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Expert advice, market reports, and tips from the Niagara Region real estate professionals.
Often things economic go in cycles. Whether we are talking the stock market, the real estate market or whatever. Things are relatively tranquil. Then a few investors sense an opportunity and buy in, then a few more, and before long it’s a stampede. I mean with so many rushing to get it, it must be the right thing to do, mustn’t it? 100,000 lemmings can’t be wrong
Financial independence is a critical skill for future success that your children will not learn anywhere else. Not only does financial literacy help your children have more success in life, but it allows them to move out sooner and it avoids delaying your retirement with additional expenses to support them.
As an industry we have been operating under the Real Estate and Business Brokers Act (REBBA) for a little over 20 years now. And before that, the previous Act governing our industry was rolled out in 1946. It’s been a long time.
Greetings, esteemed readers! We all aspire to lead lives filled with success, happiness, and fulfillment. However, unforeseen circumstances can throw a wrench in anyone’s plans. One aspect of minimizing risk that often goes overlooked by younger adults is setting up their powers of attorney. In this edition of our newsletter, we delve into why seeking professional assistance from a lawyer is a great option when managing your future success.
The sales figures are in for the month of October and they really don’t contain a lot of surprises. In fact, the average sale price across the Region is almost exactly what it was last month, $673,383 in October compared to $673,674 in September. A drop of $288 or 0.04%. Negligible!
More and more I’m hearing people say “with the high cost of housing these days and the soaring interest rates, how are today’s young people ever going to be able to afford a house?”.
Before banks or lending institutions can consider loaning money for a property, they need to know the current market value of that property.
Last month when the sales figures came in for August, we were surprised to see a significant downward trend in prices across almost every sector of the region. In some cases, the drop in average sale price was huge. Niagara Falls down 9.80% for example, Fort Erie down 8.56%, Welland down 8.44% and so on. In just one month. But upon further investigation we saw that the actual apples to apples price drop was only around one percent. We saw that when we consulted the H.P.I. which compares the selling prices of similar properties rather than sales averages of all properties sold.
I recall speaking to a landscaper on one occasion about a new lawn and yard design he was working on. He told me that generally a complete landscaping makeover was good for about 15 years. After that, it pretty well needs to be redone. The reason? Functional obsolescence. The shrubs and trees are still in play but what was once an ornamental bush has become a tree. Trees have grown out and now crowd gardens. Grass has become thick and riddled with crab grass. The elements are still there, but they have outgrown their practical purpose and usefulness.
