November Real Estate Newsletter

Good Morning & Happy November! 🍂 ❄️

We hope this finds you well as we settle into the heart of fall. With the leaves turning & cooler weather setting in, the real estate market in Waterloo Region is also showing signs of change. October brought renewed buyer confidence, increased sales, & the first uptick in sales activity since May! This is an encouraging sign for both buyers & sellers as we move toward the end of the year.

With the Bank of Canada’s recent rate cut & a potential for further adjustments in December, it’s a great time to evaluate the opportunities available in today’s market. Whether you're thinking of buying, selling, or just curious about how these changes may impact you, we’re here to help you navigate your options & make the most of this dynamic market.

Below is an overview of October's market activity, along with insights for what we might expect in the coming months. If you have any questions or want to discuss your real estate goals, don’t hesitate to reach out! We’d love to hear from you! 😊

Becky Deutschmann & Drew Dickinson

519-841-6511 | 519-500-2805

info@elitere.ca

Waterloo Region Market Update – October Recap:

In October, Waterloo Region saw renewed buyer confidence & balanced market conditions, with 604 homes sold through the MLS® System. This marks a 7.1% increase from October last year, though it remains 14.2% below the ten-year average for the month. This uptick is the first sales increase since May, pointing to renewed demand & activity as we approach year-end.

Breakdown of October Sales & Average Prices:

Detached Homes: 383 units sold (up 15.4%). The average price was $885,587, reflecting a 0.6% decrease from October 2023 & a 2.9% decrease from September 2024.
Townhouses: 104 units sold (down 20%). The average price was $643,382, down 0.2% year-over-year but up 7.8% from September 2024.
Condominiums: 66 units sold (up 1.5%). The average price was $484,429, up 1.8% from October 2023 & down 0.2% from September 2024.
Semi-Detached Homes: 49 units sold (up 53.1%). The average price was $650,098, a 1.2% decrease from October 2023 & a 0.7% decrease from September 2024.

Overall, the average sale price for all residential properties in Waterloo Region was $779,008, showing a 1.4% increase from October last year but a 1.4% drop from September 2024.

Inventory & Market Activity: In October, 1,144 new listings were added to the MLS®, a 0.3% increase from last year & 19.9% above the ten-year October average. Active listings totaled 1,711, representing a 21% year-over-year increase & 48.5% above the ten-year average. Market-wide inventory rose by 19.2%, with a 3.1-month supply across all property types.

Breakdown by property type shows:

Condominium Apartments: 5.5 months of supply
Townhouses: 3.8 months of supply
Detached Homes: 2.5 months of supply

Homes in October took an average of 27 days to sell, longer than the October 2023 average of 21 days & the five-year average of 18 days.

Economic Indicators & Forecasts: On October 23, the Bank of Canada cut its policy rate by 50 basis points to 3.75%—the largest reduction since March 2020 & the fourth consecutive cut. This move benefits variable mortgage holders & homeowners facing renewals but may prompt some buyers to hold off, anticipating further cuts or the upcoming mortgage reforms set for December 15, 2024.

Looking Ahead: Scotiabank's Chief Economist, Jean-Francois Perrault, anticipates a surge in housing market activity in 2025, driven by high demand, construction growth & ongoing rate reductions. For next year, he forecasts a 6-7% increase in home prices (with potential fluctuation) as affordability improves & demand intensifies. As rates drop, some buyers may experience a “fear of missing out” with high demand & limited supply, prompting earlier market entry rather than waiting for further cuts. This balance between securing lower rates & avoiding rising prices may motivate buyers to act quickly for the best options.

Looking Forward: With the next Bank of Canada rate announcement on December 11, 2024, & strong interest in Waterloo Region properties, a dynamic market is expected in the months ahead. Lower rates, sustained demand & increasing inventory levels offer timely opportunities for both buyers & sellers.

If you have any questions or want to discuss your real estate goals, don’t hesitate to reach out! We’d love to hear from you! 😊

Becky Deutschmann & Drew Dickinson

519-841-6511 | 519-500-2805

info@elitere.ca

In today’s competitive buyer’s market, first impressions are everything. One of the best ways to ensure your home captures attention is by investing in a pre-list inspection. By addressing potential issues upfront, you’re setting your property up for a smoother selling process and presenting a move-in-ready home that builds buyer confidence from day one.

A pre-list inspection not only highlights a well-maintained, polished property but also demonstrates transparency and a commitment to quality—key factors that can make your home stand out to serious buyers. Here are three reasons why a pre-list inspection is a valuable investment:

1. Get Ahead of Repairs: Issues like plumbing leaks, outdated wiring, or worn-out fixtures can deter buyers. By addressing repairs before listing, you boost your home’s appeal and competitive edge. In a market where buyers have choices, a move-in-ready property creates a strong first impression and can attract faster, more favourable offers.

