Welcome to my weekly weekend update of the market in Kitchener Waterloo!
For the last few years the area has been one of the hottest markets in Ontario (and for good reason!), and recently we've been seeing a slight shift in favor of a buyer's market in the past month (the month started with an Index reading of .56). 500 homes have sold this past (rolling) month, and another 147 are pending sale.
While the market is still hot, it isn't growing at the same rate it has in recent years, with YTD sales being very close to last year's YTD figures. The local economy continues to be very strong, unemployment is historically low, and new business are migrating into the area on a consistent basis.
Buyers an expect to be able to bargain with the seller on price, terms, and inspection results.
Sellers can expect to be on the market longer before receiving an offer, and that offer may be for less than they expected. Sellers can distinguish their home by preparing it for sale properly (by using a Home Dresser or Accredited Staging Professional), using a Realtor with a sophisticated home selling and marketing system and price their home properly.