The Riz Team Blog

 By Kitchener-Waterloo Association of REALTORS® (KWAR) admin •June 5th, 2013

KITCHENER-WATERLOO, ON (June 4, 2013) –– Residential property sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May were up 16.1 per cent compared to the same time last year. Led by strong sales of single detached homes, it’s the first time sales have surpassed the 700 unit mark in the Month of May since 2007.

A total of 765 residential properties were sold in the month of May compared to 659 the same time last year. Comparing the 5-year average for the month of May shows a 16.3 per cent jump in activity this past month. Year-to-date sales are practically on par with the same time last year nudging up by six residential sales.

“Waterloo region’s residential real estate market was alive and well in May, says Dietmar Sommerfeld, President of KWAR. “On a year-to-date basis, we are seeing sales activity that is right in line with last year’s results and a little above the 5 year average.”

May’s sales included 528 single detached homes (up 17.9 % from last year) 122 condominium units (up 2.5 %), 59 semi-detached (up 20.4 %) and 45 freehold townhouses (up 18.4 %). Year-to-date residential sales were 3.5 per cent above the 5-year average with a total of 2,860 units to date.

The average sale price of all residential sales through the KWAR’s MLS

® System increased 6.9 percent last month to $333,288 compared with May 2012. Single detached homes sold for an average price of $378,473 an increase of 7.4 per cent compared to last year. The average sale price for a condominium was $212,638, an increase of 3.8 percent compared to May 2012.

“The spring home buying season was in full swing in May,” says President Sommerfeld. “This was reflected in the strong price gains and is a sign of the confidence that homebuyers have in the local housing market and Waterloo region as a great place to live and invest.

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®.

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If you’re unsure, remind yourself that “if it sounds too good to be true, it probably is.

Joe Richer •  Sat. Mar. 2, 2013  • Toronto Star

Q: What are the warning signs of mortgage fraud? What can I do to protect myself?

A: Mortgage fraud is a complicated criminal act that is an ongoing concern for the real estate profession.

As the regulator responsible for upholding the integrity of the profession, RECO works in partnership with all parties involved in real estate transactions to investigate complaints to make sure real estate professionals are compliant with the law and impose disciplinary action on those found to have knowingly participated in fraud. As Registrar, my position is that any registrant proven to have knowingly participated in mortgage fraud faces losing their registration.

You can protect yourself from being an unwitting participant in mortgage fraud by being suspicious of situations where you are:

-Asked to overstate your income or make other false statements on a mortgage application.

-Asked not to complete certain sections of a form or sign documents that contain blanks.

-Are discouraged from visiting the property you’re purchasing or having it appraised or inspected.

If you’re unsure, remind yourself that “if it sounds too good to be true, it probably is.” If you suspect fraudulent activity, report it to the police.

If you have a question for Joe, email askjoe@reco.on.ca. Joseph Richer is RECO’s registrar and is in charge of the administration and enforcement of all rules under the Real Estate and Business Brokers Act. You can find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at youtube.com/recohelps.

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The Royal LePage Shelter Foundation’s one-day charity garage sale to raise money for women’s shelters and violence prevention programs will take place on Saturday, May 11, 2013 at Royal LePage offices across the country. Since 2009, Royal LePage Shelter Foundation has raised close to $1.2 million at the National Garage Sale for Shelter to help stop the cycle of violence and provide a safe haven and new beginnings for women and children.

We need your help and the help of our community to reach our goal! You will be helping women and children in our community safely escape violence. 100% of the proceeds goes to a local women’s shelter and to education and violence prevention programs in our community.

How can you help?

DONATE! We are looking for gently used (& new)  items to sell at our Garage Sale (no clothes or large appliances please).

-March 25th-May 9th – Items can be dropped off at AMJ Campbell, 305 Industrial Rd., Cambridge, 877-211-0021, during regular business hours. Please let them know it’s for Royal LePage Wolle Realty Garage Sale.

