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Spring is almost always a busy time in real estate but the last couple years have seen some deep declines. Tune in as Terrie Dunand from Re/Max Crown Real Estate talks about the markets, things to consider if you are buying or selling and shares just a little of what she knows from her many, many years in the industry!
Barb McGrath 0:00
Welcome tonight views The Secret Life of entrepreneurs on 91.3 FM CJ tr Regina community radio. We’re live with local business owners who are making a difference in why qR Stay tuned to learn their secrets about what makes them tick. What helped them become successful and their role as a leader in our business community. You’re listening to your host Barb McGrath, marketing expert and get found on Google and founder of the cat found on Google program. Apparently I don’t know who I am today. Our guest today is Terrie Dunand. And she’s from the REMAX crown realty brokerage. Make sure I get all that right. But Terrie’s gonna give us some real insight into what’s happening in the Medina real estate market. Of course, we’ve all seen over the last few years, it’s gone up, it’s gone down. And let’s see if we can find out why today. So welcome, Terrie. Thank you. Glad to have you here. Especially on another chilly March day, what the heck is going on. It’s not supposed to be chilly in March anymore.
Terrie Dunand 1:04
So hopefully everybody staying warm out there. As Barb said, it’s Terrie renowned at REMAX crown real estate. And thanks for having me, we’re so glad you could join them. Maybe a little bit about myself, before we get going. I been 15 plus years in the industry. And I come from the property and casualty industry, insurance, whether it be life and disability or whether it be houses and buildings. And I was one of the people that were impacted by 911. So I needed to make a career change. And I was always looking for something where if I worked really hard, I could be compensated for the hard work I did. And I always loved working with people. So I thought that real estate could be the solution. So I come to the industry at a pretty good time prices were still average home prices were still well under $100,000 very different than what they are today. And so then I got going and I made a couple sales and I got some training, I took my licensing I showed up at our board office. And I took the final training, and there was 10 people in the room. And the woman that was doing the class told me that in five years from now, there would only be one person left in the industry. So Oh, wow. And I knew that the person that I was sitting across the table from was one of the broker owners sons. So I thought, wow, I’m going to have a long journey. And it’s going to be hard work. And I made up my mind that I wasn’t going to fail in this industry, and that I was going to develop a business in the city of Regina selling real estate. So that was the beginning of the journey.
Barb McGrath 2:43
So that’s very interesting. So you sat at this table, the brokerage owner son is sitting there. And Terrie, just a little bit that I have had a chance to get to know you, knowing that you made a decision that you were going to be successful doesn’t surprise me at all. And the fact that you have been able to achieve as much as you have in the industry. I think that’s phenomenal. If I saw correctly, in my research for today, you’ve been one of the top performers in your brokerage for a number of years, correct?
Terrie Dunand 3:09
That is correct.
Barb McGrath 3:11
Yeah. Good for you.
Terrie Dunand 3:12
So the philosophy that I developed early on is if you work hard, and you work, you always keep the best interest of your clients in mind. They are going to report you by repeat and referral business. And so on my journey along the way, on the learning curve. You know, that’s how I develop my business. So and it’s worked obviously, really well for me. in those early years, it wasn’t easy, because we never know what’s going to come in the industry. And so the fall of the first year that I was in the business, we had a huge market correction. And it was the door slammed shut in real estate, and no one was doing any business. Okay, so which brings us to where we are today, right? We’re in a really difficult market again. So it’s really as real estate agents or myself personally, what I’ve come to understand is, I don’t know everything about the industry, I always have to be learning, I need to be preparing my clients for what could change, as we never really know when that will, when that will change. And so sometimes we might be partway through a year, we can have a really awesome market and somebody says, Well, I just really want to wait another month because we’re going on vacation or you know, my yard looks nicer. And my suggestion always is, if it’s good right now, and you’re ready to go, because we don’t have any control of where things are going to go in the future. And so all of a sudden, you know, back to what I said, we have all of this inventory, and we don’t have a lot of sales, although right now, let’s keep our fingers crossed, hey, our inventory is not growing so much right now and we do have more transactions, but not necessarily higher prices. Okay. So that middle of the road, that middle of the road, absolutely. That is you know, that is sell thing that is selling, but it’s not selling for more money, the prices aren’t on the way up, okay, there are some things are they holding steady, they are holding steady from what I can see. And especially in that mid price point, you know, the, you know, the entry level to the two to 400 is still moving quite well. Okay, in established areas of the city.
