Welcome to the August edition of our newsletter! As we bid farewell to July, let's delve into the latest market stats and trends shaping Waterloo Region's dynamic real estate landscape.

 

 

In July, there were 607 homes sold through the MLS® System. This marks a 10.4% increase compared to last year, but a 21.6% decline from the 5-year average for this month.

 

Despite the recent Bank of Canada interest rate hike, more sellers came off the sidelines, leading to a surge in new listings! The Waterloo Region real estate market experienced growth in unit sales and supply, with home prices showing moderate fluctuations.

 

 

✔️ 364 detached homes (↑ 8.3% from July 2022)

 

✔️ 120 townhouses (↑ 7.1%)

 

✔️ 74 condominium units (↑15.6%)

 

✔️ 44 semi-detached homes (↑ 2.2%)

 

The average sale price for all residential properties in Waterloo Region was $795,778. This represents a 5.8% increase compared to July 2022 and a 5.2% decrease compared to June 2023.

 

Embracing the Fall Surge 🍂

 

As the vibrant hues of fall quickly approach, the real estate market continues to bustle. August this year has ushered in a surge of inquiries for both immediate selling and even the strategic planning for the spring of 2024. With the rhythm of back-to-school and back-to-work, the market echoes the energy of fresh beginnings.

 

Whether you're starting on the exciting journey of becoming a first-time homebuyer, on the hunt for your dream home, or a seasoned investor seeking new ventures, NOW is the prime time to embark on your real estate aspirations. Remember, it's never too early to start the process, and success thrives on meticulous planning and a thoughtful approach.

 

Our commitment to your real estate success remains unwavering. Stay tuned as we provide you with the latest trends, expert tips, and introductions to the most captivating neighbourhoods this season. Your journey in real estate market is our priority, and we're here to guide you every step of the way.

 

If you're contemplating a move this season or have questions about the current real estate panorama, don't hesitate to get in touch. Reach out to us at:

 

📲 Phone: 519-841-6511 (Becky) | 519-500-2805 (Drew)

 

✉️ Email: becky@elitere.ca | drew@elitere.ca

 

🖥 Website: www.elitere.ca

The good news is, there are ways to get everyone in the family keen on the idea.

 

One effective technique is to get everyone involved in the planning process, especially kids. Seek their input. Keep them informed. Include them in conversations. The less of a mystery the move is to them, the more comfortable they’ll feel about moving.

 

When it comes to kids, another technique is to show them what their new neighbourhood is going to be like. (Or, if you haven’t purchased yet, show them the areas you’re targeting.) Point out schools, parks, and other neighbourhood features. That will build their anticipation.

 

For those family members who seem particularly troubled about moving, take the time to have a frank conversation with them. Let them relate their concerns. Sometimes having their concerns heard is all that’s needed to help them feel better about selling and moving.

 

Of course, there’s no perfect solution. But, these techniques can help get everyone in your family keen on the adventure.

So, with those benefits in mind, here is a quick checklist that will guide you in preparing to list this fall:

 

• Financials. Find out how much your home will likely sell for in the current market. That calculation is made by looking at what comparable homes in the area have sold for recently.

 

• Decluttering. The more neat and spacious your home looks to buyers, the more appealing it will be to them. So, be relentless when decluttering.

 

• Fixing. If anything needs to be repaired or replaced, this is the best time to get that work done. You don’t want to have to scramble to find a contractor later on.

 

• Staging. Staging is the art and science of setting up a room so that it looks attractive to buyers. Well-staged homes tend to sell faster and for a higher amount. You can stage your home yourself or get professional assistance.

 

• Scheduling. When you list in the fall, you want to make it as convenient for buyers as possible to book appointments to see your home. So, make sure you have plenty of scheduling flexibility.

 

• Targeting. Are you also buying a new home? If so, then start the process now. Decide what type of home you’re looking for specifically and narrow your focus to those neighbourhoods you want to get into.

 

Starting the selling process now gives you a head start when you list this fall. So, begin working through this checklist today.

Of course, the selling price plays the pivotal role in whether or not you can afford a particular home. But, carrying costs should also be considered.

 

Carrying costs include any regular expenses related to the property. The obvious ones are gas, hydro, water, garbage, and taxes. But, there may be others. For example, a home may also have a subscription-based alarm system, high-speed internet, and hot water tank rental.

 

If there are common elements, such as a private street or some other neighbourhood feature, there may be an annual maintenance fee.

 

It’s also smart to factor in predicted maintenance and repair costs, especially when buying an older home. A property that hasn’t had its roof shingles replaced in 20 years may be due soon.

 

So, when you’re shopping for a new home, consider what the carrying costs will be. That will help you make a more informed decision.

 

That being said, stretching to pay a little more in monthly costs may be worth it, if you love the home and it, (as well as the neighbourhood) has everything you want.