-May 6th-10th – Items can be dropped off at Royal LePage Wolle Realty, 842 Victoria St., N., Kitchener, between 9:00am-7:00pm.

-May 9th – AMJ Campbell special pick-up day. Please call 519-578-7300 before MAY 8th to arrange to have your items picked up this day. This is for the local Kitchener/Waterloo Area only

SHARE! Please help spread the word.

-Print up our poster & share it in your condo building, public venue or business.

-Like  Royal Lepage Wolle Realty Garage Sale for Shelter on Facebook

-Invite people and share the Facebook Event

-Tell a neighbour or family member about the event

SHOP! Be sure to join us Saturday May 11, 2013.

You will find us in Royal LePage Wolle Realty PARKING LOT located at 842 Victoria Street North, Kitchener (the corner of Victoria & River Road). We would love to see you there!

If you have any questions or need help please contact us at 519-578-7300

By Kitchener-Waterloo Association of REALTORS® (KWAR) admin    •March 6th, 2013

KITCHENER-WATERLOO, ON (March 6, 2013) ––  Residential sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down 10.5 percent compared to this month last year while the year-to-date dollar volume of sales was 8 percent above the 5-year average.

A total of 445 residential properties sold last month, a 31.3 percent increase compared to January 2013. February’s residential sales included 297 detached homes (down 9.7 percent compared to February 2012) 81 condos (down 12.9 percent), 36 semis (up 5.9 percent), and 29 freehold townhouses (down 25.6 percent).

“Sales in February showed a healthy increase over January,” says Dietmar Sommerfeld, President of the KWAR. “The reduction in the number of sales on a year over year basis can be attributed to the tightened mortgage rules implemented by the government in mid-2012.”

The average sale price of all homes sold in February increased 5.4 percent to $324,998 from the same time last year. Single detached homes sold for an average price of $368,573, an increase of 5 percent compared to February 2012. Average sale prices for condos rose to $218,591, an 8.8 percent increase from last year and townhomes followed closely with an 8.3 percent bump putting the average selling price at $283,513.

“With continued low mortgage rates we expect a healthy spring market,” says Sommerfeld. “It remains an incredibly good time to buy or sell in our market.”

The KWAR cautions average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is based on the total dollar volume of all residential properties sold.

Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.

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By Kitchener-Waterloo Association of REALTORS® (KWAR) admin    •February 6th, 2013

KITCHENER-WATERLOO, ON (February 5, 2013) –– Residential sales through the Multiple Listing Service (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down slightly in January compared to the same month last year.

There were a total of 337 residential properties sold last month, a 2.3 percent decrease compared to the same month last year, and a 23.9 percent increase from December 2012.

“January’s sales were in line with the 10-year average for our area,” Dietmar Sommerfeld, President of the KWAR points out.

January’s residential sales included 237 detached homes (up 6.8 percent compared to January 2012) 49 condos (down 34.7 percent), 24 semis (up 14.3 percent), and 26 freehold townhouses (up 4 percent).

Residential sales between $250 and $349,999 were strong showing a 32 percent (157 vs. 119 units) increase compared to January last year.

The average sale price of all homes sold in January increased half a percent to $319,283 from the same time last year. Single detached homes sold for an average price of $354,540, a decrease of 2.6 percent compared to January 2012. In the condominium market the average sale price in January was $212,408, a 4.7 percent decrease compared to the same month a year ago.

The KWAR cautions average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is based on the total dollar volume of all residential properties sold.

Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.

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The “as is” condition might mean the homeowner does not have the time or money to make repairs, or in the case of a foreclosure or estate sale, the seller may not be familiar with the condition of the house.

By Joe Richer |   Fri Jan 25 2013 |  moneyville.ca

Q: What do I need to know about buying a home listed in “as is” condition?

A: When a home is listed for sale “as is,” it doesn’t necessarily mean that it is in a poor state of repair. The term simply means the property is being sold in its current condition and the seller will not be making any repairs to complete the sale.

The “as is” condition might mean the homeowner does not have the time or money to make repairs, or in the case of a foreclosure or estate sale, the seller may not be familiar with the condition of the house.