Barb McGrath 5:20
Okay, so mine established is,
Terrie Dunand 5:22
So I go from the Leuven to, you know, maybe north and south boundaries, not so much. But you know, and then over to the ring road, you know, so I call it in the Old City shirt.
Barb McGrath 5:35
Terrie Dunand 5:36
Yeah, you know, some of our newer neighborhoods, of course, you know, harbor landing, you know, greens on garden, or some of those areas, you know, another new area, the towns, they have, you know, we’ve had a lot of construction going on there, we have a lot of inventory, and they’re still building so okay, you know, which is really packed at our pricing.
Barb McGrath 5:56
Terrie Dunand 5:58
Um, can you give us an idea of what kind of volume would we typically see in a month? Like, how many houses typically sell in a month? Do you have any idea? I do? Believe and, you know, so January, our numbers within the city limits were 147 units. On February, we had an increase, you know, we were under the 200. So, you know, then once we go to the spring market, that increases, because that’s when people seem to move more inventory. Yes. But with that being said, lots of times our market starts in, perhaps maybe mid February to the beginning of March. And believe it or not, my listings are getting lots of showings right now.
Barb McGrath 6:41
Oh, they are? Yeah, he’s minus.
Terrie Dunand 6:42
Right. Yeah, the the sellers are shoveling the walks and people are out looking for houses and our inventories, you can see that the movements really actually happening right now.
Barb McGrath 6:52
Okay, so it has started. Do you think once this cold weather finally breaks? Will it speed up even more? Is that your gut instinct?
Terrie Dunand 7:02
It may okay.
Barb McGrath 7:05
But yeah, there’s a little bit of uncertainty there, there is uncertainty
Terrie Dunand 7:07
Because you know, to move our real estate market forward, we need some things, you know, we need optimism in the province, you know, our oil and gas industry, you know, our government, and all those kinds of things need to be moving forward. And the consumer needs to have that kind of certainty. Yeah. Now, I think our stress test has kind of settled out the federal government put that in place for those who don’t know. So whatever the mortgage rates are, you need to add another two points on to that to qualify for a mortgage. So it makes buying homes a little bit more difficult. The federal government is coming back to revisit that again.
Barb McGrath 7:42
Explain that a little bit, Terrie, because I actually don’t understand what that means two points on
Terrie Dunand 7:47
So um, if the mortgage rates a five year fixed mortgage rate is at, let’s say, 3.69. Right now, okay, you qualify for the mortgage, you need to add 2% on so you would need to qualify as if you were buying with a 5.69% mortgage. Ah, and so when it’s time to, right, exactly. So you know, which is really good idea. The federal government is just protecting the consumers, people don’t really care for it. But as our industry, it’s had a bit of a correction for us. And it slowed our because it took a whole piece of, you know, consumer out of our markets, and so they can’t afford to buy or they can afford to buy less than which of course, back to pricing. That puts downward pressure on our pricing.
Barb McGrath 8:26
Yeah, absolutely. Okay, that makes much more sense to me. I didn’t realize what that meant. And then you know, this is off the wall. So if you can answer this question, that’s fine. But there was a, some sort of a grant for first time buyers as well, this past winter, was there not?
Terrie Dunand 8:43
Not, to my knowledge, your knowledge, okay.
Barb McGrath 8:44
Yeah, it was something that I sort of caught in fleeting, one day, and then now there
Terrie Dunand 8:49
Is some, there is some product out there, but it’s very specific. And it’s very hard to qualify there. There could be something and actually the city Regina did a couple years ago have some some incentive. So there could be something out there could be something out there but stand out in the marketplace. Absolutely.
