We hope this email finds you well and that you're enjoying this beautiful and vibrant fall season!
September Real Estate Market Update:
Last month, the Waterloo Region Association of REALTORS® (WRAR) MLS® System saw 527 home sales, with a 0.2% year-over-year increase but a significant 27.1% drop compared to the previous 5-year monthly average.
In September, the average sale price for residential properties in Waterloo Region was $757,753, showing a 0.7% increase from September 2022 but a 0.3% decrease from August 2023.
Total residential sales in September included:
Detached homes: 302 units, averaging $876,590, up 1.6% from September 2022, but down 0.5% from August 2023.
Townhouses: 122 units, averaging $639,816, with no change from September 2022 but a 2.9% decrease from August 2023.
Condominiums: 68 units, averaging $500,092, up 9.9% from September 2022 and 3.1% from August 2023.
Semi-detached homes: 33 units, averaging $673,764, up 5.4% from September 2022 and 0.1% from August 2023.
Last month, home sales were nearly as low as last year's decade-low for September, while new listings reached a record high.
The surge in listings resulted in the highest number of homes on the market since March 2016, with 1,400 new listings in the Waterloo Region, marking a 52.3% increase from last September and a 30.5% increase from the ten-year September average.
At the end of September, there were 1,448 homes available for sale, up 48.8% from last year and 9.5% above the ten-year average.
The average time to sell in September was 18 days, down from 23 days in September 2022 and close to the previous 5-year average of 20 days.
With the Bank of Canada interest rate announcement approaching on October 25, potential buyers may be waiting to observe market developments.
If you have any questions regarding our current real estate market or are contemplating a purchase or sale either this year or in 2024, please don't hesitate to reach out to us. We would love to hear from you!
When buyers view your home, how do you want them to feel? Do you want them to feel like they’re intruders or a nuisance? Of course not! You want them to feel welcomed. So how do you create that impression? Here are a few proven ideas:
The more welcomed you can make buyers feel when they view your home, the more interest you’ll get.
“The early-bird gets the worm” is a popular expression. Indeed, there are many examples in life when being early, or even first in line, gives you an advantage.
Real estate is one of them.
When shopping for a new home, being among the first to learn about a new listing benefits you in several ways:
• You have more time to see the property and make a decision. • You might be able to make an early offer. • You’re under less pressure to make a decision quickly.
Overall, by finding out about a new listing early, you improve your chances of getting the property.
How do you get the early-bird advantage?
If you scour the internet for new listings, you can still miss opportunities. For example, “Coming soon” listings may not yet be published on the MLS. A better strategy is to arrange to be alerted to new listings and coming-soon opportunities the moment they come up. That way, you’re always the early-bird and your likelihood of finding and buying your next dream home increases.
There’s no doubt that an effectively “staged” home is likely to sell faster and for a better price. Studies in real estate sales consistently prove it. However, you might be asking, “Is it better to do the staging myself? Do I need to hire a professional?”
