Closing Day is fast approaching and one of the most important things is to make sure you have planned for all the closing costs that come up when you are buying or selling a Condo. Have a look at the video I did to learn why this is a very important step in the process.
When buying that new Condo and you are meeting with the lawyer to get all the final paperwork signed please be sure you understand what you are signing and if you don’t, take the time to get your lawyer to explain it too you. Click on the video link to hear more.
So Closing day is only days away, the packing is still going on, you have boxes filling every room in the house. Your agent calls and asks if you would like to do a final walk through of the home. Even though you are crazy busy it is still a necessary and important part of the process. Have a look at the video to why…
Please make sure that when you are doing your offer to purchase with your Realtor that you include a clause that allows you the right to do a home inspection, even on a condo . Have a look at the video to hear why this is in important part of any offer.
Hey Everyone, I attended a CMCH housing forecast last week and then on Tuesday of this week I listened to Craig Alexander, Sr. V.P. and Chief Economist for TD Bank give his predictions on where the housing market is going for 2012. Have a listen and hear my brief synopsis on the info I gathered.
So you have found the right condo…. now its offer time, but what price to offer. Here is where a Realtor can help. Knowing what fair market value of a home is extremely important in determining what to offer on the condo of your dreams. You don’t want to overpay for something based on emotion. Watch the video to hear my thoughts on why this is an important consideration in your next home purchase
The buying process can be a confusion one at the best of times and its easy to forget things with all the stress of looking, doing offers etc. Make sure you make a list of wants, needs and the important things you are looking for in a new home. Have a look at the video to hear my thougths on some of the important ones.
Before you start your home buying search a great first step is to get a mortgage preapproval from your bank or mortgage broker. There are a few key reasons as to why. Have a look at this video to hear some helpful advice.
Part 2 in my series on what buyers should be aware of when looking for a new place. Make sure you put together a great group of professionals to help you with the process. Have a look at the video to hear my thoughts….
Waterloo Region house sales gained momentum in October
WATERLOO REGION — House sales in Waterloo Region picked up steam in October, with the real estate boards in Kitchener and Waterloo, and Cambridge both reporting marked increases in the number sales compared to a year earlier.
Prices, meanwhile, remained stable, with slight year-over-year.
In Kitchener and Waterloo, the 470 residential sales in October represented a 4.9 per cent increase over the 448 sales in the same month last year.
The average price for all residential properties that sold in the Kitchener and Waterloo area was $304,379, up 0.7 per cent from a year earlier. Single-detached homes sold for an average of $332,358, up 0.9 per cent from the same month last year.
In Cambridge, 217 residential units were sold in October, up 8.5 per cent from the 200 homes that sold in the same month last year. The average price of all residential properties was $284,515, a 2.2 per cent increase compared to last October.
On a year-over-year basis, 5,574 residential units have sold in the Kitchener and Waterloo area in the first 10 months of the year, down two per cent. In Cambridge, 2,488 homes have changed hands so far this year, up 6.6 per cent from last year.
In the region as a whole, 8,062 residential units were sold in the first 10 months of the year. That represents an increase of about 1.9 per cent compared to the same period in 2010.
The strong sales in October point to a stable housing market in the area, said George Patton, president of the Kitchener-Waterloo Association of Realtors.
“Although all marketplaces are subject to month to month fluctuations, it is obvious that we have a strong, stable market in our region,” he said in a news release. “People have confidence in investing in the housing market in this area.”
Val Brooks, president of the Real Estate Board of Cambridge, said the sustained strength of the market “reflects the consumer confidence in the region.”
Recently I went to a seminar on the new bylaw that is coming for the city of Waterloo covering the licensing of Landlords renting out their units/buildings. The Bylaw comes into effect on April 1, 2012 and is something to pay attention to if you currently rent out a unit or building in Waterloo or are thinking of buying a property. Have a look at the video to hear my thoughts.
Yesterday I spoke with a friend of mine at 375 King street N, Waterloo and he was telling me about the board of his building trying to change the policies and making it student free. They still have to get 80% of the unit owners to agree but have a look at the video and hear some thoughts on why its important to read the condo documents before you buy.
KITCHENER-WATERLOO (OCT 5th, 2011) – Residential sales to the end of the 3rd quarter of 2011 are behind last year by 2.9%. A total of 4,975 homes have sold to date this year through the Multiple Listing Service (MLS*) of the Kitchener – Waterloo Association of Realtors, compared with 5,126 during the same period last year.
Overall residential sales brought the dollar volume of $1,493,498,796, an increase of 0.8 % compared to a year ago. While sales have been slightly behind last year’s results for most dwelling types, the condo market has been the notable exception.
There have been 953 condo sales year-to-date, a 2.8 % increase compared to a year ago. Stronger demand for condo’s has helped push up the average price up to 5% on a year to date basis. The average price of a detached home has increased 3.7% to $341,222. Home sales were down last month by 4.7% over last year at this time.
