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News and Updates on the
Kitchener Waterloo Real Estate Market
Happy Thanksgiving
2009-10-15. Written by Jake Benjamins
We wish you a wonderful Thanksgiving with family and friends. I know our family has much to be thankful for. Although several of our children now live in BC we will all be together this weekend.
There are also things to be thankful for in the real estate industry. Last Friday, CBC reported K-W area as the best place in Ontario to buy a house or investment property based on the potential for appreciation in value.
Worried that the economic downturn makes this a bad time to sell?
2009-02-21. Written by Jake Benjamins
Worried that the economic downturn makes this a bad time to sell? Recent indications are that buyers are starting to make their way out of hibernation. Just this past weekend fourteen groups visited one of the homes I had listed. This kind of activity is a positive sign. A year from now the media will be reporting on the recovery of the real estate market.
For those looking to enter the housing market, prices have fallen in the last few months making it the perfect time to buy before the market heats up again.
Jake Benjamins
(519)575-9092
Home Staging
2008-12-30. Written by Jake Benjamins
The following is an interesting e-mail I received about our article on home staging from Heather Cook of Rooms in Bloom:
I came across a copy of the article you wrote about home staging and just wanted to touch on a few points you made. I am co-owner of Rooms in Bloom, a professional Home Staging company in Kitchener-Waterloo and have considerable experience and training in this field.
First of all, I agree with the most basic points you make in the article - presentation is vital for anyone selling their home. You understand, as my partner and I do, that simply by de-cluttering, cleaning, and arranging furniture and accessories properly a seller can create a warm and welcoming house which any buyer would be interested in.
What I would like clarification on, is your recommendation for sellers to call around and ask home staging companies for free estimates. Professionally speaking, neither my partner and I would offer an estimate to a potential client without seeing the property. Going through the home, deciding what needs to be done are part of our consultation process and consultations are not free. A stager offering free consults or free advice is doing him/herself a disservice as home stagers provide valuable information to sellers through the consultation process. Any seller getting "free" estimates without seeing the property raises a red flag in my mind and I believe you should instead counsel sellers to schedule a detailed consultation with a reputable staging company in which the seller will recieve a report with detailed recommendations which can be done either by them, or by the home stager if the sellers so choose.
Also, in terms of renting furniture, stagers generally do that when a house is vacant or when the furniture is not viable. My partner and I, without exception, strive to use as much of the seller's furniture and accessories as possible so as not to incur extra costs for the home owner. However, although renting furniture for vacant homes is considerably more expensive, without question it shows the home better. Not only does appropriately sized pieces of furniture allow buyers to get a real sense of the room's proportions, it also helps foster the emotional attachment between buyers and a home - which is the key reason why people buy a home. Your article did not come out and say that renting furniture is a waste of money however it did not enlighten people on the reasons why it is a vital part of vacant home staging either. Yes, it is money spent however the current statistics from the Real Estate Staging Association strongly indicate that staged homes sell faster and for more money than vacant or unstaged homes.
As you state in your article, there should be a balance between the investment made into staging services and the expected return on this investment. By staging a house, the seller considerably increases the chances that his/her home will sell fast and for close to, if not over, asking price. The end result is that the seller has more money to invest in their next home, which is always a positive outcome. Staging is a powerful tool and one which sellers need to utilize when they decide to sell their homes. Just as the seller is investing in a realtor's services in order that their home sell more quickly and for a better price than if they sold themselves; home staging is another investment which sellers need commit to before they put their home on the market. Professional home stagers realize that sellers do not want to spend themselves out of house and home to get their home sold however by working with the stager and customizing a staging plan which works for the seller, the issue of cost should not be a factor. We work within client's budgets all the time - sometimes it means the sellers need to accomplish more on the report themselves in order to achieve that budget however it never means not to stage the house. Just how to do it smart so the end result is an appealing property.
I am attaching the current "Guide to Home Staging" from the Real Estate Staging Association which Rooms in Bloom is affiliated with. There are some great statistics and information in this guide which you can give to your clients when you are discussing the merits of home staging. We also have a copy of it on our website under "In the Media" if you want to direct anyone to it.
One of the goals my partner and I have is to establish a local chapter of the Real Estate Staging Association in Kitchener Waterloo. This way there will be a professional home staging network established so that real estate professionals like yourself will have access to current information and stats on the benefits of staging, the pricing of staging, the results of staging and more. We want to ensure that consumers are hearing the same information from professional stagers and realtors so as to create at the very least, a unified impression of our industry.
Warmly,
Heather Cook
Professional Home Stager
Rooms in Bloom
www.roomsinbloom.org
Canadian Housing Observer
2008-12-30. Written by Jake Benjamins
Click here to read the latest Canadian Housing Observer publication.
