February Update on the Kitchener Waterloo Real Estate Market
SOLID HOME SALES ACTIVITY IN FEBRUARY KITCHENER-WATERLOO, ON (March 3, 2011) –Sales of residential properties via the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) continued their steady pace in February.
There were a total of 491 residential properties sold last month, a 32.7 percent increased compared to January’s results, and a 6.7 percent decrease compared to February of last year.
“These are above average numbers for February”, says KWAR President George Patton. “Keeping in mind that this time last year we had an unusually active February, setting a record for home sales in that month.”
Residential home sales last month included 308 detached homes (down 11.3 percent from 2010), 104 condominium units (up 19.5 percent from 2010), 46 semis (down 4.2 percent from 2010), and 31 freehold townhouses (down 26.2 percent from 2010).
While the most popular price range selling in February of last year was in the $300,000 to $350,000 category with 76 sales, there were almost the same number of homes (72 units) selling in the $250,000 to $275,000 price range last month.
“Vigorous activity for condos and homes in the mid price ranges was reflected in the slight decrease in the average overall residential sale price,” says Patton.
The average sales price of all residential sales decreased 0.8 percent to $288,404 compared with February 2010. While single detached homes sold for an average price of $331,027, an increase of 1.1 percent compared to last year. In the condominium market the average sale price in February decreased 2.4 percent to $196,213 compared to the same month a year ago.
March 8, 2011 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Uncategorized | Tags: first time home buyer, home buying, home value, inventory levels, Kitchener waterloo, kwrealestatelife, market update, real estate, real estate investing, Remax, waterloo ontario, waterloo region school board | Leave a comment
Painting your Kitchen Cabinets vs Replacing them – Kitchener homes for sale
I recently had an email from a past client asking which gives you better return on your investment painting or replacing your kitchen cabinets… i gave it some thought and watch the video to hear my thoughts.
February 10, 2011 | Categories: Buyers, Random thoughts, Sellers, Video Blogs | Tags: first time home buyer, home buying, home value, kevin baker, kitchen cabinets, Kitchener waterloo, kwrealestatelife, painting, real estate, real estate investing, replacing kitchen | Leave a comment
Mortgage rules tighten in Canada – Kitchener homes for sale.
Big news on the wire for Canadians today. If your looking to get a mortgage or refinance your home this is a must read.
As always if you have any questions please feel free to give me a call at 519-579-4110 or email kevinbaker@kwhometeam.ca
CTV News Staff:
Finance Minister Jim Flaherty announced new rules for Canadian mortgages on Monday that he said will “protect the stability of the economy.”
Flaherty’s announcement comes on the heels of a recent warning from the Bank of Canada that Canadians’ domestic debt burden is the highest on record.
The Monday announcement included three new rules for the mortgage industry that will come into effect March 18:
- Mortgage amortization periods will be reduced from 35 years to 30 years.
- The maximum amount Canadians can borrow to refinance their mortgages will be lowered from 90 per cent to 85 per cent of the value of their homes.
- The government will withdraw its insurance backing on lines of credit secured on homes, such as home equity lines of credit.
“Taxpayers should not bear any risk related to consumer debt products unrelated to house purchases. Those risks should be managed by the financial institutions that originate and offer these practices,” Flaherty said Monday.
It is the third time in three years that Flaherty has tightened credit rules while interest rates remain historically low.
The new restrictions are intended to ensure that Canadians don’t slip into unmanageable debt, which could throw the economic recovery off the rails, he said.
“Today’s measures are about our government continuing to protect the stability of the economy by ensuring lenders’ practices are sustainable, which will in turn ensure Canadian families have increasingly secure and sustainable home ownership.”
Flaherty targeted home-equity loans and lines of credit because some Canadians were using the money on consumer goods rather than to build equity into their homes, he said.
“They are used to buy boats and cars and big-screen TVs, and that’s not the business mortgage insurance was designed for,” he said. “Our measures will help improve the financial situation of households in Canada.”
The Bank of Canada announced earlier this month that Canadians’ domestic debt burdens had hit the highest levels on record. The bank said the ratio of household debt to disposable income has reached 148 per cent — which is higher than in the United States.
The International Monetary Fund also recently warned that household debt is the number one risk to the Canadian economy. Canadian household debt is now at $1.4 trillion, while mortgage delay payments have increased by 50 per cent.