Interest rates continue to be low and its a great time for buyers who are entering the market for the first time, or those wishing to transition into a different kind of home, whether its trading up or downsizing.
If you have been looking for a new condo or loft in the Kitchener Waterloo area make sure that you get a status certificate on the building and have your lawyer do a good look through of the documents… Watch the video to hear my thoughts as to why.
If you are in the process of buying your first home or moving up to a larger one… make sure you read the mortgage documents before signing. See the video to hear my thoughts…..
The month of April showed a slow down in activity vs. the previous year. Keep in mind the weather has been terrible and we are still competing with the brisk PRE-H.S.T. market of 2010. See below for the report from the Kitchener-Waterloo Real estate board. If you have any questions please feel free to contact me at 519-579-4110 or email direct to kevinbaker@kwhometeam.ca
KITCHENER-WATERLOO, ON (May 4, 2011) –Sales of residential properties via the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were slower than usual for April.
There were a total of 614 residential properties sold last month, a 14.4 percent decrease compared to April of last year, and 47 sales shy of the previous five year’s average.
“Given the record breaking wet weather that dominated this past April, it is probable that this had the effect of slowing the start of the spring selling season,” says George Patton, President of KWAR. “Add to this the distraction of the royal wedding and people’s attention being given to the federal election and you have ample reasons for buyers lowering their home searching priority.”
April’s sales included 416 detached homes, 120 condominium units, 45 semis and 30 townhouses.
“Once again we are noting a shift in where the activity is taking place on the price scale,” says Patton. “Last April 35% of the homes sold for more than $300,000, this past April the number of homes selling above that price point made up 43% of the total homes sold.
The average sales price of all residential sales increased 5.6 percent to $310,704 compared with April 2010. While single detached homes sold for an average price of $350,442, an increase of 4.9 percent compared to last year. In the condominium market the average sale price in April increased 11.3 percent to $214,113 compared to the same month a year ago.
SOLID HOME SALES ACTIVITY IN FEBRUARY KITCHENER-WATERLOO, ON (March 3, 2011) –Sales of residential properties via the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) continued their steady pace in February.
There were a total of 491 residential properties sold last month, a 32.7 percent increased compared to January’s results, and a 6.7 percent decrease compared to February of last year.
“These are above average numbers for February”, says KWAR President George Patton. “Keeping in mind that this time last year we had an unusually active February, setting a record for home sales in that month.”
Residential home sales last month included 308 detached homes (down 11.3 percent from 2010), 104 condominium units (up 19.5 percent from 2010), 46 semis (down 4.2 percent from 2010), and 31 freehold townhouses (down 26.2 percent from 2010).
While the most popular price range selling in February of last year was in the $300,000 to $350,000 category with 76 sales, there were almost the same number of homes (72 units) selling in the $250,000 to $275,000 price range last month.
“Vigorous activity for condos and homes in the mid price ranges was reflected in the slight decrease in the average overall residential sale price,” says Patton.
The average sales price of all residential sales decreased 0.8 percent to $288,404 compared with February 2010. While single detached homes sold for an average price of $331,027, an increase of 1.1 percent compared to last year. In the condominium market the average sale price in February decreased 2.4 percent to $196,213 compared to the same month a year ago.
$200,000 Grants for Options For Homes Ownership Assistance in Kitchener First-of-its-kind Home Ownership
Kitchener – For many, the purchase of a new home is the single largest financial decision made in one’s lifetime. This is especialy true for first-time buyers.
At such a time, it is easy to let excitement cloud the magnitude of costs that go into purchasing a home. Taking the next step into home ownership can seem overwhelming when considering a mortgage and/or condo fees, not to mention saving for the initial down payment.
Options for Homes is proud to announce that it has secured access to $200,000 loan financing to assist individuals looking to purchase their first home. The loans are provided by Home Ownership Alternatives Non-Profit Corporation, a mortgage brokerage licensed with the province. This is the first time in Kitchener that such a program has been offered.
Up to $10,000 per applicant is available in a loan to use towards the required down payment of a new property. The loan requires no payments until the unit is re-sold sometime in the future.
The program does not provide 100% of the required down payment. Successful applicants must have some personal funds to contribute to the initial purchase. For example, a prospective home buyer can approach Options for Homes with a as little as a $1000 down payment and apply to make arrangements for the balance of the 5% down payment.
“With 80% of Tanglewood purchasers being first-time buyers, there is a need to support individuals to make home ownership possible,” says Jan Ciuciura of Options for Homes. “We have found that mortgage payments are not the largest deterrent in the decision to buy, but rather saving for the initial down payments. Thanks to Home Ownership Alternatives, we now have a tool that works to help first-time buyers to make their dreams come true.”
The loans are available to be used at Options for Homes’ 120 units Tanglewood Condominium project, located in the community of Laurentian Hills in the southwest corner of Kitchener. These multi-generation units, ranging from Bachelor to Three Bedroom apartments, cost between $120,000 and $260,000. From Kwnow.
KW Condos and Lofts.com 