Kitchener-Waterloo Real Estate Market September 2020




There were 686 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in August, the most ever recorded for the month.

August’s home sales represented an increase of 48 per cent compared to the same month last year, and a decrease of 8 per cent compared to the previous month. The previous ten-year average number of residential sales for August is 470.

“Waterloo Region has had an extremely hot market all summer,” said Colleen Koehler, President of KWAR.

”Following a spring market where most people were observing physical distancing guidelines, sales in August continued to be very active with demand continuing to outstrip supply forcing buyers to act quickly.”

Total residential sales in August included 433 detached homes (up 61.5 per cent from August 2019), and 79 condominium apartments (up 38.5 per cent). Sales also included 138 townhouses (up 40 per cent) and 39 semi-detached homes (no change).

The average sale price of all residential properties sold in August increased 21 per cent to $634,409 compared to the same month last year, while detached homes sold for an average price of $734,427 an increase of 18.9 per cent.

During this same period, the average sale price for an apartment-style condominium was $386,972 for an increase of 16 per cent. Townhomes and semis sold for an average of $495,932 (up 18.3 per cent) and $535,330 (up 21.1 per cent) respectively.

The median price of all residential properties sold in August increased 20.8 per cent to $597,955 and the median price of a detached home during the same period increased 17.4 per cent to $675,000.

“This summer, local home sales rebounded from the COVID-19 slow down we had in the spring,” said Koehler. “While not as heated as July, August sales were another month for the record books, as home buyers returned to the market with renewed intensity.”

There were 833 new listings added to the MLS® System in KW and area last month, an increase of 43.8 per cent compared to August of last year, and 26.4 per cent more than the previous ten-year average for August.

The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of August. The previous ten-year average supply of homes for August was 3.3 months, and in the past 5 years, the average supply for August was 2.2 months.

The average days to sell in August was 16 days, compared to 26 days in August 2019.
WAFFLES IN THE WAREHOUSE

WAFFLES IN THE WAREHOUSE

The Food Bank of Waterloo has seen a huge surge in demand since the pandemic so they need our help now more than ever before. One great way we can help this wonderful organization is to support their annual “Waffles in the Warehouse” fundraiser.

Waffles in the Warehouse is a networking event where a panel of food industry experts will discuss how Covid-19 has transformed food delivery in the Waterloo Region and what the future may hold.

This year, Waffles in the Warehouse is going virtual on Wednesday, September 23rd between 8.30 a.m. and 10 a.m. You can purchase tickets for this online event and enjoy a morning making connections with new people from the comfort of your home!

Also, Oktoberfest has supported the Food Bank for many years and will continue to do so this year despite their non-traditional format. Opening ceremonies will be live-streamed from the Region of Waterloo International Airport on Friday, September 25th between 12:00 and 1:00 p.m. and the festival will run until October 12th.

On October 9th and 10th, there will be an Oktoberfest LIVE virtual event with an amazing lineup of cultural performances and live festhalled stage shows with lots of family-focused content. This is a free event but will be a fundraiser for the Onkel Hans Food Drive benefiting the Food Bank of Waterloo Region.

Festival-goers can also support our local restaurants by visiting one of the many “Micro-FESThallen” which will feature live Oktoberfest entertainment and Bavarian-themed food specials while following physical distancing protocols. Let’s all come together this year and celebrate our community while also trying to make sure that no one goes hungry.

How to Create a Functional Home Office

10 REASONS WHY YOU SHOULD USE AN AGENT WHEN SELLING YOUR HOME

If you're planning on selling your home, you may have considered putting up a "For Sale" sign and doing it yourself but there are many potential pitfalls that could end up costing you far more than you’d save.

Just as it's not recommended to represent yourself in court, marketing and negotiating your biggest asset on your own can be a very risky move. Here are ten reasons why you should use a real estate agent to help sell your home:

1.) Mass Exposure
Your pool of potential buyers will be very limited, whereas an agent can expose your home to the masses which will dramatically increase demand and hopefully trigger a bidding war!

2.) Marketing Fees
Advertising fees can quickly amount to a small fortune but when you list your home with a real estate agent, they’re responsible for shouldering those costs.

3.) Time Is Money
Your time is very valuable so it may make more financial sense to spend it on other projects that will deliver a higher return.

4.) Carrying Costs
Selling privately usually takes longer which quickly drives up carrying costs such as mortgage interest payments, insurance premiums, taxes, utilities, etc.

5.) Stigma Status
The longer a home sits on the market, the harder it is to sell as its extended time on the market gives the impression that there’s something wrong with the house.

6.) Expert Advice
Real estate agents are experts when it comes to local market conditions so they’re in the best possible position to advise you on multiple and counteroffer scenarios.

7.) Qualified Buyers
If you sell your home on your own, you'll have to show it to complete strangers on short notice which can be inconvenient and also dangerous. Real estate agents on the other hand will only show your home to qualified buyers.

8.) Third-Party Negotiator
Buying or selling a home is an emotional roller coaster where just one wrong remark can cause a deal to fall apart. A third-party negotiator provides a buffer between the buyer and the seller to help ensure things go smoothly.

9.) Corona Crisis
The pandemic has added an extra layer of stress with safety protocols that must be adhered to. Staging and virtual tours are therefore more important than ever and if you don’t get it right from the get-go, you’ll lose out on a large pool of potential buyers.

10.) Splitting Headache
Most buyers are represented by real estate agents who are paid directly by the seller. That means you’ll be giving away half the amount you’re trying to save unless the buyer also chooses to go it alone. If that’s the case though, buyers will expect to pay less which also cuts your savings in half.

Selling a home privately can be risky which essentially means you're gambling with your biggest asset. Do-it-yourself jobs are great in certain situations but when it comes to selling your home, it's best to have a professional on your side who will look out for your best interests during this complex transaction.

FIRE PREVENTION WEEK: KITCHEN SAFETY

FIRE PREVENTION WEEK: KITCHEN SAFETY

Fire Prevention Week begins on October 4th and this year’s theme is “Kitchen Safety”.

Kitchen fires are the leading cause of home fires and while they have the potential to take down entire homes, they’re almost always preventable. Here are a few simple precautions that will help you protect your family from a kitchen fire:

Never Leave a Stove Unattended
Monitor your stove at all times, especially if you’re cooking on an open flame. The single leading cause of fires in the kitchen is an unattended stove so don’t allow yourself to become distracted with other tasks.

Timing Is Everything
It’s easy to get distracted as life at home can sometimes get hectic, but leaving a tray of cookies or a roast chicken in the oven for too long can lead to disaster so it’s important to always set the timer.

Give Yourself Some Space
Make sure any rags, napkins, packaging or wooden spoons you’re using are well away from the stove. Also, too many cooks in the kitchen can lead to a crowded and confusing space where accidents are more likely to happen.

Clean Up As You Go
Grease is a particularly hazardous component of kitchen fires as water further spreads a grease fire. If you properly dispose of any excess grease and keep your area wiped down, you’ll limit the risk of this added danger.

Keep a Fire Extinguisher Nearby
Ensure you have a fire extinguisher that’s rated for kitchen use on hand in case of an emergency. Keep it stored under the sink or hung up behind a door so that it’s out of sight but easily accessible and make sure everyone knows where it is and how to use it.

Most fires are caused by human error, not by malfunctioning devices or freak accidents. Your home is your zone of safety and security. It’s your space for building loving memories that’ll last a lifetime but in its most basic sense, it’s your place of shelter so it’s important to keep it safe for the protection of you and your family.





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