However, Flaherty maintained that Canada is not facing a debt crisis.
“We are responding to a situation that could develop,” he told reporters.
“It’s obvious we could have gone farther. We have not touched down-payment requirements, for example. This is intentional. We are trying to strike the right balance so that we do not create any sort of shock in the market, or any sort of dramatic pressure in the market.”
The measures are equivalent to boosting interest rates by half a percent but are more specific, according to Douglas Porter, deputy chief economist at The Bank of Montreal.
“This is way a way of not affecting a lot of innocent bystanders, including the manufacturing and the tourism sector, by putting more upward pressure on the Canadian dollar,” Porter told The Canadian Press.
Meanwhile Avery Shenfeld, chief economist at CIBC, said the new rules will have only a “marginal” effect on mortgage lending.
“It’s the difference between somebody borrowing $200,000 and $180,000 or 190,000,” he said. “More dramatic would have been to raise the down payment, which would have a larger impact on people’s ability to finance their first home.”
BNN’s Michael Kane said Flaherty is clearly concerned that Canada’s low lending rates have inspired people to borrow more than they would normally.
“What he is saying, and he reiterated this two or three times, is we see Canadians borrowing to the max at record low interest rates, and what he is afraid of is that when interest rates to start to rise…then you can get into a dangerous situation where you can’t pay down your mortgage,” Kane told CTV’s Canada AM.
With files from The Canadian Press and CTV news staff.
January 17, 2011 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Uncategorized | Tags: Bank of Canada, first time home buyer, home buying, inventory levels, kevin baker, Kitchener waterloo, kwrealestatelife, market update, Mortgage News, real estate, Remax, tanglewood | Leave a comment
Exceptional Loft in Uptown Waterloo. – Kitchener – Waterloo condos for sale
Location, location, location. The ultimate urban lifestyle awaits you at the historic Seagram’s Lofts. In the heart of Uptown Waterloo steps to dining, shopping, town square, theatres, transportation, Perimeter Institute, Centre for International Governance and Innovation, Balsillie School of International Affairs and more.
This rare ground floor unit offers a delightful private terrace with water feature and is lovingly landscaped for three season enjoyment. Some commercial possibilities for in home business make this an attractive option for the entrepreneur.
The open concept main floor offers a dramatic arrangement of two storey windows, original brick architectural accents, open kitchen with breakfast bar, stainless steel appliances, hardwood flooring, vintage fireplace mantle and a versatile floor plan to accommodate your furnishings.
Upper floor luxury sized master bedroom that can easily accommodate a king sized bed overlooks the magnificent great room for a light an airy effect.
Other features include, upper floor laundry, walk in closet, two baths, main floor second bedroom or den, custom UV window blinds, curtains, highly desirable garage plus an additional parking space.
Amenities include, on site superintendent, storage locker, fitness centre, guest suites, bike storage, billiard room, roof top and ground level barbeque areas.
Contemporary, sophisticated yet comfortable with the ease of the condominium lifestyle, the perfect place to call home.
If you have any questions please feel free to email at kevinbaker@kwhometeam.ca or call 519-579-4110. For pictures please visit http://www.kwhometeam.ca/Waterloo/Ontario/Homes/Uptown/Agent/Listing_31468294.html
January 17, 2011 | Categories: Buyers, Local Kitchener Waterloo, Uncategorized | Tags: home buying, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, loft, real estate investing, Remax, seagrams, seagrams loft, waterloo ontario | 3 Comments
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.
January 11, 2011 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Uncategorized | Tags: first time home buyer, home buying, home value, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, market update, real estate, real estate investing, Remax, waterloo ontario | Leave a comment
Boost for Options for Homes and Tanglewood Condo – kitchener Condo and lofts for sale
$200,000 granted to Options for Homes for first-of-its-kind home ownership assistance in Kitchener
Funding available for residents looking to make a new start in the New Year
(Kitchener, January xx, 2011) For many, the purchase of a new home is the single largest financial decision made in one’s lifetime. This is especially true for first-time buyers.
At such a time, it is easy to let excitement cloud the magnitude of costs that go into purchasing a home. Taking the next step into home ownership can seem overwhelming when considering a mortgage and/or condo fees, not to mention saving for the initial down payment.