2. Build Buyer Confidence: In a market with abundant options, buyers tend to be cautious and value transparency. Sharing inspection results upfront shows that you’re upfront and trustworthy, reassuring buyers about the property’s condition. This transparency can encourage serious buyers to make stronger offers, confident that there are fewer surprises ahead.

3. Avoid Last-Minute Deal Breakers: Few things derail a sale like last-minute negotiations over unexpected issues—or, worse, a failed deal. Tackling repairs early reduces the risk of these surprises, leading to a smoother and more predictable closing process.

If you’re ready to make a lasting first impression, a pre-list inspection can help ensure your home stands out in a competitive market. Contact us today to learn more about how this proactive step can give you a competitive edge.

Selling your home during the holidays can be an advantage, as the season offers a chance to highlight your space’s warmth and charm. Here are some dos and don’ts to help you present your home effectively during the holiday season.

1. Do Keep It Simple – Don’t Overdo It:

Do: Opt for a “less is more” approach. A tasteful wreath on the door, a few candles on the mantel, or a simple garland can add a holiday touch without overshadowing your home’s features. Aim for decor that complements rather than competes with the space.

Don’t: Avoid cluttering surfaces with decorations. Oversized displays can make rooms feel smaller and less inviting. Instead, choose a few key pieces that enhance the space while keeping it open and inviting.

2. Do Use Warm Lighting – Don’t Overwhelm with Scents:

Do: Warm lighting can create a comfortable and homey atmosphere. Consider using string lights, unscented or subtle candles, or a throw on the couch to enhance comfort, especially during the colder months.

Don’t: Be cautious with overly strong scents from candles or potpourri, as these can be off-putting to potential buyers. A neutral atmosphere allows visitors to focus on the home itself and envision their life in the space.

3. Do Keep Curb Appeal Inviting – Don’t Crowd the Entryway:

Do: First impressions matter. Simple touches like a classic wreath, neatly placed lighting, and a clear pathway can enhance your home’s curb appeal. Ensure walkways are well-maintained and clear of ice or snow.

Don’t: Avoid filling your yard with inflatables or elaborate displays. Instead, opt for simple, tasteful touches. A classic wreath, a few planters with seasonal greenery, and soft lighting can create a festive, inviting look without overwhelming the exterior.

By keeping the decor simple and inviting, you can create an atmosphere that encourages potential buyers to envision themselves in your home. These thoughtful touches allow you to celebrate the season while showcasing your home’s best features.

A little upfront effort can go a long way in attracting serious buyers and maximizing your home’s value. Here are three key steps to get a head start on your home-selling game plan, so you can hit the market with confidence when the time is right:

1. Pre-Sale Repairs & Updates:

Before listing, take a critical look at your home to identify any repairs or updates that could boost its appeal. Walk through each room, considering what would make the space feel cleaner, fresher, and more inviting. Small fixes like patching walls, fixing leaky faucets, and refreshing paint can make a big impact. Larger updates, like painting walls in neutral tones or adding fresh landscaping, can create a great first impression and increase your home’s overall value.

2. Declutter & Depersonalize:

Help buyers visualize themselves in the space by creating a clean, neutral environment. Start by clearing out closets, storage spaces, and countertops to make each area feel open and functional. Put away personal items like family photos, children’s artwork, and unique decor to help buyers focus on the home itself, not your belongings. If you have extra furniture that makes rooms feel cramped, consider removing those pieces to enhance flow and space. The goal is to highlight your home’s best features, making it easier for buyers to imagine their own lives within it.

3. Organize Key Paperwork:

Having well-organized documentation shows buyers that your home has been well-maintained, building their confidence in the purchase. Collect records of any upgrades, repairs, and routine maintenance, along with property tax documents and utility bills. Presenting these records not only builds trust but also helps buyers make informed offers, knowing the history and costs associated with the home.

Bonus Step: Strategize & Stage Early!

Working with a knowledgeable realtor early on can provide a strategic advantage. Schedule a staging consultation sooner rather than later to establish a clear game plan for your listing. A well-planned approach with your realtor allows you to make impactful changes and ensure your home shines in the market.

Selling a home takes preparation, and the earlier you start, the better positioned you’ll be for a smooth, successful sale. If you’re ready to discuss your goals and get market-ready, reach out to schedule a FREE home evaluation. Let’s make sure you’re set for a rewarding sale in the new year!

83 Erb Street W
Waterloo, ON N2L 6C2, Canada