Homeowners: How to think like an investor


By Cindy-lou Schmidt, REALTOR®

Hello and welcome back real estate champions!

It’s a new year and a fresh start this January 2019 and I’m excited to get started with some solid info on how you can continue to grow your wealth even if you can’t buy a designated investment property at this time. Ready to invest like an investor? Let’s do it.

Today I’m going to talk about how you can continue to invest in your financial future and grow your wealth like an investor. Before I get started if you like what you hear, go ahead and like comment and subscribe! It’s always a good thing because it lets me know what info you guys are interested in hearing more about.

For many of you who have managed to purchase a home in the last couple of years in KW, you’re very well familiar with the squeeze of the market and mortgage rules. And of course this is true for those of you who are looking to buy this year!

While many of my clients who are current homeowners have been able to also purchase a second or third property as investments, it’s not always possible. After all we live in one of the top 20 best places to invest and buy in Canada.

Seriously, give yourself a pat on the back if you qualify to buy a home or have purchased a home. It’s hard work and a very real investment your financial, and personal freedom.

With the changing market and rates I hear this more often. So what can you do to continue to invest in property if when you don’t qualify to buy a second one?

What you do is think like an investor. After all although you are technically a buyer, our investors are also buyers. Don’t short yourself.  The difference is your objective and how you think about it.

If you’re not able to purchase a second property at this time what you do is take advantage of paying down your mortgage with intention.

It sounds simple and obvious but often overlooked because well frankly it’s a big mountain to chip away at and sometimes it can be confusing.

There are three things you can do they can empower you and your bank account:

1. Switch to bi-weekly payments — paying every 2 weeks which adds an extra payment at the end of the year.

2. Add an extra $20 or $50 a month on top of your regular payments. Yes this makes a difference!

3. If you have a really nice grandma or aunt that still gives you Christmas or birthday money apply these seasonal windfalls to your mortgage.

4. If you got a raise or you get a great job that pays you substantially more than you used to get paid, consider keeping your lifestyle the same for a year and putting that extra money into doubling your mortgage amount for that year. This could be tens of thousands of dollars — or more.

The fact of the matter is that it may seem like a small amount of money that doesn’t seem to make a dent on your mortgage —  which is likely in the few…or several hundreds of thousands.

But what you’re really targeting is the principal — the amount of money that you borrow that the additional interest that you pay is based upon. When you reduce this amount, you start to really build your equity. Those extra payments go directly to paying down the principal.

Which is really what I’m getting to. When you build your equity it allows you to eventually borrow money to purchase another property had a later date if that’s what you choose to do or of course benefit from this equity when you purchase your next home. It’s like a type of personal bank that simultaneously allows you to put money “away” while also reducing the interest you pay on your mortgage. Every. Single. Payment.

Unless you have a savings account that gives you a substantial return with good interest rate or you’re a person who is very familiar with other stocks for investing, then this is a great way for you to continue investing and focusing on what you already are familiar with.

My number one recommendation when looking to secure a mortgage when you buy or when you refinance is to ask questions about their payment options. Not all lenders will allow you to prepay or overpay. And most lenders will have competitive rates that you can work with. This is also a great way to address being locked in at a higher interest rate without having to refinance.

Just remember: Building wealth is a very real and accessible thing when it comes to real estate. Don’t let it scare you.

I hope you enjoyed this episode I found it useful as always I appreciate when you like and subscribe and don’t forget to ring the bell so you get a notification whenever I post a new video!

Thanks so much and have a wonderful day!

 

Simplified Market Update – December 2018 – Temperatures cool, homes sales rise


By Cindy-lou Schmidt

While temperatures cooled in October and November, last month ended up being another hot month in real estate in Kitchener-Waterloo and area.

Home sales were up 14.2 per cent in November with 483 homes sold compared to the same month last year, and up 19 per cent compared to the previous 10-year November average of 406 sales, making it the second-best November on record.

Last month I discussed the effect of rising mortgage rates on getting buyers to act before another squeeze on their buying power materializes. In December 2018 Realtors and Mortgage agents cautioned buyers that their buying power would reduced by up to 20% come January 2018 and while some acted, others were cautious and many saw their choice of home style narrow due to the change in budget.