Options for Homes is proud to announce that it has secured access to $200,000 loan financing to assist individuals looking to purchase their first home. The loans are provided by Home Ownership Alternatives Non-Profit Corporation, a mortgage brokerage licensed with the province. This is the first time in Kitchener that such a program has been offered.
Up to $10,000 per applicant is available in a loan to use towards the required down payment of a new property. The loan requires no payments until the unit is re-sold sometime in the future.
The program does not provide 100% of the required down payment. Successful applicants must have some personal funds to contribute to the initial purchase. For example, a prospective home buyer can approach Options for Homes with a as little as a $1000 down payment and apply to the fund to secure the balance of the 5% required.
“With 80% of Tanglewood purchasers being first-time buyers, there is a need to support individuals to make home ownership possible,” says Jan Ciuciura of Options for Homes. “We have found that mortgage payments are not the largest deterrent in the decision to buy, but rather saving for the initial down payments. Thanks to Home Ownership Alternatives, we now have a tool that works to help first-time buyers to make their dreams come true.”
The loans are available to be used at Options for Homes’ 120 units Tanglewood Condominium project, located in the community of Laurentian Hills in the southwest corner of Kitchener. These multi-generation units, ranging from Bachelor to Three Bedroom apartments, cost between $120,000 and $260,000.
January 5, 2011 | Categories: Buyers, Local Kitchener Waterloo | Tags: first time home buyer, home buying, kevin baker, Kitchener waterloo, kwrealestatelife, lofts in kitchener, market update, real estate, real estate investing, tanglewood | 1 Comment
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!
January 4, 2011 | Categories: Local Kitchener Waterloo, Random thoughts, Sellers | Tags: home buying, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, market update, real estate, Remax, selling home in winter, waterloo region school board, winter sales | Leave a comment
How the Kitchener Waterloo Real Estate Market did in November.
NOVEMBER SALES SHOW BALANCED MARKET IN KITCHENER-WATERLOO KITCHENER-WATERLOO, ON (December 3, 2010) –Home sales moved comfortably in November, with a total of 484 homes reported sold through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB). This is within the traditional range for November sales over the past five years.
The condominium property class had a notable increase in November, as the only residential property type to see an increase in the number of units sold compared to last year. There were 122 condominium units sold last month, an increase of 22 percent over November 2009.
The most popular price range in November was for home selling between $200,000 and $225,000, whereas over the last two years, the greatest number of homes has sold in the $225,000 to $250,000 price range.
“Consumers favoured more modestly priced homes in November, however on a year-to-date basis, it is amazing how the higher priced properties are driving much of the local real estate market,” says George Patton, President of the KWREB.
The strength of this residential market has resulted in a record breaking dollar volume of sales through the KWREB’s MLS® System, with year-to-date results for 2010 currently showing a total of $1,753,664,113, a 9.6 percent increase over the same period last year, and easily surpassing the previous record posted in 2007 of $1,619,377,742.
“In terms of total dollar volume, 2010 is poised to go down in history as our best year ever,” notes Patton.
These numbers represent more than just what’s happening in the residential market adds the president, citing a study by Altus Group published in 2009 which found the typical MLS® home sale and purchase between 2006 and 2008 produced $46,400 in spin-off spending, including renovation and the purchase of furniture.
The average price of all residential properties sold through the MLS® System of the KWREB last month was $282,629, a 0.4 percent decrease compared to November 2009. Detached homes sold for an average price of $322,839 last month, a 0.6 percent decrease relative to one year ago.
Condominiums sold for an average of $209,094 in November, a 5.5 percent increase compared to the same month last year.
December 9, 2010 | Categories: Buyers, Local Kitchener Waterloo, Sellers | Tags: home buying, kevin baker, Kitchener waterloo, kwrealestatelife, market update, real estate, real estate investing, Remax, waterloo ontario | Leave a comment
Tanglewood Condo in Kitchener. A good investment in your future
For as little as $100 to reserve your unit, tanglewood can get you into home ownership for a very affordable price.
November 16, 2010 | Categories: Buyers, Local Kitchener Waterloo, Uncategorized | Tags: condo, condo in kitchener, condos in kitchener, kevin baker, Kitchener waterloo, kwrealestatelife, loft, loft style, lofts in kitchener, real estate, real estate investing, Remax, tanglewood | 1 Comment
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.”
