The GTA real estate market is flying high these days, posting the second-best March results on record.

According to the Toronto Real Estate Board, there were 9,262 home sales in March 2011, a decline of 11% year to year.

However, results were still strong enough to capture second spot, following the record set in March 2010. Prices increased 5% in March 2011 compared to March 2010, as the average price reached $456,147.

Interestingly, condominium apartments showed one of the strongest average annual price gains, at 7%.

The media has been full of stories on the GTA’s condo market: “GTA Condo Market on the Move”; “New Condo Sales Set Record in February for GTA”; and of course the inevitable “Has the GTA Condo Market Peaked?”

In March, sales of condo apartments in the GTA totaled 2,271 units. These results actually beat February’s record total, when sales of new condominium suites topped the 2,000 mark for the first time, reaching 2,202. And so it goes.

Apparently, the number of condo units now being developed and constructed in the GTA represents the highest such number for any North American city.

Pundits have been predicting the death of the condo market for some time, but to date the announcement of its demise has been greatly exaggerated.

Obtaining the services of a professional real estate agent is the first step in selling your home. In today’s tough economic times, though, every little bit helps. Following are five ways to reduce the risk of last-minute mishaps and get the deal done:

1. Make It Easy to Move: Small things can add up, especially when making a major move. Differentiate your property by offering to pay for secure storage, rental trucks or even a hotel room. Nearly everyone dreads having to move, so making it as easy as possible is a sure way to please even the most difficult buyer.

2. Pay for a Mini-Makeover: If the property is in need of a few repairs or upgrades, seal the deal by including funds, labour or supplies for a mini-makeover. It doesn’t have to cost a lot. For example, include a few gift cards and a couple of days of labour, help paint a room or put in new landscaping.

3. Offer Monetary Motivation: Provide an additional incentive to both the buyer and agent by offering a cash bonus for closing by a given date. You might be surprised how well this works, especially when trying to sell a home during the off season or other difficult time.

4. Entice Them With Incentives: Help prospective buyers control costs by including innovative incentives like a home warranty package or energy-efficient upgrades. A home warranty is a great way to provide additional protection against unanticipated expenses, especially when working with first-time homebuyers or others on a limited budget. Other attractive options include energy-efficient upgrades like new LED lighting, on-demand water heaters or new appliances.

5. Rent or Lease Options: Sometimes the property is perfect, but the timing isn’t. Instead of letting the entire deal turn sour, sweeten things up with the use of a well-executed lease. Allow the buyers to move in early if they need the home sooner than anticipated, or lease the property back from them if they need to delay a few months after closing. It’s a great way to create a win-win situation for everyone.

Deciding whether to buy a new home or renovate your existing one is no easy task.

There are pros and cons to both options.

However, it boils down to one simple question: What do you want out of it?

If space is the problem and you love your neighbourhood, an addition might well be the answer.

A floor plan that no longer works for your family, or outdated kitchens and bathrooms, may point to a renovation.

On the other hand, if you are looking for a better neighbourhood, want to be closer to family, and are looking for more amenities, then buying could fit the bill.

For the most part, empty-nesters looking to downsize to a senior-friendly home with like-minded neighbours are buyers, not renovators.

The issue of timing is of utmost importance in making your decision.

An addition, rebuild or major renovation will almost always take more time and be more disruptive than a move.

You can move from the nightmare on 42nd Street to your dream house in less than two months, while a major renovation could take up to a year.

Moving is also generally less costly.

The decision is a wrenching one.

Don’t expect an easy answer.

Just make sure you’re getting what you want and your decision will have been the right one.

For years, economists have used the study of behavioural finance to explain the role emotions play in investment decisions. Their observations have turned up some interesting results.

First, they’ve found that while investors know very well that the stock market has its ups and downs, some will still base investment decisions on the assumption that what’s happening now will continue in the future. For example, the home buyer driven by a hot market will engage in bidding wars, assuming that the market will continue to heat up. The buyer believes he or she has to buy now or lose out.

Second, they’ve found that other investors follow the “anchoring” concept, in which they hold off selling an asset in hopes that it will increase in value despite evidence to the contrary.

In this scenario, home buyers stubbornly anchor themselves to an offering price even though the seller and buyer are only a few hundred dollars apart.

Third, they’ve found that some investors buy too much house for their budget or they forget about the crumbling foundation, because they love the seller’s décor.

Fourth, they’ve found that other investors fail to see beyond the clutter as to possibilities of a home.

To prevent such problems, the emotional home buyer needs the perspective of a real estate agent.

Such a professional can separate the emotion from the investment so your dream house won’t become a nightmare.