Image item
 
Good Morning,
 
We hope this email finds you doing well😊
 
Below you'll find the latest insights on Waterloo Region’s real estate performance throughout the month of October.
 
In October, the real estate market in the Waterloo Region saw a notable uptick with 559 homes sold via the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR). This marked an increase of 12.2% compared to the same period last year, despite a 24.4% decline when contrasted with the previous 5-year average for the month.
 
Although there was a positive shift from the record low seen last October, the market remains relatively subdued. Last week, the decision by the Bank of Canada to maintain its policy rate at 5% provided some relief. However, attention remains focused on the upcoming scheduled announcement on December 6, 2023, where observers are eager to see the Bank of Canada's next move and its potential impact.
 
In October, residential sales in Waterloo Region saw the following:
 
- Detached homes: 329 sold (up 6.1% from Oct 2022) with an average price of $890,591, up 1.1% from Oct 2022 and 0.1% from Sep 2023.
 
- Townhouses: 129 sold (up 51.8%) with an average price of $644,511, up 1.4% from Oct 2022 and 0.7% from Sep 2023.
 
- Condominium units: 64 sold (down 3.0%) with an average price of $476,166, down 2.6% from Oct 2022 and 4.8% from Sep 2023.
 
- Semi-detached: 32 sold (no change) with an average price of $658,133, up 5.7% from Oct 2022 and down 2.4% from Sep 2023.
 
In Waterloo Region, the average residential property sale price reached $767,848 in October 2023, reflecting a 0.6% increase from October 2022 and a 0.1% rise from September 2023. Despite a decrease in sales, the housing market saw a rise in available homes, offering good prospects for buyers. However, potential buyers are grappling with elevated borrowing costs and resilient selling prices, limiting their participation.
 
Last month, the MLS® System saw a substantial surge in new listings, with 1,133 properties added, marking a 36.0% increase from the previous year and a 20.2% increase from the ten-year average for October. The average time to sell a property in October 2023 was 21 days, slightly up from 22 days in October 2022, though higher than the five-year average of 19 days.
 
If you have any questions about our current real estate market, or are thinking about making a move, contact us today-we’d love to hear from you!
 
Image item
 
Image item
 
If you’re making an offer on a property, obviously the price you go in at plays a big role in whether or not you get that home. That’s especially true when there are other competing offers. However, while the price is important, it’s not the only factor. There are other ways to make your offer more appealing. For example, the closing date may be important to the seller. They may be relocating out-of-town and need to move on a specific date.
 If you can accommodate the closing date, that’s likely to be an attractive benefit to the seller.

Having your financing in order and being able to attach a pre-arranged mortgage certificate to your offer will also sweeten the deal. Knowing there is unlikely to be financing issues will make the seller feel more comfortable selling to you — as opposed to someone whose financing is less certain.
 
Image item
 
When you’re selling your property, you want buyers to see it at its best. But, a percentage of potential buyers will only be able to see your home in the evening. If it’s getting dark by the time they arrive, your home may not look as good as it does during the day.
Fortunately, there’s a lot you can do to compensate.
 
Start with lighting. Make sure your home is well lit during an evening viewing. It doesn’t need to be so bright that it’s blinding! You’re looking for pleasant lighting throughout the home, including in traditionally darker spaces such as closets. Professional stagers say turning the light on above the stove is a good idea too.
 
Also, make sure the curtains are open, especially if there’s an appealing evening view. Open curtains add to the sense of spaciousness.
 
People tend to equate evenings with relaxation. Put on soft background music during a viewing and avoid anything loud or energetic, such as the television.
 
Finally, buyers are particularly sensitive to seeing clutter when viewing a home after dusk. As much as possible, try to make your home “guest ready.”
 
Image item
 
Walk-through videos are becoming increasingly popular. The seller’s agent simply films a tour of a home, often including commentary, and then makes the video available to prospects.
When you’re shopping for a new home, you want to get the most out of watching this type of video, especially if you’re relying on it to help you decide whether or not to make a viewing appointment.
 
Consider these suggestions:

• Remember, it’s a video. Take advantage of the ability to pause, go back and forth, and take screenshots you can review later.

• When you’re watching, look for everyday items that can give you perspective, such as a lamp, sofa or chair. These items will help you gain a more accurate sense of room sizes.

• Although that previous tip will help, it’s still difficult to judge room size on a video. So, don’t be quick to dismiss a listing because you think the rooms might be too small.
• Pay attention to what is not shown. Did the agent leave the ensuite bathroom out of the video? That may indicate an issue.

• When viewing the main rooms, such as the living room and kitchen, try to get a sense of how your furniture will fit.

• Make a list of features and characteristics you want in your next home. Have that list handy as you watch the video. You can use it as a checklist.

• While you’re watching, jot down any questions you have about the property.

After watching the video, if you like what you see, take the next step. Schedule a viewing appointment.
 
 
Image item
Facebook
Instagram
Twitter
LinkedIn
Youtube