Trends: Co-buying homes with friends


By Cindy-lou Schmidt, REALTOR®

Hello and welcome back real estate champions!

With the challenges of the mortgage rules and the rising home prices, some buyers have become creative!

As you may or may not have seen in the news, more and more people are buying homes together as friends and business partners.

Have you ever thought about purchasing a larger home or a home in a better neighbourhood by co-buying with a friend or family member? I discuss this topic and important facets to consider on a plan like this:

  1. Finances
  2. Lifestyle
  3. Timeline
  4. Financial advisor
  5. Lawyers

I hope you enjoyed this episode and found it useful. As always I appreciate when you give me a thumbs up on YouTube, Subscribe and of course when you “ring” or click the Bell on YouTube when you’re signed in so you get an automatic notification whenever I post a new video!

Thanks so much and have a wonderful day!

 

Buyers: Sellers are listening


By Cindy-lou Schmidt, REALTOR®

Hello and welcome back real estate champions!

As you may or may not have seen in the news, more and more people are using surveillance inside their homes to monitor break-ins, theft, and other activity.

Have you have thought about what happens when you go into a home for a viewing? Today I”m going to cover the top 5 things you should NOT say during a home showing.

  1. Price – in particular in reference to the following
  2. Express how much you’re willing to pay for it (especially over asking!)
  3. Specific reasons why this home is valuable to you
  4. Expressing that you won’t consider any other home
  5. Do not insult the sellers.

Remember that you’re viewing Sellers’ personal home so common courtesy can go far to create a good experience for everyone. While not everyone is monitoring their home with surveillance or will even care to review the footage, these are smart tips to keep our negotiations on the best foundation.

I hope you enjoyed this episode and found it useful. As always I appreciate when you give me a thumbs up on YouTube, Subscribe and of course when you “ring” or click the Bell on YouTube when you’re signed in so you get a notification whenever I post a new video!

Thanks so much and have a wonderful day!

 

Simplified Market Update – January 2019 – Typical trends make a come back


By Cindy-lou Schmidt

There were 5,823 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in 2018, a decline of 11.1 per cent compared to 2017.

With 263 transactions taking place last month, December’s home sales were down 13.2 per cent from this time last year and slightly behind the previous 10-year average of 268 sales for the month of December.

The combination of rising interest rates and the mortgage stress test have continued to impact our market here in Waterloo Region. As a result of the changes over the last year and a half, December showed evidence of a trend to typical sales numbers as seen in 2016 and previous.

NUMBER OF HOMES SALES SUMMARY:

Total residential sales in 2018 included 3,355 detached (down 16.2 per cent), and 1,553 condominium units (up 6.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 417 semi-detached homes (down 23.6 per cent) and 431 freehold townhouses (down 7.7 per cent).

 

Cindy-lou’s Simplified Market Update

AVERAGE SALES PRICE SUMMARY for 2018:

The average sale price of all residential properties sold in 2018 increased 3.4 per cent to $483,537 compared to 2017. Detached homes sold for an average price of $575,412, an increase of 4.8 per cent compared to 2017. During this same period, the average sale price for an apartment style condominium was $304,676 for an increase of 12 per cent. Townhomes and semis sold for an average of $373,307 (up 5.5 per cent) and $396,391 (up 4.7 per cent) respectively.

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).

WHAT’S NEXT?

Sellers: Be very attentive to the price you plan to list at. What matters is what a home sells for, not what it lists for. So don’t set yourself up to chase a market in which your price is set for a 2018-2018 era when it needs to acclimatize to the current market value.

Buyers: Don’t let the declining number of homes being sold make you feel that prices are going to drop and waiting for this drop. Prices will likely continue to appreciate in a healthy manner because of the desirability of Waterloo Region.

Additionally, Realtors are beginning to handle more lease contracts between landlords and tenants indicating an increase in the trend in higher rental costs.

 


I hope you enjoyed my Simplified Market Update. I strive to keep my clients and readers informed and empowered to live and become Real Estate Champions. 

Kindly,

Full Official Full KWAR Media Release here.