There has never been better time to own a home in Kitchener-Waterloo
If you’ve owned a home in Kitchener-Waterloo for the last two years, chances are very good it’s been an excellent investment. Specifically, in the last half of 2016, property values have been soaring with consecutive record months for sales volume in our region, while listing inventories dramatically shrink. If you’re currently preparing to buy a home, it’s not exactly easy right now, you may want help.
Just this November, sales volume for single detached houses was up 35% compared to 2015 while inventory for residential listings was 61% below 2015. These two competing interests are creating an opportunity for homeowners.
In a market this fast paced there are few things to watch out for.
#1) Home values: In two years the average single detached home in Kitchener-Waterloo has seen significant gains in value. If your mortgage is coming up for renewal, you may be able to access some of this increased value through a home equity line of credit. With historic low interest rates, homeowners can invest the equity back into the home or diversify a financial portfolio.
#2) Know your value: Curious what your home is worth? Values are changing on a monthly basis right now. Make sure anyone who estimates the value of your home is an active professional aware of the shifting market conditions favouring homeowners. Benjamins Realty can provide a courtesy, no-obligation opinion of value report for any homeowner who would like one.
#3) Considering selling? Avoid these mistakes: The majority of entry level single detached listings that sell in Kitchener-Waterloo are selling above list price with multiple offers. Be sure to list your home for an amount that does not fall short of market value. Some agents have under listed property by up to $50,000-$75,000 which creates a frenzy of offers but does not guarantee the winning offer will reach the peak value. Had the owner simply listed higher, they likely would have still received many offers and perhaps accomplished a better return. Always carefully review current market comparable properties both listed and sold when deciding on a sale price.
Please also consider that it is best to work with a Realtor who is local and sells at minimum 20 properties a year. If the last property a Realtor listed was 4 months ago, they may not even be aware of what current market value is. The same applies to internet-based services offering to help homeowners sell their home. Local on ground experience just cannot be replaced in a fast paced market.