This year, buyers are taking rising interest rates and financing more seriously and  this trend along with others shows in the numbers:

Cindy-lou’s Simplified Market Update

NUMBER OF SALES:

265 detached homes were sold in November (up 9.5 per cent compared to November 2017). Of those sold:

  • 152 condominium units (up 52 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.).
  • 27 semi-detached homes (down 46 per cent)
  • 31 freehold townhouses (up 14.8 per cent).

AVERAGE SALES PRICE SUMMARY:

The average sale price of all residential properties sold  in  November  increased 7.6 per cent to $477,526 compared November 2017. Broken down by style of home:

  • Detached homes sold for an average price of $580,551 an increase of 12.8 per cent compared to November of last year.
  •  Apartment style condominiums increased by $305,334 on average (increase of 10 per cent).
  • Townhomes sold for an average of $361,177 (down 2 per cent)
  • Semis sold for an average of $416,878 (up 10.7 per cent)

MEDIAN PRICE:

The middle point that divides all sales prices into two equal parts. Comparing November 2018 to November 2017 median stats:

  • All residential properties – $443,800  (up 6.3 per cent)
  • Detached homes – $520,000 (up 9.5 per cent)

HOMES ARE ON MARKET

Realtors listed 597 residential homes in K-W and areas last month, a 1.1 per cent increase compared to November 2017. Trends:

  • homes listed were 8.2 per cent above the 10-year historical average of 505
  • active listings at the end of November totaled 888 (12.8 per cent lower and 449 units fewer than the 1337 homes listed in November 2017.

WHAT’S NEXT?

Sellers: Prices are naturally rising due to continued demand, particularly for single-detached homes. Waterloo Region is a great place to live and with more eyes on our market from prospective buyers in an outside of our area, we continue to see growth. I expect another very active spring market in 2019. And if your home is listed on the market now, serious buyers are still active and ready to buy before year’s end.

Buyers: Sales prices that are trending up mean that more buyers entering the market are taking advantage of resale and new build townhomes and condominiums. Move up buyers are still aiming to find their right-size home and competing for single-detached properties.

If I were a serious buyer, I would be actively considering homes available on market for the rest of December and take time to view homes if they looked viable. If it’s in the budget, I recommend you contact your agent to explore new-build options.

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I hope you enjoyed my Simplified Market Update. I strive to keep my clients and readers informed and empowered.

Kindly,

Full Official Full KWAR Media Release here.

Simplified Market Update – November 2018 – Higher than normal sales activity


By Cindy-lou Schmidt

October saw higher than normal sales activity and buyers and sellers alike were enjoying the boom.

Rising interest rates lead to buyers getting off the sidelines, ready to buy and sellers wanting to sell before the end of 2018 were ready to list. In fact, 760 homes were listed last month in the Kitchener Waterloo Association of Realtors Board. This was 14% higher than October 2017, and 12.7 higher than the 10 year average for homes listed during October.  Buyers rejoice!

Cindy-lou’s Simplified Market  Update

While Year-to-Date sales for 2018 are 12.9% lower than 2017 at this time, we are still enjoying a very strong market here in Kitchener Waterloo.

The average sale price of all residential properties sold increased 7.7% to $489,725 compared to the same month a year ago, with apartment style condominiums continuing to make a huge price gain trend of 24.1% ($310,215), followed by semi-detached homes up 13.8%, ($403,750) then townhomes up 10.9%, and finally detached homes up 6.2% ($576,731).

As for the styles of homes that are trending in sales, we saw 47 freehold townhomes fly off the shelves with an 23.4% increase compared to the number of townhomes sold last October. This was closely fllowed by  128 condominiums of any style up 19.6%, chased by 47 freehold townhomes, up 18.2%, and finally 297 detached homes were sold up 4.6% as compared to last October.

So, let’s cut to the chase. What does this mean?

It means that Buyers are seeing an influx of homes coming to market this October,  and the rising interest rates are getting buyers off the sidelines to act and take advantage of locked in interest rates.  They are also enjoying more choice!

For Sellers, seasonal temperatures remain amiable which always helps home buyers get out for open houses and private showings. Families are also motivated to get in homes before the end of the year and sellers, you too are anticipating a purchase so you’d like to sell and buy sooner rather than later with the interest rate hikes.

All in all, another healthy market here in Kitchener Waterloo. If you’d like more details on this, check out the full Official Full KWAR Media Release here.

 


Thinking about selling?