Barb McGrath 9:07
Okay. So one of the questions that I ask almost everyone that comes on the show with me, Terrie is, you know, tell me about an average day or an average week like how do you plan out your time? How do you make sure you have time for your clients, for the administration and for everything that you need to do to continue to be successful in your role?
Terrie Dunand 9:25
So what does my average day look like? Morning? I do all my follow ups. Okay, follow up. You know, I a big part of how I do my business is making sure that my clients hear from me on a regular basis. So whether they be in my database, or whether they be it’s a listing that I have or buyers that I have, or they hear from me on a regular basis, okay, either email, phone call text, however it is a communicate with them. try and do that in the morning. And then of course, I connect with I do have a full time client care manager. So I connect with her and make sure that she’s doing what she needs to be doing on the connecting side, right guys and crossing the T’s. And then, you know, because we work in an industry, that’s a lot of evenings and weekends, then I try and block out my evenings and my weekends to actually spend, you know, face to face time with my clients, you know, either out showing or meeting appointments to do a listing or, or those kinds of things, everything else is done during the day.
Barb McGrath 10:27
Okay. And so like, Do you find that you’re working from morning till night? Especially when it’s busy? I mean, I actually never thought of that until you just said, Your evenings and weekends are primarily clients. So are you in the office at nine in the morning? Or when do you traditionally start your day?
Terrie Dunand 10:44
I get up and I start my day, I do what? Okay, I do what all the people that train and coach tell you to do, right, I get up in the morning, of course, I have a cup of cups of coffee first, okay. And then, you know, I try and go to the gym first thing in the morning, I get that out of the way. Otherwise, it doesn’t happen. You know, so if you get let’s exercise, you know, the mind is, you know, follows the body. Right, you know, right. And so then, you know, I get home, go home, get showered up, and, and I get going. So I mean, it’s not that I work every day I don’t I block out my personal time at times when my clients don’t need me. Right, right. So when I make that commitment to a client, though, I have to know that I have to be available for them.
Barb McGrath 11:29
Right. And when something comes up, or there’s something on the market that is going to turn over quickly, you might have your client in there. Yeah, exactly.
Terrie Dunand 11:37
So and I know, there are several agents out there, or there are people that talk in the industry. And, you know, it must have been so nice, you know, when the market was really busy, and you know, that, you know, competing offers. And as an agent, I wasn’t able to really educate my people in the way that they needed to be because they didn’t really have time to think about it. And I know that multiple times, I was in the middle of a dinner somewhere, and I just had to get get up and leave, get up and leave. Yeah, man. I mean, I’d actually prepared a whole dinner, I had a group of eight people in my home. And I had it already. And I just said, Help yourselves. The back doors open. Everything’s ready to go. The food’s there. They serve themselves, they cleaned up, they put the dishes in the dishwasher. And I showed up at 10 o’clock. Oh, no. So did you at least get to have a glass of wine with them before they did get to have a glass of wine before they left. But you know, we aren’t working in a market like that right now. Which is really, I mean, it’s not only good for me, but it’s good for the consumer too. Because when you’re making decisions in a hurry like that, you know, are you really making the best ones, right? And then people get that sense of urgency, and perhaps they do things that maybe aren’t the very best for them.
Barb McGrath 12:52
And if you’ve made a decision in a peak time period like that, chances are a year from now or even two years from now, if you decide, well, we we bought too high, it’s much more difficult to sell. That is correct. So yeah. People, what’s the average timeframe when people switch houses, buy new houses? Five years?
Terrie Dunand 13:12
Okay, so five years, that’s the magic number. I can pretty well, I can track it, you know, I go through my database to these people, but and they can, you know, you know, either people want something bigger, they’ve got a promotion at work, you know, so they have a little bit more money. Yeah. You know, they may be bought when they were they had a baby on the way now they have, you know, number twos coming? Or maybe number three? Yeah, don’t really get that. But whatever works for everybody else, you know, and two hands.
Barb McGrath 13:40
Yeah, we were not meant for three.
