortgage) at any time throughout the year.

CELL: 289-807-0673

DMITRY FURMAN

CONSIDER HEATED FLOORS Stepping onto a cold floor in your bedroom, kitchen or bathroom can be an unwelcome feeling in the cold winter months so many homeowners look into installing heated flooring. There are two ways to do this. The first is with a hydronic system that uses hot water tubes to create heat. The second option is an electric system that uses electric wires to heat the floor. Initially, the electric system will be cheaper to install but will likely cost more in the long run whereas the hydronic will cost more up front but be more cost effective over time. The long-term cost is highly variant based on your water and power costs. A rough estimate can be calculated by estimating a heated floor to use 12 watts of power per hour, per square foot. The in-floor heating elements can be installed under a variety of flooring finishes including wood, laminate and even carpet. Check with both the flooring and heating system manufactures to find the best match for your needs. Over the span of a few days, you can install the heated flooring yourself, but calling the professionals is always recommended if you're not a handy person. It does require a bit more skill to remove current flooring, install the heating elements and replace the flooring. Aside from always having toasty warm feet, another benefit you may find from heated floors is that they uniformly heat the room they are in which allows your furnace a break and provides an energy efficient option to heating your home. CELL: 289-807-0673

DMITRY FURMAN TORONTO NOVEMBER MARKET STATS

AVERAGE SALE PRICES

$890,822 townhouse

$1,617,918 detached

$720,280 apartment

44.9% SALES TO NEW LISTING RATIO

4,184 NEW LISTINGS

6,998 ACTIVE LISTINGS

SOLD LISTINGS 1,607

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GTA REALTORS® December 2023 – High borrowing costs and uncertain economic conditions continued to weigh on Greater Toronto Area (GTA) home sales in November 2023. Sales were down on a year-over-year basis, while listings were up from last year’s trough in supply. With more choice in the market, selling prices remained basically flat year-over-year. “Inflation and elevated borrowing costs have taken their toll on affordability. This has been no more apparent than in the interest rate-sensitive housing market. However, it does appear relief is on the horizon. Bond yields, which underpin fixed rate mortgages have been trending lower and an increasing number of forecasters are anticipating Bank of Canada rate cuts in the first half of 2024. Lower rates will help alleviate affordability issues for existing homeowners and those looking to enter the market,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron. GTA REALTORS® reported 4,236 sales through TRREB’s MLS® System in November 2023 – a six per cent decline compared to November 2022. “Home prices have adjusted from their peak in response to higher borrowing costs. This has provided some relief for buyers, from an affordability perspective. As mortgage rates trend lower next year and the population continues to grow at a record pace, expect demand to increase relative to supply. This will eventually lead to renewed growth in home prices,” said TRREB Chief Market Analyst Jason Mercer. Source: Toronto Regional Real Estate Board | Market values stated are of the average of Toronto and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

CELL: 289-807-0673

DMITRY FURMAN

VAUGHAN NOVEMBER MARKET STATS

AVERAGE SALE PRICES

$1,807,433 detached

$897,333 townhouse

$659,219 apartment

540 NEW LISTINGS

865 ACTIVE LISTINGS

SOLD LISTINGS 205

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