Book a personal evaluation of your home so you can make an informed decision to net the most money when you list one of your biggest assets for sale. Contact me. The condition of your home, location, and other key factors matter.

Kindly,

Simplified Market Update – October 2018 – Sales Numbers Down, Prices Up


By Cindy-lou Schmidt

September saw the continuing impact of mortgage rules and housing regulation affect the market as affordability for first-time home buyers continues to be a challenge. Meanwhile, average home prices continue to rise and certain home styles are seeing big changes. Thinking that rising prices means it’s not a good time to invest? Think again!

The average sale price of all residential properties sold increased 10% to $492,398 compared to the same month a year ago, with condominiums and making a huge price gain of 24.1% ($325,378), followed by detached homes increasing by 11.4%, townhomes up 4.7% ($377,442), and semis up 4.1% ($386,670)

There is the continuing trend of fewer homes being sold, but prices continuing to climb reflect the decreased affordability but continuing interest in living in Waterloo Region.

Residential sales in September included 270 detached (down 6.3 per cent compared to September 2017), and 110 condominium units (up 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 30 semi-detached homes (down 18.9 per cent) and 30 freehold townhouses (down
18.9 per cent).

Great investment opportunities and selling opportunities are arising for those who own condominiums and for those looking to benefit from the trend in rising residential lease rates.

Cindy-lou’s Simplified Market  Update

 


Official Full KWAR Media Release here

 


Thinking about selling?

Book a personal evaluation of your home so you can make an informed decision to net the most money when you list one of your biggest assets for sale. Contact me . The condition of your home, location, and other key factors matter.

Kindly,

Simplified Market Update – September 2018 – Sales Up Year-Over-Year


By Cindy-lou Schmidt

The end of summer has brought more action! August was the first month this year that saw a year-over-year increase in monthly home sales. The number of homes sold was up 4.8% compared to August of last year.

The average sale price of all residential properties sold increased 11.5% to $493,358 compared to the same month a year ago, with condominiums and town homes making the greatest gains.

It looks as though buyers are beginning to gain confidence after the affects of the new mortgage rules on budgets that were enacted January 1, 2018 and are beginning to see that while fewer homes are selling, the prices continue to rise.

Cindy-lou’s Simplified Market  Update


Full Media Release

MONTHY HOME SALES UP ON YEAR-OVER-YEAR BASIS IN AUGUST FOR FIRST TIME IN 2018

KITCHENER-WATERLOO, ON (Septmeber 6, 2018)

August home sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down 0.8 per cent compared to last month and up 4.8 per cent compared to August of last year. A total of 505 residential properties sold in August compared to 482 the same time last year.

“For the first time this year we saw monthly home sales increase on a year-over-year basis,” says Tony Schmidt, KWAR President. “On a year-to-date basis, we’re still well below last year’s record-breaking number of home sales but still in line with historical averages.”

Residential sales in August included 301 detached (up 5.2 per cent compared to August 2017), and 129 condominium units (up 25.2 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 35 semi-detached homes (down 30 per cent) and 33 freehold townhouses (no change).

The average sale price of all residential properties sold in August increased 11.5 per cent to $493,358 compared to the same month a year ago. Detached homes sold for an average price of $583,564 an increase of 13 per cent compared to August of last year. During this same period, the average sale price for an apartment style condominium was $335,827 an increase of 14.1 per cent. Town homes and semis sold for an average of $350,803 (up 4 per cent) and $401,011 (up 13.6 per cent) respectively.

The median price of all residential properties sold last month was up 10.4 per cent compared to August of last year at $458,000, and the median price of a detached home during the same period increased 18.1 per cent to $543,450.

REALTORS® listed 670 residential properties in K-W and area last month, up 12.7 per cent compared to August of 2017, and 3.4% above the historical (2007-2016) average of 648. The number of active residential listings on the KWAR’s MLS® System to the end of August totalled 917, which is 11.5 per cent higher than August of last year but still significantly below the historical (2007-2016) ten-year average of 1,550 listings for August.

 

“More homes selling in the higher prices ranges in August were at least partly responsible for the increase in the average sale price,” notes Schmidt. “But strong demand on the buying side combined with low inventory on the listing side is continuing to keep upward pressure on prices.”

Schmidt is encouraged by the increase in residential listings coming to market in August and hopes to see even more homes listed on the MLS® System in September. “I certainly don’t see interest in Waterloo region as a place to live and work slowing down anytime soon, so we could definitely stand to see some more housing supply.”