The Canadian Housing Observer is published by the Canadian Mortgage and Housing Corporation. Some background on the CMHC:
"Canada Mortgage and Housing Corporation (CMHC) has been Canada’s national housing agency for more than 60 years.
Together with other housing stakeholders, we help ensure that the Canadian housing system remains one of the best in the world.We are committed to helping Canadians access a wide choice of quality, environmentally sustainable and affordable homes – homes that will continue to create vibrant and healthy communities and cities across the country."
Glencairn Real Estate
2008-11-14. Written by Jake Benjamins
Who says properties aren't selling? We've sold 3 properties in the Glencairn area in the last 3 months.
Now more than ever it becomes critical that you choose an agent who can help you navigate these volatile economic times. We started selling real estate in the 1980 recession and have been through numerous market corrections since.
Market Update
2008-10-14. Written by Jake Benjamins
Despite pessimism in the global market, here on the home front we are still receiving good news about the housing market. In fact the K-W Real Estate Board reported a 14% increase in sales in September over last year.
Know of someone thinking of moving? Talking to a seasoned broker may help to allay unnecessary fears. Call us today.
Changes to the Affordable Home Ownership Program
2008-08-16. Written by Jake Benjamins
The Ministry of Municipal Affairs and Housing recently informed the Region of Waterloo of key modifications to the Affordable Home Ownership Program in response to changes in market conditions since the launch of the program.
Effective immediately:
the maximum household income level has been increased from $61,400 to $68,000, and
the maximum purchase price of a new or resale home has been increased from $208,000 to $226,000.
In order to participate in the September 15 lottery draw, applicants must submit their application to the Region of Waterloo by September 5.
For more information on the program, an updated Fact Sheet and Application form, please visit our web page at www.region.waterloo.on.ca/aho.
Information Provided By:
Jeffrey Schumacher, MCIP, RPP
Supervisor, Housing Supply Initiatives
Planning, Housing and Community Services
Regional Municipality of Waterloo
Phone: (519) 575-4821 Fax: (519) 575-4449
Email: sjeffrey@region.waterloo.on.ca
April 08 Update
2008-04-01. Written by Jake Benjamins
Despite fears of a national economic downturn, the K-W Real Estate Board reported strong sales during the first quarter of 2008 – just 1.5% short of last year’s record sales!
And, thanks to your referrals, Benjamins Realty had its best quarter ever.
Christmas 2007
2007-12-23. Written by Jake Benjamins
Dear Customers, Friends and Neighbours,
Christmas is a time to reflect on those things in life that are most precious to us: family, home, health and happiness. I hope you have a chance to reconnect with the ones you love and the One who loves you.
Again this year as an expression of our thanks to you for your business, we will donate the gift of a goat to a family in a developing country through World Vision.
The gift of a goat is a precious treasure for a family. A good dairy goat can yield up to 250 litres of protein-rich milk that gives nutrition to hungry children-and income to their parents. These robust animals survive well in harsh climates, eat grass and leaves, and produce plenty of manure for fertilizing a family's vegetable garden. Best of all, they can produce two or three kids a year -- so they can multiply over and over again.
We offer our sincere gratitude to you for the confidence you have shown us during the year. The continuing goal of Benjamins Realty is to maintain and strengthen relations with you our valued customers.
We wish you a blessed Christmas and every success for 2008. We look forward to serving you in the New Year.
Sincerely,
Jake Benjamins
P.S. Just in time for Christmas, the Ontario government announced this week that first time buyers of resale homes, as well as newly constructed homes, are now eligible for a refund of up to $2000 of the Land Transfer Tax paid on real estate purchases . If you are a first time buyer let me help you make this refund a reality for you…
Ontario Refunds Land Transfer Tax Program
2007-12-13. Written by Jake Benjamins
First-time buyers of resale homes to benefit from new tax measure
The McGuinty government is giving all first-time homebuyers a break on land transfer tax by proposing to expand the Land Transfer Tax Refund Program to include purchases of resale homes, Finance Minister Dwight Duncan announced today.
"Expanding this Land Transfer Tax refund is an important part of our government's commitment to helping Ontarians buying their first home," Duncan said.
Effective midnight tonight, first-time buyers of resale homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.
The expanded Land Transfer Tax Refund Program for First-time Homebuyers is part of a package of new tax initiatives announced in the 2007 Fall Economic Outlook and Fiscal Review that would provide $1.4 billion in provincial tax relief for business and people over three years. The government is making strategic investments in people, communities and infrastructure to strengthen Ontario's economic advantage and help manufacturers and other sectors challenged by current economic conditions.
For more information please visit: http://www.gov.on.ca
October 07 Update
2007-10-01. Written by Jake Benjamins
The market is still doing well in K-W despite what’s happening south of the border. The average sale price of homes is also up over 7.5% from last year, with a single detached home now averaging $284,283.
