As someone who's lived in the Galt Core, and given my profession, I take great pride in living in a beautiful town where we can enjoy many old buildings with boundless charm and character. That are half empty. And have been that way since I first moved into the core in 2003. Every time a new shop opens, another can be found shuttering it's door and windows. We want to revitalize the core. We want us to move forward. We want LRT, and GO trains, and to get back to the river. But how are we going to achieve all these things if we don't get warm bodies downtown? We should be so lucky, that someone wants to spend $130m in our core, and we must be willing to work with them instead of putting up roadblocks. We know this to be true from our own gardens and homes. Left neglected, even the pretties gardens will whither and die. If we have to alter the garden to accommodate a caretaker, isn't that a better and more fitting way to protect it, rather then just neglect it? The end result will be more money spent in our core, more businesses thriving and hiring more people, and so on. And just perhaps, Mayor Craig will be able to sleep a little more easier, seeing a lot less people utilizing the Cambridge Food Bank. Let's just build the damn towers already. Are 20 stories too high? Should they be reduce to 18 or 16? Do you think that will make a difference? Post your comments below! :-)
Probably the number one question I get at open houses these days: is the market slowing down? And the answer to that depends on how you look at it. The number of sellers have certainly increased, but the buying pool I think for the most part has remained the same. It seems buyers no longer feel like if they miss out on something, they may not get another chance. I checked to see sales in Cambridge, this week June 5th through June 9th. There were 43 sales that week, and 79% of those sale were at, or above asking price (108% of list price). At first glance that seems like an indication that Sellers are still getting well over asking price in most of the cases. And you'd be right for drawing that conclusion. But when you examine the data from May 8th to 12th, we find 90% of the sales at or above asking price (110% of list price). We also know that inventory levels are increasing so all of this is to be expected. So have potential seller's missed the boat? Certainly not, but more so than a month ago, buyers have options and thus it's crucial that your list price be bang on. Do you have questions about pricing? How do you feel about the direction the market is heading? Comments are always welcomed.
Most everyone is familiar with what the letters in TEAM stand for. It's an acronym popular among the Motivation crowd, but Together Everyone Achieves More, is much more than a simple phrase that goes on a poster, it really should be embraced. You the client are the most important piece of the puzzle, and deserve to have a team built around you, focusing on helping you achieve your goals.
So who should be on team you? The usual suspects obviously, realtor, mortgage broker, lawyer. But also consider some others. Inspector. Accountant. Electrician. Plumber... the list goes on. But the first 3 are probably most important, and you can't/shouldn't purchase or sell real estate, without them. In fact, in today's market, you'd be absolutely crazy to even try. But what about the others? Having access to an accountant to quickly answer questions about HST on a purchase, capital gains tax or residency, is a huge benefit. Similarly, being able to snap and send a photo of something weird you see at a house to a home inspector for his opinion, is truly invaluable. Keep these in mind when assembling your team: The Late Jim Rohn famously said, "you are the average of the 5 people you spend the most time with." So doesn't it make sense to surround yourself with successful people? People bringing you closer to your dreams?
There are no guarantees that any one of the following tricks will work, but they certainly do improve your chances in a multiple offer situation.
Multiple Offer situations, or Bidding Wars, almost never used to happen. Certainly not the way they are manufactured today for almost every single house that comes on the market. It used to be that the first one in to see the listing, had first crack at the house if they acted quick. Not anymore of course with Seller's withholding offers for about a week to get as many people through the house as possible before looking at any offers on a specific date and time.
So for the last year, buyers, sellers and their respective realtors have been going in blind, treading new territory, some fumbling through the process, others leading the way, with almost everyone confused, unclear, or with their own interpretation of how the process should be handled. This has resulted in a lot of clever tricks, some of them pushing the boundaries of whether they are even legal or not, but in this fast moving market, there hardly seems time to raise question or concerns. And there are so many concerns with how the process is currently handled, it's bound to blow up in someone's face one day.
Here are some easy steps you can follow, to improve your odds of getting your offer accepted:
These are my tips for winning multiple offer situations. There are always exceptions and unknowns, someone from out of town could come in with a million bucks for a semi, which no amount of preparation will negate. But follow these steps, and you'll have a pretty decent shot of getting your home!
Another day, another bidding war, another house selling for well over the asking price. People it seems have had about enough, but no-one truly knows when relief is coming. Is it Sellers? Is it Buyers? Is it Investors that are driving the market?
Inventory in the Region of Waterloo seems to be at an all time low, hovering at around 1.5 months worth. This low supply has meant that houses today are selling for astronomical prices, certainly when compared to what we've seen in the past, and many are wondering when we're going to see an end to this madness. My belief is that what we are experiencing today, is here to stay for at least the next year or so. Unless a bunch of homes unexpectedly hit the market, or a new subdivision becomes available for occupancy, the demand won't ease. I wanted to examine the demand a little closer, to see what's driving it? Immigration in the region, and in Canada in general is at an all time high, and there is further talk of raising it even higher. This influx of immigrants to region, coupled with our improved infrastructure, which bring with it jobs, and people mean there will be great demand placed on housing. Add to this the number of purchasers we are seeing from 905, 416 and 647 area codes, means we are only competing for what little supply there is within our region, but also from a lot of GTA buyers who don't mind driving the hour or so each way, if they can save a couple of hundred thousand dollars. Let's face it, they are probably doing it already in the GTA. So while yes, there are a number of investors who are snapping up properties, my belief is that the demand non-investors place on the market, is what is driving the price of homes today.
Are you ready2move?
Buying and Selling Residential, Condominium and Investment real estate in the Waterloo Region since 2008. Oh, and also Ottawa! :-D