The average days it took to sell a home in August was 28 days, compared to 26 days in August 2017.


 

Book a personal evaluation of your home so you can make an informed decision to net the most money when you list one of your biggest assets for sale. Contact me for a complimentary assessment. The condition of your home, location, and other key factors matter.

Kindly,

Simplified Market Update – August 2018 – Home sales down, prices up


By Cindy-lou Schmidt

The Trend Continues! Home sales in Kitchener-Waterloo have continued to balance out with home sales numbers dropping while home prices continue to rise.

Cindy-lou’s Simplified Market  Update

 


Full Media Release

SALES RETURNING TO NORMAL WHILE PRICES REMAIN STABLE

KITCHENER-WATERLOO, ON (August 2, 2018)

July home sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down 16.8 per cent compared to last month and down 10.6 per cent compared to July of last year.  A total of 504 residential properties sold in July compared to 564 in the same month last year.

On a year-to-date basis, there have been 3,601 home sales during the first half of the year, a decrease of 18.0 per cent.

“The story for July is largely more of the same that we’ve been seeing for most of 2018,” says Tony Schmidt, KWAR President. “The number of sales has decreased from what we were seeing the past couple of years to more typical levels, but the value of homes not only remains steady but continues to gradually increase.”

Residential sales in July included 282 detached (down 23.4 per cent compared to July 2017), and 130 condominium units (up 14.0 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 53 semi-detached homes (up 35.9 per cent) and 35 freehold townhouses (down 5.4 per cent).

The average sale price of all residential properties sold in July increased 5.5 per cent to $480,145 compared to the same month a year ago. Detached homes sold for an average price of $584,337 – an increase of 12.4 per cent compared to July of last year. During this same period, the average sale price for an apartment style condominium was $292,714, an increase of 4.3 per cent. Townhomes and semis sold for an average of $359,278 (up 2.2 per cent) and $387,664 (up 9.8 per cent) respectively.

The median price of all residential properties sold last month was up 7.1 per cent compared to July of last year at $443,700, and the median price of a detached home during the same period increased 12.8 per cent to $530,000.

REALTORS® listed 739 residential properties in K-W and area last month, down 8.9 per cent compared to July of 2017. The number of active residential listings on the KWAR’s MLS® System to the end of July totalled 1,062, which is 3.3 per cent higher than July of last year but still down from the historical (2007-2016) ten-year average of 1,885 listings for July.

“The competition from buyers is still out there, but not nearly as prevalent as the past two years. This is showing up in the $400,000-$600,000 price point where we continue to see the shortest average days on market,” reports Schmidt. “I think this reflects both the move-up market as well as the typical home that buyers who migrated down the 401 were purchasing.”

“There is no doubt the mortgage stress-test is impacting buyers and the market. Our concern has always questioned the wisdom of introducing policy to respond to temporary market activity, so now the only question is whether this impact is beneficial or not.”

“Either way, Buyers are wise to avail themselves of a REALTOR® to help them navigate local market conditions and ensure the most successful outcome.”

The average days it took to sell a home in June was 23 days, the same as in June 2017.

 


 

Would you  like an practical valuation of your home to help you make an informed decision about selling? Contact me for a complimentary assessment. The condition of your home, location, and other key factors matter.

Kindly,

Simplified Market Update – July 2018 – Home sales down, prices up


By Cindy-lou Schmidt

Home sales in Kitchener-Waterloo have continued to balance out with home sales numbers dropping with home prices continuing to rise.

Cindy-lou’s Simplified Market  Update:

  • In June, a total of 604 residential properties sold in June compared to 716 the same time last year.
  • REALTORS® listed 850 residential properties in K-W and area last month, down 21.5 per cent compared to June of 2017, but fairly close to the historical (2007-2016) average of 859.
  • There were 1030 active listings by the end of June, which is 11% higher than June 2017.

 

June’s  residential sales units included (compared to June 2017):

365 detached (down 21.2%)

151 condominium units (up 6.3%) {includes semis, townhomes, apartment, detached etc.}

38 semi-detached homes (down 29.6%)

43 freehold townhouses (down 15.7 %).