Terrie Dunand 13:41
Yeah, exactly. You know, and then the other thing is, is that a lot of my databases, elderly people, right, so, um, they’re transitioning, you know, they sell their home, they move to a condo, and when the time they moved the condo, then they’re moving to a care home. Yes. Right. So that five year rule really doesn’t apply there. You know, I’ve got some good long term clients, you know, they’ve been original homeowners for two years, right? Then they move to the condo, and they try and stay there as long as they can. And I really actually, I don’t know whether that their family agrees, but I try and encourage them to stay there as long as Oh,
Barb McGrath 14:18
Absolutely. You see so many people who do make that transition to any kind of long term care. And health actually seems to deteriorate more quickly, instead of being able to maintain it. And I don’t know why that is. But maybe there’s a bit of a mental piece there.
Terrie Dunand 14:35
I don’t know. So I I, I’m going to just tell this little story. Okay, please. Yes. So I had met this lady and I don’t know how many years ago it was and I don’t even know how she got me Got my name. Anyway, I went out and saw she had a lovely home in in older Albert, an older Albert Park, and I met with her I gave her a price, you know, and then she called me every year for about five years, right? Okay. Yeah, she never, you know, didn’t sell and then all of a sudden one day she called me and she says there’s a condo and I want Want to buy it? And I said, Oh, are you sure you’re ready to do that? And I said, Have you talked to your family and, and anyway, we went, we had a look at it and, and she wanted to write an offer. And I saw it was kind of like, ooh, you know, I’m not really comfortable doing this, because I wasn’t really Claire, how old she was. But you know, I kind of figured 80 Plus, right, and she’s gonna sell her home and buy this condo. And I said, Well, we should really talk to your kids about this. Right? And, and she was very firm with me, and stern. And she said, I can make my own decisions. I do not need to check with my children. Right. And I said, Well, have you explored the option of, you know, maybe some of the supportive care facilities instead, you know, and I put some names out there of you know, and there’s lots of great facilities out there as she just made it in no uncertain terms that she said to me, you know, what, there is just a bunch of old people that live there, and I’m not living there. Anyway, she went ahead and bought the condo. And I did actually, because of the criteria that I need to take in real estate, I did find out from her that she was 91. And you know, what, I stay in contact, or I talk to with her about every other month or so. And you know, what? She’s still not condo? also. Or she’s been there three, four years? Using 95. Yeah, pushing 95. And, you know, you know, I’m so fortunate to get to know some of those people. Because, yeah, this particular lady, um, you know, she talked about meeting the queen and how she wore the white clothes and all the protocol that went along with it. And, you know, so, I mean, there’s a lot of my clients that they kind of become a part of me.
Barb McGrath 16:35
Exactly. And you know, what, and I think that for so many entrepreneurs, the people you work with, become so much a part of you and your everyday and, you know, you’re texting at all hours of the day, because you build personal relationships, because you, you talk with these people on a regular basis, and you see what happens with their business. And so yeah, I’ve seen the exact same thing on my side, it’s like, Oh, is this work? Or is this personal? And sometimes that’s a little bit tough to find that dividing line.
Terrie Dunand 17:06
Right? And even with her, well into her 90s, she’s still out there, you know, telling people about how you got to use Terrie in real estate. I’ve had several referrals from her.
Barb McGrath 17:19
Now, were they friends the same age or younger?
Terrie Dunand 17:22
Just you know, and I mean, because of the interesting person that she is, she has a wide variety of people in her life. Right. And so you know, and then she can just, you know, oh, anything that happens about real estate, you know, it’s slavery. Yeah. And then, and then when she runs out the card, she calls me, can I pop by? Well, I mean, it’s a dual purpose thing, right? We have a cup of tea in it and a cookie and, and, you know, I dropped off the business cards, but you know, and then we get a chance for a visit, right?
