KITCHENER-WATERLOO REAL ESTATE-HOMES & CONDOS FOR SALE

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2010 Year In Review for Kitchener Waterloo Real Estate


 

2010 MARKS SECOND HIGHEST YEAR FOR SALES IN K

W AND AREA

KITCHENER

 

WATERLOO, ON (January 6, 2010) –The 6,388 homes sold by REALTORS® through theMultiple Listing System (MLS®) of the Kitchener

Waterloo Real Estate Board (KWREB) last year markedthe second highest total annual sales in the association’s history.

Last year’s activity was strongest in the first half of the year, particularly March and April when the sale

of residential properties were setting monthly records. According to George Patton, President of the

KWREB, a number of factors contributed to the early spring surge. “The federal government announced

tighter mortgage rules, buyers were rushing to beat the introduction of the HST, and the central bank

was forecasting higher interest rates.”

Dollar volume of all residential real estate sold last year jumped 9.3 percent to $1.8 billion compared

with 2009, reflecting continued confidence in the local real estate market.

The year finished on a strong note, with 326 home sales last month, a 4.1 percent decrease compared to

December 2009, but still well above the previous 10 year average of 225.

Sales of homes in all price categories above $250,000 were up in 2010 compared to 2009, with the

greatest rise occurring in the number of homes selling above $750,000, which experienced triple

digitincreases.

“The explosion of sales in the highest price ranges was reflected by the 9.3% increase in the average sale

prices of detached homes,” says Patton. The average sale price of detached homes was $329,797 last

year, whereas the average sale price of all residential real estate sold for $289,338, an increase of 8.6

percent.

The 2010 year was marked by continued consumer demand for condominium style homes, with a total

of 1,221 sales, an increase of 8.6 percent relative to year

end results in 2009, and representing nearly 20percent of the overall residential market share in terms of unit sales by type.

Other housing types showed small decreases relative to the previous year: 4,127 detached homes

(down 0.3 percent from 2009), 506 semis (down 1.9 percent from 2009), and 474 townhouses (down 6.1

percent from 2009).

As for the year ahead, the president of the KWREB predicts that the first three months of 2011 will be

relatively flat with a very busy March, April and May with which to look forward. Continued Patton,

“Whatever your real estate plans are in 2011, be sure to consult with your REALTOR® first. A REALTOR®

is your best ally in the purchase or sale of real estate.


How to Sell Your Home in Winter.


Selling your home? Winter is a great time for playing up your home’s cosy, family-friendly charm.

Many people believe it’s harder to sell your home in winter than summer. But there are a number of real advantages to selling during the cooler months, says Kathy Monahan, an agent with Forest Hill Real Estate Inc. in Toronto.

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For one thing, removed from the sometimes frenzied action of the spring market, sellers can take a little more time to consider offers, and with fewer homes on the market, there’s less competition. And don’t worry, says Kathy: the things that lead people to make new home purchases — a new job, a growing family, up- or downsizing — happen all year round, and there are still plenty of buyers out there. In fact, winter is a great time for playing up your home’s cosy, family-friendly charm.

Start with the exterior
As with any time of year, make sure that the house looks well maintained and cared for, with eavestroughs clean and minor repairs taken care of. While you can’t paint in winter, washing paintwork and siding with warm soapy water on a mild day can make a big difference. Make sure the windows are freshly washed as well; winter light has a way of highlighting grime.

Tend to foliage
Make sure that shrubs and tree-branches bent down with snow don’t obstruct walkways or entrances; brush the snow off or prune if necessary. (It won’t hurt them.) Ensure that the walkway is shovelled and ice-free before every showing; not only is this a courtesy and crucial to making the home look well maintained, but if a visitor slips and is hurt, you could be liable for damages.

Adorn the entryway
A wreath on the front door, Christmas lights and a garland hung on the doorframe or front porch present a welcoming entry. Plant urns with festive greenery, the fuller the better: along with cedar or pine boughs, tuck in sprigs of holy, dried berries, magnolia leaves, corkscrew hazel or red osier branches, with silver ball ornaments and perhaps gold wire ribbon woven through the arrangement.

