Good Morning,

We hope this email finds you doing well!

 

The February market stats are in, and although sales volume set a low for the month of February, with only 439 homes being sold (a ↓ of 45% compared to February 2022 & 31.5 % below the previous 5-year average for the month), home prices continue to remain stable, as they have for the past several months. With limited supply & a small number of listings coming onto the market, demand continues to outpace supply, which is putting sellers in a healthy position to make a move.

 

Total residential sales in February included:

 

In February, the average sale price for all residential properties in Waterloo Region was $758,698. This represents a 25.1% ↓ compared to February 2022 & a 0.6% ↓ compared to January 2023.

 

 

Although prices have fallen more than 20% from their peak in February 2022, they remain significantly higher than 3 years ago.

 

There were 671 new listings added to the MLS® System. ↓ 37.1% compared to February 2022 & ↓24.8% compared to the previous 10-year average for February.

 

The average number of days to sell in February was 20, compared to 8 days in February 2022. The previous 5-year average is 16 days. 

 

If you have any questions about the current real estate market, or would like to discuss making a move, contact us today. We would love to hear from you!

When buyers view your property, they’re likely to visit each room and look around. Their imagination is turned on high. Often, within just a few moments in a space, they’ll form an impression — ideally, a positive one!

 

So, how do you ensure each room shows well? Here’s what buyers want to see:

 

1. Space. Buyers will often mentally fit their furniture into a room when they see it. So, make sure each room is uncluttered and staged in a way that showcases its spaciousness.

 

2. Functionality. Buyers want to see the room for what it is. So, if it’s a bedroom, but you’ve turned it into an exercise room, it might become a distraction to buyers. Consider restoring the room to its original purpose.

 

3. Themselves. Buyers want to imagine the room as part of their home, not yours. They want to see themselves in it. That’s why it’s smart to depersonalize the space as much as possible. For example, replace the family picture on the wall with a landscape print.

Anticipating how buyers will view each room will help you stage your property effectively.

 

It is advisable to do a thorough visual inspection of your home’s exterior, as well as any fences, sheds and other secondary buildings on your property, at least once or twice a year. Now, more than ever, extreme and unexpected weather events happen with greater severity and less predictable outcomes.

 

So, it’s important to anticipate the ability of your property assets to withstand the unexpected. The most critical areas in need of protection are your roof and foundation, as they work hand-in-hand to protect your home’s overall structural soundness.

Check that roofing, gutters and downspouts offer seamless protection and runoff management. Ensure that joints and valleys are sealed, and overhangs are stabilized so that wind and rain won’t force a rupture or breach. On the ground, look for cracks and gaps in concrete that are susceptible to invasive moisture. Likewise, make an effort to build soil up at foundation walls and fence posts, to direct the runoff away from all buildings and fences. Also, be sure that nearby trees are trimmed to mitigate the risk of branches falling during a storm. 

 

By keeping a close eye on the condition of your real estate investment, and preventing avoidable damage, you’ll be protecting its long-term value.

 

There are many reasons why selling your current home before buying another one may be a good idea. But, once you’ve made that decision, you may still worry that you won’t find another home to buy after you sell.

 

Fortunately, there’s plenty you can do to minimize that possibility.

For example, if you sell first, you’ll know exactly how much you’ll be able to put towards a new home. Having that specific number in your back pocket will enable you to target your search and jump on buying opportunities right away. When you see a home you like, you won’t have to wonder, “Can we afford it?”

Creating a buying plan will also help ensure that you find the home you want, quickly. Ideally, it should have a shortlist of neighborhoods or areas you are considering. Narrowing your search in that way actually increases the likelihood of finding a “right fit” home. You should also create a profile of the kind of home you’re looking for — type, number of bedrooms, etc. — as well as the features you need, such as a spacious kitchen.

Being open-minded about the homes you see is also crucial. If the “perfect” home isn’t coming up in the listings, be flexible. Often, a less-than-perfect home can become a dream home with just a few improvements.

So, replace worry with planning and action. Then, once you sell, the home you want will be out there – and you’ll find it!