13 – The Marshall Report – Episode 13

Today is Thursday, March 31, 2016. This is the 13th episode of The Marshall Report. Welcome to the podcast.

In today’s podcast:

1. Lunch at Google

2. Living in K-Dub.

3. Traffic in Waterloo Region

4. The current state of our real estate

5. What I’ve learned in 10 years as a realtor

6. Shiny object syndrom

7. Back to the future

8. Wood burning fireplaces

9. Climbing the Mount Everest of real estate

10. The best time to buy real estate

 

 

Lunch at Google

I visited the new Google last week. It was a thrill. A client invited me in for lunch. Google is quite a place. If I wasn’t a Realtor, I would sure love to work at Google. There is just something about the place that is so wild and modern and clever. In fact, if you think about all the companies who could set up shop here in Kitchener, who could you choose over Google. Who else would be on our top ten list? Apple? For sure, but then who else?

But I love what I do. I love working from my home office too. I’ve got a great schedule and the only interruptions I get I allow myself to get. I don’t have meetings. There are no overhead announcements or invitations to lunch or people popping in to tell their problems or invite me to lunch.

I work with words first, then data and then people. That is how my day is structured. I read and write in my blog and then take care of my clients’s need and then usually after lunch or late in the afternoon, go out and look at houses and take care of all of the running around that real estate agents do.

It’s not Google, but it is a pretty sweet set up.

 

KW has changed a lot

What is it like to live here now? LINK

 

Traffic? What traffic?

A recent study found that Kitchener Waterloo is the least congested major area in Canada. The study measured travel times around the region comparing times when there is no traffic to times when there is and found that trips take 16% longer when there is traffic. We have the lowest congestion of the 12 Canadian urban areas measured. Hamilton had the next lowest and Toronto and Vancouver had the highest.

The study must have been done before the LRT construction started.

I work with a lot of people from Toronto and they tell me how lucky we are that everything is 20 minutes away here.

 

The state of stats

I looked at the state of our real estate statistics a couple of days ago. We are about 90 days into the year.

What I found was:

We have 1370 active listings

233 conditionally sold listings

1321 sold listings what will close within the next 180 days

589 homes have sold and closed so far this year

531 listings expired without selling

29 were suspended and

301 were cancelled

Of the active 1370 listings

532 are condos and

838 are freeholds

What’s interesting is the median price for freeholds currently for sale is $470,000. The median price for sold freeholds is $335,000.

 

What I’ve learned from 10 years of being a realtor. LINK 

 

Shiny Object Syndrom

I’ve noticed that many of my clients are looking for the perfect house. I’ve also noticed that I’ve been involved with a high number of competing offers this year. At the same time, there are houses that have languished on the market for a long long time without selling. Now I know there is a real shortage of inventory. But is there also an imbalance between the kinds of houses that people want and what is available?

Just wondering. Just wondering if we have a slight case of shiny object syndrome.

 

Back to the Future

Last week I mentioned on the podcast that I would like to go back a decade or two and buy some property in Toronto.

There was a story on the The Red Pin’s website stating just how much prices have actually risen in the past 20 years.

A lot.

356%, according to the website.

In Toronto, house-hunters in 1996 would have to spend about $266,000 for an average single-family home. Those are 1996 dollars of course, but with the average price of a single family home in Toronto now at about $1million, I think it is safe to say that buying property, any property 20 years ago would be a good.

I bought my first house in Waterloo region in 2001. We bought a four bedroom, bathroom home (with an in-law suite) in the Westmount area for less than $200,000.

And that seemed like a lot of money at the time.

 

Wood burning fireplaces 

Montreal is asking all residents to register their wood burning appliances or face a $500 fine. The city sent out letters to about 50,000 residents thought to have wood burning fireplaces or stoves late last year. This is an attempt to clean up Montreal’s air pollution with one of the strictest by-laws in North America.

Starting in 2018, wood-burning appliances will be banned unless they meet the rigorous new emission standards of 2.5 grams of fine particles or less per hour. Transforming a stove or fireplace with inserts so that it is in compliance with the coming regulations costs between $2,000 and $8,000.

 

Call to action. Hire a Sherpa 

Last week on the podcast I mentioned that real estate agents are no longer gatekeepers. We are sherpas now helping our clients scale the momentous task of purchasing a home. It has been rough three months for buyers out there. It is not Toronto crazy but it is crazy, mostly with multiple offers.

This week’s call to action is find a buyer’s agent to help you buy a house. You wouldn’t climb mount Everest on your own, would you?

 

Parting thought

With the price of homes rising so quickly, I will leave you with this thought.

The best time to buy real estate was yesterday, or 20 years ago. The next best time to buy is now.

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