Make a good first impression

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Once a prospective buyer comes inside, remember that you may have only 10 to 15 minutes to make a lasting impression. (A small but crucial point for unoccupied homes: make sure the heat is turned on several hours before the showing. All the window-dressing and staging in the world won’t entice buyers to linger inside a home that’s freezing.)

Light candles
Romance visitors’ sense of smell by lighting fragrant candles or placing bowls of potpourri in main rooms. A time-honoured but still effective trick, especially on a cold winter’s day, is to have a pot of cider simmering on the stove, or cookies or fresh bread baking.

Protect the floors
To protect your floors, put down rubber mats by the door for snowy boots; buy a few pairs of comfy one-size-fits-all slippers from a department or discount store for visitors to wear while they view your home.

Light a fire
If you have a wood-burning fireplace, light a fire and let it glow during the showing. Put big, colourful poinsettias in each main room, including the kitchen; consider more modest winter flower arrangements or amaryllis blooms in other rooms, such as the bath and master bedroom. Decorate banisters and mantels with pine garlands (natural ones impart a delicious, nostalgic fragrance); a decorated and lit Christmas tree or menorah enhances an image of home and family.

After the holidays, seasonal decorations can be taken down, but urn arrangements and even the front door wreath can stay up for the rest of the winter, if it isn’t too Christmasy in design. Make sure you continue to maintain walkways clear of ice and snow, and think warm thoughts!


Kitchener – Waterloo Market Update for October. Kitchener Homes for sale


 

Here is the Report from our local real estate board here in Kitchener/Waterloo on how the market did in October.

Have a look and if you have any questions on your specific neighborhood don’t hesitate to give me  a call.

 

K-W AVERAGE HOME PRICE JUMPS 14.3 PERCENT IN OCTOBER KITCHENER-WATERLOO, ON (November 3, 2010) –The cooler fall weather was echoed by a decrease in residential home sales in October, however, sales for the year are at their second highest level ever.

Year-to-date, there have been 5,570 residential units sold, a 1.9 percent increase over last year.

On a year-over-year basis, sales declined 22.4 percent in October compared to the same period last year. Ted Scharf, President of the Kitchener-Waterloo Real Estate Board reminds consumers: “It’s always a good idea to look at year-over-year comparisons with some measure of caution. Last October the housing market was in the midst of a rebound and we saw a record number of homes being purchased and sold in that month.”

Home sales last month totalled $134,352,425 and included 288 detached homes, 93 condominium units, 35 semis, and 26 townhouses.

The average price of all residential properties sold through the MLS® System of the KWREB last month was $302,596 a 14.3 percent increase over October 2009.

“This seems like an incredible jump in the average price,” says Scharf, “but this time last year 54 percent of the sales were happening under the $250,000 mark. Last month, that figure was just under 40 percent.”

The average price of detached homes sold last month increased 13.5 percent to $346,436 relative to one year ago. Condominiums sold for an average of $207,328 in October, a 14.3 percent increase on a year-over-year basis.

“Though sales slowed somewhat in October, prices continue to do well,” says Scharf. “All those first time buyers who got into the market last year must be feeling good. Now that much of that demand has been satisfied, we should see a return to a more steady and stable real estate market.”


Tanglewood Condo Kitchener – Kitchener Homes and Condos for sale


I just listed the Tanglewood Condo in Kitchener. The Tanglewood features owners with the opportunity of getting in on the ground floor with pre-construction pricing and also with a  unique Down payment boosting option through the Options for Homes Company.

 

Have a look at the video explaining the opportunites that Tanglewood Condo in Kitchener and Options for Homes can offer you.

Are all Professionals created equal? – kitchener homes for sale


The answer is obviously a resounding No! Like any profession there are good people and not so good people.

I had multiple offers on one of my listings today… so I sit down and go over each of the 3 offers with the sellers. The offers were all fairly close but one had a little extra in certain areas and a little less in others. So the Seller decided to go with one of the offers. After asking the usual questions that I ask of every agent that brings an offer to the table on one of my listings (ie. are you buyers pre-qualified, is it conventionalor high ratio mortgage etc) we put a deal together. The buyer signs off on the minor changes that we made and finalizes the deal. The Buying agent sends back the paperwork via fax and I think we are all done for the day pending inspection and mortgage approval.

