Jenny Domingos Sales Representative
50-75 King St S, N2K 3S2 Waterloo, ON, Canada

Understanding Real Estate Market Conditions The real estate market is in constant flux, not only as a whole but in particular areas as well. Knowing what is going on in the overall and local real estate markets will help you understand how these conditions can affect the sale of your home. We've designed the following comparison to help give you an overview of the three significant market positions. When you meet with your Sales Representative, ask about the current state of ...the market. Buyers Market: The supply of homes on the market exceeds demand. Characteristics: High inventory of homes. Few buyers compared to availability. Homes stay on the market longer. Prices are stable or perhaps dropping. Implications: Buyers spend more time looking for a home, and when they negotiate, they usually have more leverage. Sellers Market: The number of potential buyers exceeds the supply of homes on the market. Characteristics: There is a smaller inventory of homes with many buyers. Homes sell quickly. Prices usually increase. Implications: Prices may be higher or perhaps climbing. Buying decisions must be made quickly. Conditional offers may be rejected. Balanced Market: The number of homes on the market is roughly equal to the demand. Characteristics: Demand equals supply. Sellers accept reasonable offers. Homes sell within a reasonable time period. Prices generally remain stable. Implications: There is less tension among buyers and sellers. There is a reasonable number of homes to choose from. #ChestnutParkWest #ChestnutPark #SalesRepresentative #Realtor #KWRealEstate #WaterlooRegionRealEstate #WaterlooRegion #Kitchener #Waterloo #Cambridge #MarketConditions

Buy or sell first? That's tricky. After all, if you find a purchaser for your existing home, before you've found a new one, you may find yourself living out of a suitcase if convenient closing dates can not be negotiated. On the other hand, if you find your dream home before you've unloaded your old one, you may be faced with carrying two mortgages for a time. So how do you manage? Easy. Do your homework and have a good idea about the neighbourhood and type of home you're loo...king for. Do an honest evaluation of your family's needs and budget. Speak to your Sales Representative and start your new home search as soon as your existing home hits the market. If you've found a home, before you've sold your existing one, use "sale of your existing home" as a condition on your offer. If you don't sell your house within a fixed period of time, you can choose not to go through with the offer. This, however, is a difficult condition for many vendors to agree upon and you may find that you have to forgo your price negotiating power. Purchasing a home before you sell could be a risky strategy if you're counting on the proceeds from the sale. If you've found a purchaser before you've found your next home, use "purchase of a new home" as a condition when you sign back the agreement. Again, it will only be for a fixed time. Even if you have not found the ideal next house by the time the deal closes, you may still wish to proceed with the offer. As a buyer with a "sold house" you will be in a better position to negotiate price. If you have any questions about our current Real Estate Market, reach out anytime! I am always happy to help!

Thinking of Buying? #GettingStarted The first question is bound to be, How much home can I afford? That depends on a number of factors: Your selected location. Are you set on a specific area? Downtown? The suburbs? A rural setting? Your preferred type of home. Detached? Semi? Duplex? High-rise? Link? Townhouse? New or Resale? There are a variety of home styles you will want to explore.... Your income. After all, it's not just the mortgage you have to take into account. There are property taxes, utilities, and in some cases condo or strata fees. As a general rule of thumb, your monthly home-carrying cost should not exceed 30-35% of your income. Market conditions. Is it a buyer's, sellers or balanced market? There are also additional costs to keep in mind. It's a good idea to work out exactly what you want and what you can afford before you begin the search. Be specific! After all, you don't want to suddenly come to the realization that your dream house has come with a nightmare of bills and expenses. Stick to looking at houses in your price range. The more you've thought it out, the better your sales representative can meet your needs. A part of deciding just what you can afford can be accomplished by meeting with your bank or a mortgage broker and negotiating a pre-approved mortgage. There are many types of mortgages and many different terms. Research all of your options. This ensures that there are no surprises once you're ready to make an offer. Once you've figured out your monthly expenses and what you can afford, you can start your search. It could happen that the first home you see is the one you want; or you might look at home after home with none of them catching your interest. Rest assured, the home you're looking for is out there, and when you find it, you're ready to make an offer. If your offer is accepted, the next steps are closing and moving into your new home. If you're thinking of buying or selling reach out anytime I would love to help!

November is the fifth consecutive month of record home sales in the Kitchener-Waterloo area! If you have any questions about our Real Estate market, please reach out anytime! I am always happy to help!

October Market Stats are in! The average rate of appreciation was even higher than it was in September up 19.4% vs. 17.5%. The average sale price for all property types was down slightly overall since last month, but market activity was another all-time record for the month of October, with way more listings and sales than 2019! If you are wondering what your home may be worth in today's market. Don't hesitate to reach out, I would love to hear from you!