CONTACT CLARA

RE/MAX performance realty

Or contact Clara by phone: (204)452-9627. I'm looking forward to meeting you!

Login form
Sorry, User can NOT register!

September 2018 Market Update

Reused by permission of the Real Estate News

http://winnipegrealestatenews.com/Resources/PressRelease?fileID=500

September Sales Drop 12%

WINNIPEG – September sales of 1,046 were disappointing as they fell 12% in comparison to September 2017 and were off 9% from September’s 5-year average of 1,156 sales. On the other hand, new listings were up 6% and inventory of 5,134 listings grew by 11% over the same time last year.

Year-to-date sales activity shows sales of 10,264 are down 7% over the same period in 2017 while dollar volume has decreased 5% to $3.0 billion.  Listings entered on the MLS® at the end of September are 19,771, up less than 2% from 2017.

If you look back before 2016 and 2017, the best years ever on record where sales after nine months were right around 11,000, year-to-date sales are very much in line with 2015 and 2014 and much closer to 2013 in total sales.

“Winnipeg’s resilient market is being tested this year in light of newly tightened federal mortgage regulations and it is preventing a number of prospective buyers from entering our market,” said Chris Dudeck, president of WinnipegREALTORS®.  He added, “ The lack of new entrants to a housing market compounds matters further as the cascade effect of more sales occurring further up the real estate ladder is muted due to sellers unable to move on with their plans to buy a home if theirs does not sell.”

We also need to keep things in perspective how Winnipeg and the outlying metropolitan region  housing market is performing relative to many other housing markets across the country. At a Canadian Real Estate Association national conference held this month, delegates were told 50 local markets are down more than 10% and 75 out of 101 markets are experiencing declining sales activity in comparison to year-to-date sales in 2017.

“As always, both buyers and sellers need to consult with their REALTOR to develop a strategy to navigate our current market conditions,” said Dudeck.

In September there were 5 million dollar plus single family home sales with one selling for $2 million. The lowest sales price was $44,500. For condominiums, one unit sold for close to $1 million at $964, 950 while the lowest one went for $66,500.

The average days to sell a residential-detached or single family home was 32 days while for condominiums it was a week longer at 39 days.

A real positive for the Manitoba economy going into the last three months of the year is the recently signed United States-Mexico-Canada Agreement. It should bring more certainty and economic stability to what was concerning for many Manitoba businesses which rely on exporting their goods and products south of the border.

One of the most important components you need to take into account when selling a home is strategy”, said Marina R. James, CEO of WinnipegREALTORS®.  “Your REALTOR® knows strategy and will help you navigate through complex issues from start to finish.”

Read more...

When is the Best Time to Sell?

Is Now the Best Time to Sell?

Selling your home is not only a big decision financially, but also emotionally. Your home is no longer the bricks, drywall, and hardwood floors you fell in love with when you bought it. You have tackled some of life’s many milestones and made memories inside the house you now call a home. Whether you have simply grown out of the house, are choosing to downsize, or you’re looking for a new location, there are many factors that may influence your decision to sell your house.

Check your Finances: Do some research to determine the payoff amount of your loan so you can determine what your sales proceeds will be after you have paid off your loans, closing costs, and REALTOR’s commissions.  The closer you are to the end of your mortgage term, the less additional expenses you will incur.

Do Some Comparisons: Doing your homework is always important! Do some research on the current condition of the real estate market, and look into some comparable properties who have recently sold in your neighbourhood.  You may want to consider selling when it is a seller’s market.

Is your Home Ready to Sell?

We have all heard the many ways you can improve your home to get the biggest return on your investment when selling. While you may not want to make any major improvements, it’s important to ask yourself if your home is in its best condition to sell. At the very least, you need to ensure you have the time to give your home a good deep-clean and de-clutter to ensure it is prepared for showings when the time comes. Take into consideration the length of time it will take to do this to determine a time frame for when you can realistically list your home.

Four Questions to Ask Yourself:

Take a second to think about your answer to these four very important questions. If you’re happy with your answers, you may be ready to sell and if not, it may be worth it to continue weighing the pros and cons of your decision to sell or speak further with a Real Estate Agent to get their opinion.

  • After selling this home, where will you move?
  • Are you still emotionally attached to your current home?
  • Are you financially ready?
  • Are you willing to make changes to paint colours, or upgrades to the home?

When is the Best Time to Sell a House?

Most real estate professionals will tell you that the best time to sell would be the spring, followed by the fall. Spring is desirable for many sellers as it is a great time to showcase your homes best features and many buyers want the transaction to be completed before the summer months. It’s important to remember that since it is the busiest time of the year, you will face more competition, increasing the importance of making sure your home shows at its best.

At the end of the day, the best time to sell is when you’re ready. Call today with your questions and to schedule a free home evaluation.

204-452-9627

Read more...

August MLS® sales down 1%

Reused by permission of the Real Estate News

WINNIPEG – August sales of 1,274 are down 1% from August 2017 and up 1% over the 5-year average. Dollar volume of $375 million in August was down less than 1% from August 2017. Inventory of 5,163 MLS® listings at the end of August is up 7% over 2017.

Year-to-date sales of 9,218 are off 6% from the same period last year while year-to-date dollar volume of $2.73 billion is down 4% from 2017. Total listings of 17,619 have been entered on the MLS® this year and are slightly ahead of 2017. Where the difference is greater between the two years is in how many of these listings have been sold. There have been 52% sold this year compared to 56% in 2017.

“We have said all along this year that we are comparing our sales activity to one of our best years on record so we have every reason to remain optimistic about our market this year,” said Chris Dudeck, president of WinnipegREALTORS®. “As shown last month, Winnipeg remains a stable and resilient market with a real upside in terms of its affordability.”

Speaking of affordability, a September 4th release by the National Bank of Canada of their Housing Affordability Monitor shows Winnipeg and local buyers in particular remain in a very favourable position, especially in comparison to higher-priced housing markets in the country.

The Monitor examines the required mortgage payment on a median-priced home as a percentage of median income for a 5-year term with a 25-year amortization period. Income to buy a representative Winnipeg home of $318,610 is $56,989 while for a representative condo priced at $229,426 the household income needed is $41,037. Saving for the down payment is 28 months for a home and 20 for a condo.

In comparison, Victoria requires 121 months of saving for a home down payment and 48 for a condo based on their much higher median prices. You need an income of $151,611 to buy the $847,619 median-priced home.

Reinforcing the Winnipeg Metropolitan Region market’s housing affordability in August is the fact nearly 50% of all residential-detached sales were under $300,000 with another 17% selling from $300,000 to $349,999. 78% of all condo sales in August were under $300,000.

While the majority of sales activity occurred in more affordable price ranges, this is not to say the upper end of the residential-detached market did not fare well in August compared to August 2017. There were 81 sales of $500,000 and above (6 sold for over $1 million), a 16% increase over last August.

Going into September buyers should also be happy to know the Bank of Canada decided to not increase its overnight rate of 1.5 % as some economists thought possible. The next date for a potential rate increase is October 24, 2018.

“Buyers are in a good position to begin their search in our local market as it has a healthy supply of affordable listings to choose from”, said Dudeck. “With summer vacation over and the children back in school there is no need to put off your buying intentions any longer.”

“REALTORS® are experts in knowing the local market and specific property types you may be interested in purchasing,” said Marina R. James, CEO of WinnipegREALTORS®. “They can offer you objective advice so you can make an informed decision on what best suits your needs.”

Read more...