Well it wasn’t 20 minutes later and the Buyer’s agent is calling me and she say’s ” they can’t get the mortgage, the mortgage broker just called and there is no way to put this deal together”.  WOW!!!  I was floored. I asked all the right questions, and got what I thought were the right answers. Was this agent just not being honest with me? Or did she not really know the answers.

Well understandably the Seller was furious and rightfully so. So after me trying to get my mortgage broker to help out and work her magic there was nothing else to do but sign the mutual release and move on. Hopefully one of the other offers will come together and work out for the sellers.

The moral of the story is even though you ask all the right questions,  it is obvious that some people do a better job at their job than others.

I would have to admit that before I start showing a buyer around town for weeks on end, I would make sure that they can at least get the money to buy the house that they fall in love with.


The Kitchener Waterloo Market has it’s 3rd best September on Record – Kitchener homes for sale.


K-W HOME SALES WAKE FROM SUMMER SLUMBER

 KITCHENER-WATERLOO, ON (Oct 5, 2010) –Home sales to the end of the third quarter of 2010 are ahead of last year by 4.5 percent. There were a total of 5,113 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB) during the first nine months of the year, compared with 4,892 during the same period of 2009.

“This is the first time since 2007 that sales to the end of the third quarter have increased on a year over year basis”, says Ted Scharf, President of the KWREB. “It was also our third best September on record. ”

Sales last month brought the dollar volume to $1,477,077,951, an increase of 14.1 percent compared to one year ago.

The most popular price range year-to-date has been for homes selling between $225,000 and $250,000, with nearly 15 percent of sales happening in that bracket. This is down slightly from 2009, when the percentage was 16 percent.

The number of residential sales increased in every price category above $250,000, with the biggest jump occurring in the most expensive homes. 62 homes sold to the end of September for more than $750,000, compared to only 24 last year at this time, a jump of 158 percent.

Stronger demand for high-end homes has contributed to the 10.2 percent increase in the average sale price of all detached homes sold year-to-date. The average price of a detached home to the end of the third quarter was $329,063, compared to $298,626 to the end of September 2009.

The average price of all residential properties sold year-to-date was $288,887, a 9.1 percent increase relative to 2009 results.

Scharf says the local residential real estate market should remain strong for the balance of the year. The local economy is both diverse and dynamic, and our region is highly regarded as a perfect place to make roots and invest in a home.


Listing Your Home Exclusively versus Mls.- Kitchener Homes for Sale


I have just started the process of selling my home and I tried it Exclusively for a week to see what happens… I have now listed on the mls system. Check out the video to see my thoughts on how the activity was with each of the 2 ways…


Kitchener-Waterloo August Market update – Kitchener Homes for sale.


The question that I get most frequently is How is the Market?

 It is important for buyers and Sellers to know what is happening in today’s market place and in their specific community.

Here is what the Kitchener/Waterloo market did in August:

HOME SALES EASE IN AUGUST, UP ON YEAR-TO-DATE BASIS

 KITCHENER-WATERLOO, ON (Sept 3, 2010) – Home sales eased in August, but remain stable when you consider the exceptionally strong spring market experienced in Kitchener-Waterloo and area.

 There were a total of 475 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB) in August, compared with 586 sales the same month one year ago, a decrease of 18.9 percent.

 “It’s important to remember that 2010 got off to an exceptionally strong start”, says Ted Scharf, President of the KWREB. “In anticipation of the HST, and in response to tougher mortgage rules implemented in the spring, prospective homebuyers came out in droves in February and March. “

 Despite the summer slowdown, on a year-to-date basis, the number of residential transactions is up 5.6 percent to 4,616 units compared to last year, making this the second best year on record to-date.

 Though demand softened somewhat last month, the overall average price of all residential properties sold through the MLS® System of the KWREB increased 9.4 percent in August to $280,493 on an annualized basis.

