Another busy week in Kitchener-Waterloo Real Estate
This week: the real estate market report, statistics for rural Waterloo Region, condo rules, the PDI – pre-delivery inspection, house-hunting tips, 7-day market report, trends and insights about home buying…
What’s happening in Waterloo Region Rural Real Estate
Statistics of listings and sales
The average list price for homes listed in Rural Waterloo Region is currently $1,125,091
The Median list price for homes currently listed for sale in Rural Waterloo Region is $749,900.
The average sold price for homes sold in Rural Waterloo Region last month was $930,494 (16.22% over list price).
The average days on market for these sales was 15.
365 Rules About Real Estate
12 Rules about Condominiums and New Homes
Rule #179: Buying a condo is a good way to get into the market.
Rule #180: Condo living is a lifestyle choice, and a good one.
Rule #183: Condos that have a high percentage of owner-occupied units are preferred.
Rule #188: Many older condos have water and other utilities included in the condo fee.
The PDI (Pre-Delivery Inspection)
What is the purpose of the PDI?
The PDI usually happens a day or a few days before closing. The goal is to find and record any obvious flaws, deficiencies and errors and to establish the Tarion Warranty for your new home. LINK
Kitchener Waterloo Real Estate Market Report
Persistent and fierce competition combined with short supply cause dramatic increases in the average price of Kitchener-Waterloo homes
The average price of a detached home exceeded $900K for the first time, rising to $910,126 An increase of 35.4%.
The number of months of inventory was 0.5 in February and has remained below one month’s supply since October.
The average number of days on the market in February was 10 days, compared to 17 days in February 2020
The previous 5-year average of 33 days.
14 questions to ask before you go hunting for a new home
Before hunting for your new home, think through your goals for homeownership.
Do you want to earn equity and build wealth by owning a house?
Do you expect you might need more space for a future family?
Do you want to live in a quiet, established area or somewhere more lively?
Are you pre-approved for a mortgage?
Kitchener-Waterloo Real Estate 7-Day Market Update
New listings: 194
Homes sold: 139
Average days on market: 12
Median days on market: 7
Average SP/LP: 117.50%
How Covid Changed Home Buying Trends and Insights
A recent survey of who purchased a property since COVID-19 measures were introduced found:
70% said their property is further than they would have previously considered
82% of respondents agree that low interest rates has driven up home prices
Blast from the Past
How’s the Market? From March 2020
In this episode of “How’s the Kitchener-Waterloo real estate market”, I show you that the number of listings entering the market is speeding up. That’s the good news. The bad news…