The average sales price of all residential properties sold last month increased 5.2 per cent to $572,206 (down 3.4%) compared to June 2017. Accordingly:

Detached homes sold for an average price of $575,003 (up 5.2%)

Average prices for an apartment style condominium was $314,180 (up 13.2%)

Townhomes sold for an average of $378,562 (up 10.8%)

Semis sold for an average of $391,830 (up 2.09%)

 

What does this mean?

The market continues to balance out as people adjust to their buying power, while the desirability of homes in Waterloo Region remains high. 

 

 

Would you  like an practical valuation of your home to help you make an informed decision about selling? Contact me for a complimentary assessment. The condition of your home, location, and other key factors matter. For more on the official report on our K-W Market Update including statistics from Wellesley, Wilmot and Woolwich Townships, click here.

Kindly,

Simplified Market Update – June 2018 – Strong Home Sales Continue


By Cindy-lou Schmidt

Home sales in Kitchener-Waterloo have continued to heat up along with the great local temperatures! Our summer-like spring has been in line with sales as May 2018 saw a 12.5% increase compared to April 2018.

Cindy-lou’s Simplified Market Summary:

  • In May, 692 residential properties were sold, as compared to April’s 616 residential properties.
  • REALTORS® listed 1068 residential properties in K-W and area last month, down 14.4% compared to May of 2017.
  • There were 1062 Active listings by the end of May totaled 1062, which is 27.9% higher than May 2017.

May’s  residential sales units included (compared to May 2017):

414 detached (down 15.7%)

169 condominium units (down 7.1%) {includes semis, townhomes, apartment, detached etc.}

46 semi-detached homes (down 28.1%)

46 freehold townhouses (down 24.3%).

The average sales price of all residential properties sold last month decreased 6.06 per cent to $482,873 (down 2.4 percent compared to April 2017. Accordingly:

Detached homes sold for an average price of $572,206(down 3.4%)

Average prices for an apartment style condominium was $301,052 (up 2.7%)

Townhomes sold for an average of $365,715 (up 1.3%)

Semis sold for an average of $393,616 (up 2.0%)

What does this mean?

1. There is a trend of slowing sales when compared to last year’s activity

a) Year-to-year : May 2018 was a 15.3% less busy in terms of home sales as compared to the same time last year.

However:

b) Month-to-month:  April-May saw a  12.5% increase in sales, down just slightly from the March-April 13.7%  increase in sales.

2. There is a trend in decreasing sales prices in single detached homes but all other styles continue to climb in price.

The mortgage stress test continues to impact  buyers as the $400,000- $500,000 price range remains very competitive.  This may be part of the reason for the continuing growth in sale prices in townhomes, condos and semi-detached properties as overflow leads many buyers to choose other styles of homes rather than focus on single-detached properties.

Sellers:

It took 20 days on average for a home to sell so you can expect to receive offers with conditions. When working with a Realtor to prepare your home and price it correctly you should be confident in selling your home for good value.

Buyers: 

There were nearly 30% more homes active on the market in May compared to last year, so we are seeing inventory actually be available long enough for buyers to consider their options. You will still want to be savvy and use the help of a Realtor to keep you informed and strategic on writing a winning offer.

If you’d like an accurate valuation of your home, contact us for a complimentary assessment. The condition of your home, location, and other key factors matter. For more on the official report on May’s K-W Market Update including statistics from Wellesley, Wilmot and Woolwich Townships, click here.

Kindly,

What is a home inspection and what can I expect?


By Cindy-lou Schmidt

Whether you’re a buyer or seller, there’s a question of what is a home inspection and what will happen next?

Buyers:

A home inspector is an individual that you hire to carry out a home inspection on a home that you are purchasing. There are a few key things to consider:

  1. Selecting a inspector: Choose an inspector after doing your research because not all inspectors provide the same level of quality, knowledge or service. Note that only qualified OAHI members can use the designation of Registered Home Inspector (RHI). Another great way to find an inspector you can trust is a recommendation from your REALTOR or someone who has used one in the purchase of their home.
  2. You should plan to attend the appointment with the inspector to receive the details and feedback first-hand. Your inspector will convey the overall health of the home and highlight any major concerns to you.
  3. You, your agent and the inspector will meet at the home you plan to purchase and it will take between 2-3 hours for most homes.
  4. Expect that unless there is a serious concern that must be addressed, that a home inspection for the most part is a report card on things you should be aware of for budgeting purposes when it comes to the repair and maintenance of your new home…