 Scharf reminds consumers to use caution when looking at averages. The average sale price is based on the total dollar volume of all residential properties sold. In August, there was a 38.5 percent increase in homes selling for more than $400,000, 61 compared to only 44 in August of 2009, which helped to bump up the average residential sale price.

 According to the president of the KWREB, a growing population, a diverse local economy, and the availability of low interest rate mortgages should continue to maintain the affordability of homes.

 “Waterloo region is a great place to live, and invest in real estate,” says Scharf. “And we’ve had many reminders of that lately” he said, noting the federal funding announcements for the region’s rapid transit project, and news earlier in the month from the Real Estate Investment Network naming Waterloo region the best place in Ontario for real estate investment.

 To get more specific information on local pockets of the region ie specific neighborhoods etc feel free to call or email to kevinbaker@kwhometeam.ca


Home Staging and the Upcoming Fall Market – Kitchener home for sale


With the fall market just around the corner, it’s time to see what you can do to get your home sold if you have been on the market for a while.
Please watch the video and hear my thoughts on the upcoming fall market and the value of home staging.

Home Inspections and why do you need one -Kitchener Homes for sale.


So you have just did an offer on a house and you are thinking to yourself… Do I really need to do the home inspection? Could I save the $400.00 and put it towards something else?

Have a look at the video and hear my thoughts….

http://www.youtube.com/watch?v=wS20AtRKL1g


Mulitple Offers and Working with a Team – Kitchener homes for sale


The other night my team was involved in a unique situation where as we had mulitple offers on our listing, but the neat thing was that we also had both buyers. Have a look at the video to see what happened.


Great Question on CMHC rules and needing 5% down – Kitchener homes for sale.


I had a great question from one of my friends yesterday. She emailed me and said a friend of her’s told her that CMHC had changed the rules and now you needed 10% down to buy a house. I emailed her back and gave her the real information. Watch the video to see what I said…


Fun Fact on how to keep hornets and bee’s away from your deck. – Kitchener Homes for sale


Here’s another fun fact on how to keep bee’s and hornets away from your deck and backyard area. Not sure if it works but give it a try and let me know your results.


Seeing Through Home Sellers Camouflage – Kitchener Homes for Sale


If your one of the many Canadians just entering the home buyer’s market. it’s easy to overlook some of the details when looking at for your new place to call home.

In some cases, people are anxious to sell their home and may make a few cosmetic “fixes” to hide some areas where the house may need a little extra care or repairs. Here are some things to watch for:

1. Fresh coat of paint in the basement – You need to ask yourself why is that concrete floor painted? Sometimes basements will leak and they get a mineral stain on them around the concrete. Before selling homeowner’s may want to cover those things up with a coat of paint.  If you think there may be a problem go back for a second visit after a really good rain storm and check again for moisture.

2. Recently pumped septic tank – If it is a rural  property, then look at the septic system. If it has been recently pumped prior to an inspection or listing the property it could give the appearance of a well working system. A problem septic system could cost well over $20,000 to replace so you need to be sure.

3. Unusual smells. – Does the house smell like mould?  Mould is easy to hide visually by a new coat of paint but not so easy to get rid of the smell that it leaves behind.  Take a good “wiff” and see what you smell.

4.Look for things that are out of place – if there is stuff piled up in a  corner of the basement or storage areas, use caution. Take the time to move the items if you can and see what is behind them. The seller may be hiding something that they don’t want you to find out about. Cracks in the foundation or a problem with the flooring for example.

5. Protect yourself – Finally, use your gut instincts. Follow that little voice that is inside each of us, telling us that there is something just not right here. Ask questions and get the answers you are looking for. If you don’t ask them again until you do. Use a written offer with conditions so as to protect yourself. Use a  home inspector and your Realtor to find out about the items in question.  Do your due diligence. It could easily save you thousands in the long run.


Fun Fact on how to avoid bird droppings on your deck or Pool – Kitchener homes for sale.


I heard an interesting “Fun Fact” the other day while swimming with my family at a friends pool. Watch the video and try it out and see if it really works.


Kitchener Homes for Sale -Do Print ads really work?