Barb McGrath 17:45
Oh, wow. Oh, that’s interesting. Okay, it looks like I have a little check in that I need to do here partway through our show. So let me see what I can tell you is happening here at the station are looking listen lottery is now on, and it’s a very important fundraiser for the station. So if you decide to participate, you’ll have a chance to win one of four great destinations. And having just come back from a warm holiday. All these warm destinations still sound good. So you can head off to Anaheim, California, Orlando, Florida. Gosh, if my kids are listening, they’re gonna go wow, let’s go to Disneyland.
Terrie Dunand 18:22
Okay, let’s actually, Toronto
Barb McGrath 18:24
Okay, Toronto is not going to be quite that warm, or even Niagara Falls, Ontario. The prize will include flight accommodations and $500 spending cash. The second prize is $1,000 travel voucher. And third prize is a Regina Folk Festival experience package, which includes two weekend passes to the Folk Festival in August, August, winter, the temperature will be in August plus 40. Oh, I hope like you know, we deserve the best summer now after.
Terrie Dunand 18:59
Well, that’s cool. Okay, you just go right ahead and put that order in.
Barb McGrath 19:02
I’ll get right on that. Let’s see what else we have to tell you. If you buy your tickets by March 20. You’re also eligible for an additional early bird prize, a $500 travel voucher to more tickets to the Folk Festival and an early bird draw. Oh, sorry, the early bird draw will incur on March 22. Which, oh, that’s a Friday. It is Friday. Oh, because I thought oh, that’s five days after St. Patrick’s Day. 845. March 22 Ides of March, right? March 22. Tickets are $20 each. And there are only 1200 available. So if you’re interested, please contact the station. You can find us online Of course at cd tr.ca slash donate and tickets will be on sale until just before the draw. My paper doesn’t tell me that. All right. Well, let’s get back to Terrie here today and the regional real estate market and what’s happening So, back in was it 2007? Is that kind of when we hit our PCs
Terrie Dunand 20:04
789 and actually totally peaked in in 1213? Oh, those were the, those were the highest. Those are the peak of the peak.
Barb McGrath 20:12
Okay. And so has it just slowly and steadily come down since but the last 18 months phase were hardest. Yes.
Terrie Dunand 20:20
Yeah. Like it came down. But the last 18 months was the hardest was the hardest.
Barb McGrath 20:25
Now, when it when we talk about coming down, is that property value? Is that number of properties, changing hands, what is coming down actually mean? So all of the above, okay, so our pricing is down, and our transactions are down.
Terrie Dunand 20:41
Okay. So of course, the less transactions there are, if someone does want to sell, depending on when they purchased Sure, they just set the price, so that they can sell so you get another precedent, which creates the market to come down even further.
Barb McGrath 20:56
Okay. All right. So the the turnover that you’re seeing now, so this is 19. Thinking about your five year average, many of these people bought even in 2014 when prices were particularly high is correct. Okay, so if I was selling my home and I bought Well, 2012 I probably paid somewhere in that premium. That is right. What kind of and let’s assume that my house is in that two to 400 range? What kind of decrease? Might I be seen?
Terrie Dunand 21:28
Okay, I’m going to give you exact set of circumstances then it’s going to be on a condominium. Okay. In harbour landing. Excellent. Because I have that number. I just ran the mall yesterday. Okay. So purchase price was 318,000. And your 20 1414? Eight, yep. Apartment style condo. And the list price. Currently 279 nine.
Barb McGrath 21:52
Okay, that’s list price. So that list price.
Terrie Dunand 21:55
And so our list to sale ratio is running in like city average is running 94 to 95%. So that puts you at a sale price of 263 to 268.
Barb McGrath 22:07
Wow, so about $60,000? That is correct.
Terrie Dunand 22:11
So you’re down, you know, you’re gonna get about 83 to 85% 83% of ask prices were actually which you run the numbers, you know, average apartments, condos. $200,000. In 2014 was the average today, year to date? 168. Okay, so you put the numbers into the formula, and it works out to about 83%.
Barb McGrath 22:33
So is that slowing a lot of sellers down making them think, okay, we’ve got to wait a year or two.
