Your search results

How Luxury Homes Are Comparatively Affordable In KW

Posted by John Benjamins on February 3, 2017
| 0

luxury homes

Have you ever dreamed of owning a luxury home? It may not be as expensive as you think. When we compared current carrying costs for an average detached home in Kitchener-Waterloo to that of entry-level luxury homes the outcome was surprising. What’s further, some luxury homes cost less per sq. ft. than an entry level detached home.

The Kitchener-Waterloo real estate market has been experiencing an unprecedented surge in residential sales. 2016 was a record-breaking year for sales volume. The most active area of the market appears to be detached single family homes priced below $500,000.

For the last 12 months, in Kitchener-Waterloo, detached homes priced below $500,000 spent an average of 20 days on the market. Historically, that’s a very brisk pace. Furthermore, that number has been steadily declining. So far in January 2017, the average DOM (days on the market) for detached homes listed below $500,000 is 11 days! Standard 1200 sq. ft. detached homes with a garage, which are well updated, may sell for up to a $100,000 over list price. Margins like that can amount to a 25% increase from the list price. A year ago this was unheard of in our market.

Meanwhile, in the last 12 months, homes that listed between $700,000-$900,000 have spent an average of 45.4 days on the market. Property in this price range tends to be significantly larger, and some are even located in luxury neighbourhoods. Traditionally, entry-level detached homes cost less per sq. ft. in Kitchener-Waterloo than luxury homes. This trend is reversing. If the average time spent on the market is 45.4 days for homes priced between $700,000 and $900,000 it indicates far less likelihood of multiple offers and competition among buyers. That’s good news if you’re looking to step up to a bigger home.

Comparing Carrying Costs

If you compared the cost to purchase a $500,000 home vs. $700,000, each with a 20% downpayment and a 30-year mortgage at 3% interest, the difference in monthly payments is only $304 (based on interest only). A price margin of $200,000 could mean the difference between a 1500 sq. ft. home and a 3500 sq. ft. home. One thing to note, luxury properties have added costs like increased property tax, but the payoff could be significant. As homeowners in entry-level homes see their values rising dramatically, luxury homes may become more affordable; this will spur competition and eventually drive growth at this end of the market as well.

Curious what the market is offering for an entry-level luxury home? Contact Benjamins Realty to begin receiving properties of interest today.

Write a Reply or Comment

Recent Posts


You Should Consider benjamins realty inc?

Around benjamins realty inc we truly look at becoming a real estate agent quite seriously. All of us realize that undoubtably when individuals are hunting for an incredible real estate agent in Kitchener these people require the finest. As a result we all try to be really the slickest real estate agent we could be inside Ontario. It's our commitment to truly staying the finest that has earned us truly substantial esteem with each of our purchasers.

As an incredible real estate agent in Kitchener we all of course invariably aim to make time to understand all our customers questions patiently and with absolutely no waiting. We all of course go to the effort. All of us believe that it is very vital to ensure clientele feel truly recognized and looked after.

Certainly, there are usually not so many real estate agent that hold the exact skill set and background to market themselves as a leader inside their field. Blend this with our high level of buyer services and certainly we really feel we absolutely are the best incredible real estate agent in Kitchener within Ontario.

Ready to get moving?

All this gets going with a simple phone call.

Call (519) 575-9092.

We'll be pleased to talk about your real estate agent requirements in greater detail over the phone or via email if that works more effectively for you personally. Beyond that we shall offer the answer that very best meets your present requirements. Discover precisely why people now call us the ideal incredible real estate agent in Kitchener!

Still Require Convincing? Some Other Reasons benjamins realty inc is really A Realtor In Kitchener

Commitment to Quality - A Realtor In Waterloo and A Real Estate Agent In Kitchener

Our dedication to excellence is definitely remarkably substantial. In case you are wanting to be an incredible real estate agent in Kitchener or an incredible real estate agent in Kitchener, there's really not one other alternative but to really give it your level best in order to shine. In case any given purchaser requires extra care, we afford that valued consumer added effort. Anything for us to make certain they will be very pleased with us all as a real estate agent. Realize, we work with practically all of Ontario, so please call.

Devotion - A Real Estate Agent In Waterloo and A Real Estate Listing Service In Kitchener

Many customers have occasionally mentioned our business as an incredible real estate agent in Kitchener, an incredible real estate agent in Kitchener, an incredible real estate agent in Kitchener and also the best Ontario headquartered real estate agent you will find! Honestly this would not occur without exceptionally hard labor and persistence for the consumers and also the top quality bestowed within your product. Whenever you will be looking around to obtain an incredible real estate agent in Kitchener, we all certainly believe we are sincerely the very best option. Phone benjamins realty inc to look at the needs you have immediately! (519) 575-9092.

Understanding - A Real Estate Listing Service In Waterloo and An Incredible Real Estate Agent In Kitchener

With any sector, experience is certainly a crucial factor with regards to overall results. When you will be looking for an incredible real estate agent in Kitchener, this point is more accurate. With being a real estate agent, all of us will explain to you undeniably how the end result is very much determined through the practical knowledge of the firm that you have been contracting. The very huge degree of practical experience which benjamins realty inc offers in being an incredible real estate agent in Kitchener, is simply exactly why you actually ought to rely on us all with your patronage. If you are wanting to get an incredible real estate agent in Kitchener, look into benjamins realty inc. Definitely contact us all straightaway.

Reach out Today to Get a Totally Free Consultation!

We cannot get underbid. Try not to pay more only because you did not contact all of us. Think you are getting an untouchable price already? Why don't you be 100 % sure? Speak to us here. You could just discover that we are in truth better price. Many people have already.

Deciding just what real estate agent to engage is a critical endeavor. Make a thought out call. You should talk with us all with simply no expectations to discover for yourself if we all will be the very best real estate agent for your needs.

Call Us!

(519) 575-9092 [/BREAK]

Contact Us

  • This field is for validation purposes and should be left unchanged.