As a Realtor, I often get the question… “where do you advertise?” Now I believe we do a great job of promoting our listings online and offline and the focus over the past years is generating more eyes online. The sellers that I talk to expect to see their homes in print, but does this really work to attract buyers? The stats say otherwise.

According to the NAR survey press-release: 

“Buyers use a wide variety of resources in searching for a home: 90 percent use the Internet, 87 percent rely on real estate agents, 59 percent yard signs, 46 percent attend open houses and 40 percent look at print or newspaper ads. Although buyers also use other resources, they generally start the search process online and then contact an agent.

When asked where they first learned about the home purchased, 36 percent of buyers said a real estate agent; 36 percent the Internet; 12 percent from yard signs; 6 percent from a friend, neighbor or relative; 5 percent home builders; 2 percent a print or newspaper ad; 2 percent directly from the seller; and less than 1 percent a home book or magazine.

Eight out of 10 home buyers who used the Internet to search for a home purchased through a real estate agent, in contrast with 63 percent of non-Internet users who were more likely to purchase directly from a builder or from an owner they already knew in a private transaction.”

Let’s recap that…

How did you start your real-estate search??

According a survey conducted by the National Association of Realtors(NAR), 90 percent use the Internet. Wow! 90%. Buyers also use other resources; however, they generally start the search process online and then contact an agent.

How did you learn about the home you purchased?

36 percent of buyers said the Internet; 36 percent of buyers said a real estate agent. Only 2 percent from a newspaper.

So why do Realtors do the print ads?

Obviously it’s to keep the sellers happy! It’s an old school way of doing things that may generate a very small percentage of leads but the internet is the place to be.  Focus on the online business and the business will be there in the years to come. When looking for a Realtor ask the most important question… how are you selling houses online? That is the only question that really counts!


Kitchener Homes for Sale – Put your valuables away.


Everybody loves open houses but what you need to remember is that there are strangers walking through your home. So remember when your home is for sale make sure to put your valuables away and out of sight. Remove the temptation and keep your precious things safe.


DEMAND FOR PRICIER HOMES PUSHING UP AVERAGES IN KITCHENER-WATERLOO AND AREA


From Kitchener Waterloo Real Estate Board
DEMAND FOR PRICIER HOMES PUSHING UP AVERAGES IN KITCHENER-WATERLOO AND AREA
KITCHENER-WATERLOO, ON (June 3, 2010) – Increased demand for more expensive homes pushed the average price of detached homes up 11.2 percent to $338,209 on a year-over-year comparison.
There was a 50.7 percent increase in the number of homes selling for more than $400,000, with a total of 98 transactions through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB) in May compared to 65 transactions in the same month last year.

Meanwhile, the Canadian Real Estate Association recently announced its revised forecast for national activity. The average home price is expected to climb 1.6 percent for homes across Canada, reaching a record $325,400. To date in 2010, the average price of all homes sold in Kitchener-Waterloo and area has increased 10.3 percent to $ 283,423.
Last month, there was a total of 703 sales of all property types, a solid May, according to the President of the KWREB, and evidence of continued strength in the local real estate market.
May’s residential sales included 432 detached homes, 114 condominium units, 58 semis, and 44 townhouses.
“2010 is poised to be a record breaking year for home sales,” said, Ted Scharf, President of the Kitchener-Waterloo Real Estate Board. “Since January, sales have been posting well ahead of all previous years on a year-to-date basis.”
With the Bank of Canada’s recent decision to raise its overnight lending rate by 25 basis points to a half a percent, experts are predicting that interest rates will rise, but slowly, keeping home financing within reach for many consumers.
May’s activity brings the total number of residential sales on a year-to-date basis to 3,095, a 25.5 percent increase over 2009.


Bank of Canada raises key lending rate by .25%- kitchener homes for sale


On June 1st. the Bank of Canada followed what most economists predicted and rasied it’s key lending rate by .25 basis points. Most of the major banks have already followed suit, but what does that mean for Canadians? Have a look at my video to see my thoughts on the difference between variable rate and fixed rate mortgages.


Kitchener homes for sale-What is the first step to looking for a home?


If your a first time home buyer then there are 2 important steps when starting your new home search. Watch the video to see my thoughts on what you should do first when shopping for your next home.