YOUR UPDATES ON MARKET TRENDS, CONDITIONS & REAL ESTATE INFO |
| In This Issue | | | 1 | | 2 | | 3 | Curb Appeal—Your Best Bet | 4 | | 5 | | 7 | | | |
DID YOU KNOW? MLS Niagara Region Listing and Sales for all properties to December 31st,2009: · The number of listings YTD 13,424. · The number of Sales YTD 5,718compared to 6,117. · The Total Sales Dollar Volume YTD of $1,299,931,749 · The number of expired Listing YTD: 5777. · Number of Active Listings at Dec. 31st, 2009: 3730 (Source MLS® Statistics Report, Niagara Association of REALTORS®) Mortgage Interest Rate as of 01.01.2010: 3.79% (5-year fixed) | Curb Appeal-- Your Best Bet
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When it comes to renovating, the 2009 Remodeling Cost vs. Value Report suggests that curb-appeal wins the day in deciding what replacement costs to take on for your home.
That’s because 7 of the top 10 remodels that recover the highest value returns versus their costs are exterior replacement projects. Yet they are among the least expensive. Of 33 remodeling projects, 21 were Mid-level and 12 were Upscale. Replacing an entry door topped the list, recouping the highest return for the least cost. Siding replacement of various types--fiber-cement, vinyl and foam-backed--recouped the 2nd highest return on cost. Adding a wood deck placed 3rd. Sunrooms and Home offices continue to reflect the lowest returns on cost at 50.7% and 28.1% respectively. On an overall average, all 21 mid-range projects recoup about 71.64% of costs, while all 12 Up-Scale projects recoup an overall average of 66.25% of costs. However, costs recovered for specific replacements and their regional or market area averages, can prove far more meaningful. A U.S. study, the Cost vs. Value Report, updated annually, can give us, Canadians, a reliable glimpse at returns on home project costs. Keep in mind that the return on investment on any given project depends on a variety of other value factors: ·Location, ·A home’s overall condition, ·The value of similar neighbourhood homes, ·Whether the local market is rising, falling or stable. Return on investment influences a homeowner’s decision to remodel. Obtaining actual construction quotes from a reputable contractor and talk to me about comparable home prices and local market conditions. Visit www.costvsvalue.com for your look at the various replacement projects and their average return on national, regional and market levels. The 2009 Remodeling Cost vs. Value Report is produced by Hanley Wood, LLC, in cooperation with REALTOR® Magazine. | Step 10 to Home Buying Troubleshoot the Purchase to Closing All conditions have been met. Now your lawyer goes to work. He or she will check title; verify water, taxes and any arrears, search for any judgments against the property and more. Normally things will flow smooth. At times an 11-th hour issue can crop up: a problem with title or legal usage as examples. Your REALTOR® will assist in any way possible to
help resolve the problem and get you to closing. |
| | | Year in Review for
Niagara Home Sales |
Positive News on the Niagara Sales Front Listings for the Year For 2009, the total number of single-family listings was down by 5.76% compared to 2008. Not a large difference. However less listings translates into less choice for buyers, thereby improving demand for available listings. Sales for the Year As well, the number of sales regionally was down by only 0.94% from the previous year. This again reflects less choice for the pool of buyers, especially when one considers that buyers are attracted to well-priced listings that represent value. Sales vs. Listings Fewer listings and a less than 1% difference in the number of sales have helped contribute to an increase in the sales-to-listings ratio, up 6.25%. Expressed as a percentage--and currently 51%--the sales-to-listings ratio measures the number of homes sold against the number of active listings, a helpful tool in gauging market conditions. Market Conditions In other words 51% of listings have sold, placing single-family activity in a balanced market position, and not the buyers market thought by many. Average Sale Price For another positive result, the average sale price for single- family homes rose by 1.91%. This regional average is now at $215,020 compared to $210,981 for the prior year. To see the average sale price for your city, please see the chart below. Market Time Finally, 68 days reflects the average selling time overall for the region, with the percentage of sale to list price at 96%. Sustained low mortgage rates and more sellers aligning themselves with current home values and market conditions have contributed to all of these encouraging numbers, creating a positive momentum likely to continue and improve in 2010. Want to Know More?
If you are interested in knowing more about the numbers for your city, please give me a call. I’d be happy to provide them. Keep in mind that these numbers are averages and a good measure of market conditions. They do not indicate a particular home’s value. If you are considering selling, I invite you to contact me: I will show you how much buyers would be willing to pay for your home. 2009 a Good Year for Prices Contrary to expert predictions, 2009 proved to be a good year for real estate in Niagara. All the dire forecasts about the average sale price falling to levels of up 10% or more turned out to be totally unfounded.
Here is the inside scoop on average sale prices per city in the Niagara Region for the 2009 compared to 2008: Niagara | Average Sale Price | %'age Change | 2009 | 2008 | Markets | 12 Month | 12 Month | 12 Month | NOL | $385,795 | $415,856 | -7.23% | Niagara Falls | $205,410 | $198,973 | 3.24% | Fort Erie | $183,655 | $181,351 | 1.27% | St. Catharines | $206,326 | $207,085 | -0.37% | Thorold | $191,112 | $193,237 | -1.10% | Pelham/Fonthill | $306,845 | $295,179 | 3.95% | Welland | $175,703 | $168,700 | 4.15% | Port/Wainfleet | $181,971 | $176,951 | 2.84% | Linc/West Linc | $273,858 | $273,138 | 0.26% |
(Source: Niagara Association of REALTORS®
MLS ® Statistic Report, DECEMBER 2009) Out of the nine markets only three had a negative change in the average sale price: Niagara-on-the-Lake at -7.23%; St. Catharines at a negligible -.37% and Thorold at -1.1%. All others are in positive territory with Welland showing an increase of +4.15% and Niagara Falls at +3.24%. Thinking of Selling or Buying? Call for a No Obligation Consultation | What’s My Home Worth? | Should I Renovate or Move? | | | To List or Buy a Property,
Give Me a Call or e-mail me | I can help you with all your real estate needs. | George Ulubabian, 905-321-6121 | | Visit My Website:www.gurealtor.com | TODAY REALTY LTD Brokerage Independently owned & operated |
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