 

Sellers:

A home inspection is a different experience for you since you are neither selecting the home inspector, nor will you be present. Here are a few things to help you prepare:

  1. If you have private items you do not want to be found, make sure you put them away in your chattels —  your wardrobe or cupboard — that is NOT affixed to you home and will be coming with you when you move. Remember that the inspector’s job is to check many aspects of the home in preparation for the buyer to take possession so they may be in closets, bathroom cupboards etc.
  2. Anticipate that an home inspection could uncover a serious concern that may need to be addressed by you hiring a company to repair or address the work or by a reduction in the sale price. The solution will be discussed based on the  inspection report and other factors with your agent to decide what the best course of action may be for you as the homeowner.
  3. The home inspector will likely be accompanied by the client who will also be looking in your kitchen cupboards, closets and other spaces. This is normal but if it is a concern for you, don’t put too much weight on things being “messy”. People recognize that we all live busy lives and inspectors have seen just about everything. Overall, if your home is reasonable and you have been courteous in removing your household garbage for example, and maintained your home in “showing” condition, there’s no need to be embarrassed.

Learn more about what to expect in a home inspection by watching my video above!

 

Kindly,

 

Simplified Market Update – May 2018 – Spring Market Leveling Out


By Cindy-lou Schmidt

Home sales in Kitchener-Waterloo are seeing some changes along with the spring weather.

  • In April, 616 residential properties were sold, as compared to March’s 540 residential properties.
  • REALTORS® listed 974 residential properties in K-W and area last month, down 2.2 per cent compared to April of 2017.

“Last month 71 per cent of all residential sales were for less than half a million dollars, but the number of homes listed in that price range on our MLS® System right now is a little less than half of all the inventory,”  says Tony Schmidt, KWAR President.

April’s  residential sales units included:

343 detached (down 30.7 per cent)

185 condominium units (down 12.8) {includes semis, townhomes, apartment, detached etc.}

41 semi-detached homes (down 22.5 per cent)

46 freehold townhouses (up 13.2 per cent).

The average sales price of all residential properties sold last month decreased 6.06 per cent to $478,578 compared to April 2017. Accordingly:

Detached homes sold for an average price of $569,169 (down 4.2 per cent)

Average prices for an apartment style condominium was $296,958 (up 10 per cent)

Townhomes sold for an average of $386, 072 (up 2.5 per cent)

Semis sold for an average of $396,932 (down 3.7 per cent)

 

Cindy-lou’s Simplified Market Summary:

What does this mean?

1. There is a trend of slowing sales when compared to last year’s activity

a) Year-to-year : March was a 25% less busy in terms of home sales as compared to the same time last year, and now April is 30% less busy as compared to April 2017.

b) Month-to-month: While March sales really picked up by increasing over 40% from February to March, March to April only saw a 13.7%  increase.

2. There is a trend in decreasing sales prices.

a) The average sales price change in March compared to the same time last year was 0.7 percent. The average sales price in April as compared to April 2017 decreased by 6.06 percent.

b) While detached homes barely changed in price in March as compared to the same time last year, April 2018 saw a 4.2% decrease as compared to April 2017. Semi-detached homes have also seen a drop in sales price, by 3.3%

The stress test looks like it is definitely creating some impact on buyers as the under $500,000 price range heats up.   This may be part of the reason for the growth in condo apartment sales being the largest according to home style purchases over the last few months. The decrease in sales prices and numbers of detached and semi-detached properties may also be related to the challenges buyers face in getting approved under the most recent mortgage rules.

Sellers:

It takes 21 days on average for a home to sell so you can expect to receive offers with conditions. Don’t hesitate to invest some time in preparing your home for sale including tying up lose ends. Buyers are wanting to make sure they are getting value for their money as their buying power has been decreased due to series of mortgage rule changes.

Buyers: 

There were nearly 80% more  active residential listings this April as compared to last year so there are more choices. A little more breathing room is allowing you to have conditions including financing and inspection in some cases. However, you must remain competitive in a  desirable and strong market that is remains low on listings, particularly at the under $500,000 price range.

If you’d like an accurate valuation of your home, contact us for a complimentary assessment. The condition of your home, location, and other key factors matter. For more on the official report on April’s K-W Market Update including statistics from Wellesley, Wilmot and Woolwich Townships, click here.

Kindly,