November 10, 2010 | Categories: Buyers, Local Kitchener Waterloo, Sellers | Tags: first time home buyer, home buying, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, market update, real estate, real estate investing, Remax, waterloo ontario | Leave a comment
Tanglewood Condo Kitchener – Kitchener Homes and Condos for sale
October 27, 2010 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Video Blogs | Tags: first time home buyer, home buying, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, lofts, lofts in kitchener, options for homes, real estate, real estate investing, Remax, tanglewood, tanglewood condo, tanglewood condos | 2 Comments
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.
October 14, 2010 | Categories: Buyers, Sellers | Tags: facebook, home buying, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, Mortgage News, real estate, real estate investing, Remax | Leave a comment
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.
October 6, 2010 | Categories: Buyers, Local Kitchener Waterloo, Sellers | Tags: home buying, home value, Kitchener waterloo, kwhometeam, kwrealestatelife, real estate, real estate investing, Remax, waterloo ontario | Leave a comment
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…
September 23, 2010 | Categories: Random thoughts, Sellers, Video Blogs | Tags: exclusivley, home buying, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, mls, privately, real estate, real estate investing, Remax | Leave a comment
Bank of canada raises rates again… still no need to panic! -Kitchener Homes for Sale.
The Bank of Canada cranked up its trendsetting overnight rate for the third time in four months on Wednesday and the impact will be felt by a wide range of borrowers. But home buyers? Not so much.
True, the central bank’s increase of one-quarter of a percentage point has already been applied by the major banks to their prime lending rate which now sits at 3%. That in turn means variable-rate mortgages, plus lines of credit, are now a quarter-point more expensive.
But there are two trends that offset higher carrying costs for variable-rate mortgages. One is that fixed-rate mortgages, notably in the popular five-year term, have been coming down in recent weeks and are now as low as 3.59 per cent. That’s a fabulous rate, by the way.
The other trend is a return to previous levels of discounting in variable-rate mortgages. If you shop around you can find them as low as .70 off prime rate. Do your homework and shop around. My best advice is talk to a great mortgage broker and have them shop around for the best rate out there. Ever percentage point you can save will mean huge savings over the years to come.
If you have any questions as always send me a quick email kevinbaker@kwhometeam.ca
Thanks and have a super day!
September 9, 2010 | Categories: Buyers, Sellers | Tags: Bank of Canada, first time home buyer, home buying, kevin baker, Kitchener waterloo, kwrealestatelife, Mortgage News, Mortgage Rates, Prime rate, real estate, real estate investing, Remax | Leave a comment
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
September 5, 2010 | Categories: Buyers, Local Kitchener Waterloo, Sellers | Tags: home buying, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, market update, real estate, real estate investing, Remax, waterloo ontario | Leave a comment
Home Staging and the Upcoming Fall Market – Kitchener home for sale
August 25, 2010 | Categories: Local Kitchener Waterloo, Sellers, Video Blogs | Tags: fall market, home buying, home staging, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, real estate, Remax | Leave a comment
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
August 16, 2010 | Categories: Buyers, Random thoughts, Video Blogs | Tags: home buying, home inspection, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, real estate, Remax | Leave a comment
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.
August 11, 2010 | Categories: Buyers, Sellers, Video Blogs | Tags: home buying, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, multiple offer, real estate, real estate investing, real estate team, Remax, waterloo ontario | Leave a comment
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…
July 20, 2010 | Categories: Buyers, Video Blogs | Tags: Bank of Canada, banking practices, facebook, home buying, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, Mortgage News, real estate, real estate investing, Remax | Leave a comment
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.
July 6, 2010 | Categories: Random thoughts, Sellers, Video Blogs | Tags: backyard, bee's, fun fact, home buying, hornets, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, real estate, waterloo ontario | Leave a comment
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.
June 24, 2010 | Categories: Buyers, Random thoughts, Sellers | Tags: home buying, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, real estate, real estate investing, Remax | Leave a comment
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.
June 17, 2010 | Categories: Random thoughts, Sellers, Video Blogs | Tags: bird droppings, deck and pool, facebook, fun fact, home buying, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, real estate, real estate investing, Remax, twitter | Leave a comment
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!
June 15, 2010 | Categories: Buyers, Random thoughts, Sellers | Tags: being social, facebook, home buying, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, online advertising, real estate, real estate investing, Remax | Leave a comment
KW Real Estate Life 