Buyers - Don’t Lose Hope!
MARCH 10, 2021
Chestnut Park West
These are far from the easiest of times to be operating in our market as a home buyer – we get it. The past few months have seen staggering increases in average sale prices across all types of housing in Waterloo-Wellington which have seemingly been pricing ever more people right out of the market, and dashing dreams of homeownership for prospective first-time buyers. Every day seems to bring more and more articles bemoaning the skyrocketing cost of entry, and more and more statistics and reports pointing to unheard-of figures in the freehold, condo and rental markets alike.
Under these intimidating conditions, it can be easy to lose hope that your search will ever result in finding a home that both meets your criteria in terms of needs and wants, and doesn’t take an unsustainable bite out of your bank account every month. But no matter how bleak things might appear right now, we’re here to let you know that there are always exceptions to the rule, and that good deals can still be found out there. In fact, I’ve made our careers largely out of coaching our clients through difficult markets – it’s what separates great real estate agents from the merely competent ones. And throughout the tough conditions imposed over the past year, we’ve continued to outperform in our market agent-for-agent, on both the selling and buying sides.
To help give you an idea of the value that can still be found out there if your agent is looking hard enough, there have recently been a handful of examples in central Kitchener-Waterloo neighbourhoods of detached homes (some with garages!) selling for under $650,000. As you’ll quickly note, this is a far cry from the eye-watering average sale figure released earlier this March for single detached homes - over $910,000. These relative bargains can come about through many circumstances that can lead to a home’s final sale price not reaching the stratosphere. These can include the day of the week a listing becomes active on MLS (homes listed on Fridays or over the weekend generally don’t receive adequate exposure prior to agents organizing weekend tours for their buyers), unexpected competition from neighbouring properties popping up for sale, or (especially at this time of year) unpredictable weather preventing out-of-town agents and their clients from being able to travel to see properties in person.
And, as we get into the busier spring selling season, it’s also likely that we’ll see an increase in available resale inventory easing the pressure on buyers somewhat. While prices do remain quite high compared to where things stood in our market at this time last year, any relief from the unrelenting competition for a historically miniscule number of active listings these past few months will doubtlessly be welcomed by prospective buyers.
So, if you and your family need a home and have been feeling frustrated, fed-up or defeated by trying to operate in our market these past few months on your own, I’d encourage you to reach out to me. I am experienced in dealing with all types of markets, dedicated to my clients and my profession, and have unparalleled local knowledge of our cities’ neighbourhoods. Most importantly, I know how to spot good value in a difficult market, and how to make sure our clients can close on a home they love at a price they can afford.