Good Morning, We hope this email finds you doing well! In April, 692 homes were sold through the Waterloo Region Association of REALTORS® MLS® System, marking a 3.3% increase from last year and a 12.3% decline from the previous 5-year average for the same month. Last month, the real estate market achieved balance with a slight increase in home sales, modest price shifts, and an eight-year high in the number of homes for sale, offering greater options for buyers. Total residential sales in April included: - 406 detached homes sold, marking a 0.5% increase from April 2023. The average price of a detached home was $938,478, reflecting a 1.4% rise from April 2023 and a 1.8% decrease from March 2024.
- 137 townhouses were sold, marking a 15.1% increase. The average sale price for a townhouse was $660,945, which was 0.5% lower than April 2023 and 0.8% lower than March 2024.
- 90 condominium units sold, marking a 5.3% decrease. The average sale price for an apartment-style condominium was $485,556, which was 1.1% lower than April 2023 and 0.5% higher than March 2024.
- 57 semi-detached homes sold, showing an 11.8% increase. The average sale price for a semi-detached home was $665,936, reflecting a 3.0% decrease from April 2023 and a 2.1% decrease from March 2024.
- In April, the average sale price for all residential properties in Waterloo Region was $800,087, up 0.3% from April 2023 but down 0.7% from March 2024.
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In April, Waterloo Region saw 1,443 new MLS® listings, up 65.3% from last year and 15.5% higher than the ten-year average for April. The total active listings at the end of April were 1,390, a 101.4% increase from April last year and 13.6% above the ten-year average. The average days to sell in April was 18, slightly higher than the 16 days in April 2023 and the 5-year average of 15 days. Anticipated house price increases are set to unfold gradually over the next few months, gaining momentum when the Bank of Canada's rate adjustments compound throughout the latter half of this year. If you are thinking of buying or selling, or have real estate questions, contact us today! becky@elitere.ca | drew@elitere.ca 519-841-6511 | 519-500-2805 |
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As you most likely know, staging involves setting up the furniture, art and accessories of each room to help make your home look as appealing as possible to potential buyers. It’s similar to what furniture stores do when they create displays of model bedrooms, kitchens, etc. When you’re staging your home, the primary bedroom is particularly important. Here are some simple staging tips worth trying: 1. Mirrors - Consider using mirrors to make the bedroom seem larger and more comfortable.
2. Give Your Bed a Refresh - Put a new comforter on the bed.
3. Light it Up – Open curtains or add a lamp if the lighting is dim. (Make sure lights are turned on during viewings.)
4. Declutter - Be ruthless when removing clutter from the room, particularly the closet. Don’t keep anything stored under the bed.
5. Depersonalize - Remove personal items, such as portraits.
6. Practice the Art of Minimalism - Be a minimalist when it comes to the nightstand. Only have two or three accessories on it and make sure they complement the theme, such as a book, vase, candleholder, etc. (Don’t leave anything on top of dressers.)
7. Paint - Experts say a neutral palette works best. Neutral colours allow our eyes to rest, evoking a sense of calmness and serenity. Ideally, you want to make the bedroom look like a calm and welcoming retreat. |
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Seeing those dollars on a screen is one thing; but actually shelling out for them every month on a mortgage bill? That's a whole other ball game. Here's a noteworthy piece of advice to consider when you find yourself in the process of selecting a home: consider "practicing" making mortgage payments before taking the plunge. While this approach might seem somewhat unconventional at first glance, it can serve as a valuable exercise in mental preparation, helping you to align your financial mindset with the demands of homeownership. If the projected mortgage payment surpasses what you're currently accustomed to paying (whether in rent or towards an existing mortgage), a prudent strategy is to start setting aside the surplus amount each month. By doing so, you'll effectively simulate the financial commitment associated with your potential new home. This trial run offers invaluable insights into whether your budget comfortably accommodates the increased expenditure. If it doesn't, this early warning sign prompts a reassessment of crucial factors such as the type, location, or size of the property under consideration. |
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House-hacking has emerged as a notable trend in the dynamic landscape of real estate, reflecting a shift towards innovative strategies for maximizing the utility of residential properties. This approach seamlessly intertwines the concepts of primary residence and income-generating asset, presenting a compelling opportunity for individuals seeking to optimize their living arrangements while capitalizing on the earning potential of their property. By leveraging the concept of house-hacking, homeowners can effectively transform their living space into a multifaceted asset, generating revenue streams that offset or even surpass their housing expenses. Whether it involves renting out spare rooms, converting a basement into a rental unit, or subdividing a property to accommodate multiple tenants, the possibilities for generating income within the confines of one's home are virtually limitless. The financial benefits of house-hacking extend far beyond mere cost reduction. Beyond the immediate relief of lowered housing expenses, the steady influx of rental income empowers homeowners to allocate their financial resources strategically. Whether it's bolstering savings, accelerating debt repayment, or venturing into additional investment opportunities, the surplus cash flow derived from house-hacking serves as a catalyst for achieving diverse financial objectives. |
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