In my last post, we looked at the consequences of higher interest rates upon the renewal of your mortgage. Here are 10 tips designed to protect you from becoming overextended financially in this event.
1. Don't buy too much home. Avoid the temptation to overspend based on what you qualify for. Downsize your expectations and upgrade when you have more equity. Remember ...
Posted by Jeff Gingerich
on July 3, 2009
As Realtors, we are certainly thankful for the resurgent real estate market Canada-wide. Low interest rates have been instrumental in increasing affordability to entice first-time buyers into the market. Real estate is local so let's look at a typical scenario in Kitchener-Waterloo. A couple buy a detached home for $250 000 with 5% down and get a 4% mortgage with a 5 year ...
Posted by Jeff Gingerich
on June 25, 2009
The Kitchener-Waterloo Real Estate Board reports 527 residential sales in K-W for May 2009 representing a 9% increase over May 2008 sales. The average price declined year-over-year by 1.4% to $261,628. Right about now you're probably thinking "What about the Recession?" This increase in sales is being driven by low interest rates resulting in increased affordability. ...
Posted by Jeff Gingerich
on June 9, 2009
Caveat emptor comes from Latin and embodies the principle of "let the buyer beware". When I think back to the tough times in real estate in the early '90's, I remember a number of new clients forced to sell who had bought a private sale during the good times in 1989-90. An analysis of their situation often revealed a number of issues. In many cases, they had overpaid ...
Posted by Jeff Gingerich
on June 5, 2009
In a sign of the times, million dollar residential sales in Kitchener-Waterloo are becoming increasingly rare. Currently there are 21 homes for sale in K-W with an asking price exceeding 1 million dollars. It certainly looks like a strong buyer's market as this price bracket has produced only 1 sale through the MLS this year. In 2008, the Kitchener-Waterloo Real Estate Board ...
Posted by Jeff Gingerich
on May 26, 2009
Residential sales in Kitchener-Waterloo for the first 2 weeks of May show a 15% increase over the same period in May 2008. Of note, out of 257 sales recorded by the Kitchener-Waterloo Real Estate Board, 199 were under $300 000. The supply of homes in this price range is shrinking rapidly due to high activity from first-time buyers. Average days on ...
Posted by Jeff Gingerich
on May 21, 2009
Home security was the topic this morning at an education seminar offered by the Kitchener-Waterloo Real Estate Board. Kitchener-Waterloo Realtors in attendance were provided with excellent information from Divisional Inspector Doug Sheppard of the Waterloo Region Police Service. He indicated most break-ins are committed by males under 25 and the 3 things they're typically ...
Posted by Jeff Gingerich
on May 5, 2009
Signs are all around us that rapid change is increasingly common in today's global economy. The ability to adapt will be the key to survive and even thrive. Research at the University of Waterloo has Waterloo Region at the forefront of nanotechnology. The future looks bright! http://news.therecord.com/business/article/521205
Posted by Jeff Gingerich
on April 16, 2009
There's an old fable about a chicken who thinks the sky is falling because he got hit in the head with a falling acorn. The moral of this fable is to have courage and not to be a "chicken". This "disaster is imminent" message is a common theme in the media today. It appears the residents of Waterloo Region know better.
In what can best be described as a stable market, ...
Posted by Jeff Gingerich
on April 3, 2009
Waterloo's top employer Research in Motion(RIM) defied analyst's expectations today in announcing fiscal 4th quarter profits easily eclipsed last year's results. RIM now has 25 million subscribers and is growing market share in the midst of a sluggish global economy. These results are a huge positive for the local economy and for Wateroo Region real estate. For the full ...
Posted by Jeff Gingerich
on April 2, 2009