Whatever the reason, if you’re interested in the property, the only way to know the true condition is to have a home inspection carried out. Consider including a contingency clause in your offer based on your satisfaction with the inspection. If a deficiency with a budget-busting repair cost is uncovered during the inspection, you’ll want the option to walk away without penalty.

The advantage of an as is sale is the purchase price may be comparatively lower than similar properties in the neighbourhood. But be sure to factor in the cost of repairs and renovations when accounting for the total cost of the purchase.

Buying as is isn’t for everyone. If you’re planning to ask the owner to address a defect or are unwilling to follow-through on the purchase if the inspector finds anything wrong, you’re probably best to avoid making an offer on an as is property.

If you have a question for Joe, email askjoe@reco.on.ca. Joseph Richer is RECO’s registrar and is in charge of the administration and enforcement of all rules under the Real Estate and Business Brokers Act. You can find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at youtube.com/recohelps.

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With an uncertain housing market, more homeowners are opting to put their houses on the market in January. Here are some tips for buyers and sellers to negotiate a safe and successful winter home sale!

By Mark Weisleder |   Fri Jan 11 2013|  moneyville.ca

January is a slow month for real estate as most sellers choose to wait until the middle of February in the hopes of capitalizing on the early spring market. However, given the uncertainty in the housing market right now, more sellers are opting to put their house on the market in January.

This presents an opportunity for buyers. Most people are reluctant to uproot their families during the school year, so that means less competition — and fewer bidding wars. Lenders will not be as busy, so buyers can expect a more efficient process to get approved for a mortgage to ensure they have financing in place before making an offer.

But there are things you simply won’t be able to inspect during the winter. Here are some tips for protecting yourself when making a deal during the winter months:

Sellers

Spruce up the outside: Use urns with light wood branches to brighten up the exterior of your home, to compensate for any overcast day or snow on the ground.

Get rid of the Christmas lights: homes that look dated on the outside give the impression that they are probably dated on the inside.

Make sure your fireplace is working during any showing, that the temperature is comfortable in the home and that any interior lighting compensates for what is usually grey lighting from outside.

Have pictures of your landscaping available from the summer and autumn, showing how beautiful your home looks year round.

Have available any inspections that you may have done on your air-conditioning unit or swimming pool before they were closed for the winter, as buyers will likely not be able to conduct inspections on these items and will have questions.

Consider inviting a company to do an environmental audit on your home in advance, confirming that there is no moisture behind the walls that could lead to mould and that you have sufficient insulation behind the walls.

Buyers

If there is anything that cannot be inspected because of the winter, such as the air-conditioning system or any swimming pool, then negotiate an extended warranty in the agreement, to give you until at least May 1, to inspect and have the seller be responsible for any damages. In addition, also negotiate a holdback of, say, $2,000 so that if a problem arises, the money comes out of that fund to fix it and you don’t have to chase the seller in court later.

Be careful about snow accumulating around the base of the home. It will be difficult for a home inspector to figure out whether the grading is likely to cause water problems in the basement later. Consider doing your own environmental audit to check for moisture behind any walls.

If the snow on the roof looks like it is evaporating faster than the snow around the house, it is likely a sign that there is not enough insulation in the home.

Check with your insurance company early as to whether you will have any difficulty obtaining insurance on the home; for example, by finding out whether there have been claims made in the neighbourhood about water damages or sewage backups.

Check whether snow accumulation makes it more difficult for street parking, as this may be the only parking available on certain streets. Also see how bad weather may affect your morning commute.

Check the last electric/gas bills, to determine how energy efficient the home is in winter.

People tend to hibernate and stay at home in the winter, so take the opportunity to get to know the neighbours before you finalize your purchase.

By being properly prepared in advance, buyers and sellers can negotiate a safe and successful winter home sale.

Read more stories from Mark Weisleder: click here.

Mark Weisleder is a Toronto real estate lawyer. Contact him at mark@markweisleder.com

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