The local improvement in economic conditions appears to have led to fewer Power of Sale properties in October. Active listings under Power of Sale as of November 15th totalled 11 versus 12 in mid-October. Of these, 10 are in Kitchener and 1 in Waterloo.
Properties bought under Power of Sale in October declined to 10 versus 17 in September. Of note, there ...
Posted by Jeff Gingerich
on November 17, 2009
The Kitchener-Waterloo Real Estate Board reports 375 sales in K-W for September 2009 which represents a 15% decline over the 441 sales reported in September 2008. Of note, the end of $0 down and 40 year amortization program was rapidly approaching in September 2008 and sales were artificially high as a result. The median price for September 2009 sales in K-W was a September record ...
Posted by Jeff Gingerich
on October 4, 2009
A recent headline in the Toronto Star read "Credit Card Defaults at Record Level". It indicated a record level of accounts being written off as uncollectable for 3 straight quarters.
So what does this have to do with real estate? Most real estate buyers will need a mortgage. As part of the approval process, the lenders will turn to a credit reporting agency to determine ...
Posted by Jeff Gingerich
on October 2, 2009
I get asked this question often by buyers and sellers of new or newer homes. Why should I spend $400 for a home inspection? Isn't it covered by the Ontario Tarion warranty program? My answer is always the same...spend the money. It will give you peace of mind and may save you grief at resale time. I recommend taking a home inspector along for your pre-delivery ...
Posted by Jeff Gingerich
on August 26, 2009
Residential real estate in June 2009 provided a bit of sunshine in an otherwise gloomy economy. Kitchener-Waterloo shows approx. 569 sales through the Multiple Listing Service which surpassed June 2008's total of 564. Of note, 75% of sales were under $300 000 and new construction accounted for only 6% of the totals. The average days on the market ...
Posted by Jeff Gingerich
on July 3, 2009
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
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
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