Terrie Dunand 22:39
So it depends on what the circumstances are. Um, you know, if you currently have had this really great opportunity to take a transfer for a job. You just set the price and you move. If you think that you want to do your change, you’re in five year you’re in the condo, and you’re expecting Mm hmm. Most people can’t do that. Yeah, I need to stay exactly, because they have to read a check. You know, if you’re maybe a 5%, down buyer, you maybe 10% you pay down for five years, you have to write a check. Plus, you still need to come up with your down payment. So what’s stopping those people from selling? Now, if you lived in Lakeview all your life and you’re in a 10 or 1000 square foot bungalow, and you’re the original owner, and you paid you know, I don’t know. $12,000 it is it doesn’t really matter, right? You know, when you’re at a, you know, place in your life, you know, if you’re like my client that was in her 80s that she was selling? Well, I mean, it doesn’t really matter for her. Yeah, she just sets the price. And so you know, those people are they’re leading the market, and they’re leading the pricing, because it doesn’t matter. They’re just setting and they’re pricing the product so that it’ll sell and the consumer is buying at that price. Okay. But a neighbor that bought in the peak of the market, they can’t sell, they can’t go anywhere. They can’t go anywhere.
Barb McGrath 23:58
Thursday, what does downpayment look like? Nowadays, it’s still 5% to 5%. Okay, still 5%. And so, the 5%. So if I’m buying $100,000 house, I need to have $5,000 set aside, but there is no such thing as a five. That is, that’s where it’s like 10 and 15 and $20,000. You know, and I’ve often made the comment that I’m very glad I got into real estate when I did, because I bought my first home when I was in my 20s long before I met my husband. So I had my first I sold he had his first he sold, and in fact he sold right at the beginning of the boom, right right. So I can imagine what his house would be worth today. But, but we were very fortunate we you know, both got in when we didn’t even need $5,000 because it wasn’t $100,000 house at the time.
Terrie Dunand 24:48
We see a lot more parents helping in that area.
Barb McGrath 24:51
Okay, yeah, go So you mean I don’t have to pay just for school now. I got to pay for a house you Yeah, yeah, no wedding. Yeah, that’s correct. Great. Yes. No, I’m working till
Terrie Dunand 24:58
75 Or I guess the other option would be just make sure that they get the education and then they’re on their own. Mm hmm.
Barb McGrath 25:05
Yeah. And that’s why kids stay home longer. That’s right, right. I left it at you probably did, too. I did. They can’t anymore.
Terrie Dunand 25:13
Yeah. So it just makes it. Everything’s more expensive. Mm hmm. But you know, so sometimes a lot of people get doom and gloom about real estate, but people have to live somewhere, right. You know, they, you know, they have babies, they want to upsize. You know, they want to transfer they want to move those kinds of things. So,
Barb McGrath 25:34
Exactly. Terrie, it looks like we’re pretty much at a time if somebody would like to talk to you, where can they find you? And how can they get a hold of you? cell phone 306-530-9050 you can always get me there. And of course, Google me.
Terrie Dunand 25:51
I know that our method topical.
Barb McGrath 25:54
Excellent. Well, that sounds fantastic. That brings us to the end of our show. So I’d like to thank everyone for tuning in today to Nate views The Secret Life of entrepreneurs. Thank you to Terrie from REMAX crown realty for joining us to talk about what’s happening in the Medina real estate market. And just to share a few insider tips to to help anyone who is thinking about buying or selling as the market is changing. I’ll be back on March 20. With Prabha Mitchell from the women entrepreneurs of Saskatchewan. And she’s going to talk a little bit about the impact women have on the entrepreneurial community in our province, and what you the listener and viewer can do to support entrepreneurial ism for women. So if you’d like to be a guest on the show, you can email me at Barb at Above the Fold dot live, or find us on Facebook and Instagram. Just a reminder that you can submit your questions in advance of the live show on our Facebook page. I’m your host, Barb McGrath, local business owner and Google girl Sheree will be here next Wednesday at 12 o’clock. Remember, you worked hard for your success. Don’t keep it a secret. Bye for now.