In sharp contrast to era of "foreclosure-gate" in the United States, residential power of sale activity in Kitchener Waterloo continues to represent a small percentage of the market. Active listings under power of sale on the Kitchener-Waterloo MLS totalled 15 as of mid-November which equalled October's total. Of note, 93% are in Kitchener and 7% in Waterloo. This is a trend we've witnessed since I began tracking power of sale activity. With interest rates remaining at all-time lows, I suspect it's the effect of job losses in the manufacturing sector in Kitchener. Conversely, Waterloo has seen growth in the technology and education sectors.
Unit sales under power of sale dipped to 9 in October from 11 in September. Of note, Home Trust was the lender involved with 2 of these sales. Home Trust describes itself as an "alternative to the major banks". Their clients are those borrowers who failed to meet some established criteria and would include small business owners, new immigrants and those who had previous credit issues including bankruptcy.
Why aren't there more bargain homes for sale in Kitchener Waterloo? Simply put, the demand continues. Low interest rates and a relatively good local economy continue to spur demand for houses in Kitchener Waterloo. Until either of those things change significantly, we'll continue to see relatively firm prices.
If finding a bargain home or distress sale in Kitchener Waterloo is in your future, I can help. December and January are traditionally the 2 slowest months for residential real estate sales locally. Late mortgage payments and mortgage arrears will peak in January, often meaning those sellers are anxious and motivated. My job as your agent is to find them in a timely manner and use my negotiation skills to get you the best price and terms possible. If that sounds like the agent you desire, feel free to contact me at email@example.com or 519-505-4488.
Century 21 Home Realty Inc. Brokerage
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