8 Remodeling Mistakes That Can Lower Your Home’s Value

Getting ready to sell? Thinking you can boost your asking price with some freshening up? Be careful, or you could actually cost yourself in more ways than one. Not all renovations are created equal, and some can actually detract from your home’s value.

You might be tempted to try to add value by tackling a few DIY remodeling projects. But when they’re not done properly, such efforts can actually have the exact opposite effect on the value of your home. Here are eight of the top remodeling mistakes that can decrease your home’s value:

https://blog.remax.ca/8-remodeling-mistakes-can-lower-homes-value/?fbclid=IwAR3pHkKQQce5rzktIZhgFvAOVARvmwmmNg7BAfcNE6nL3BOWnGruxwPgpqg

MARKET UPDATE FOR GUELPH

The 2022 real estate market continued on a brisk pace in February as the inventory of homes for sale couldn’t keep up with the high demand. Homes continued to attract multiple offers and sell well over asking price. The number of sales for Guelph in February (245) increased about 60% from the previous month although the average sale price stayed about the same at $965,000 or $613/square foot. This included all residential sales, detached, semi-detached, condos etc. The average time on market for MLS sales decreased to only 8 days and sellers received on average 120% of their asking price which means that homes were still selling significantly more than asking price on average.

Going forward into March, there are only 131 active listings for the entire city which is still extremely low inventory. 400 homes would represent a balanced market. This low inventory, high demand, seller’s market should continue to rule as the spring market begins.

Are you thinking of making a move? Put RE/MAX, real estate’s premier brand and my 20+ years of real estate experience to work for you! Call/text/email/DM me and let’s get started with a free home evaluation and custom marketing plan!

Dean Manton Broker

RE/MAX Real Estate Centre Inc

519-716-4663

dean@mantonteam.com

reasonstohiredean.com

#experiencecounts #20plusyears #remaxcanada #Guelph #guelphrealestate #movetoguelph

Real Estate trends to keep your eye on for 2022.

The Canadian housing market has been a fixture in media headlines and an ever-present topic of conversation around dinner tables and water coolers by those who continue to work in an office setting in the wake of COVID-19. Early on in the pandemic, some expected a steep decline in home sales and prices in Canada, but nobody could have predicted what actually materialized in the market. Come May 2020, regional real estate markets began their rebound. The spike in demand continued through 2021, resulting in record-breaking price growth and what many would consider to be the hottest year in Canadian real estate. So, what can we expect in 2022? Here are five trends to keep your eye on.

Canadian Housing Market Trends to Watch in 2022

Canadian housing market to remain strong, say RE/MAX brokers

-Young families driving demand for single-detached homes in cities across the country

-Canadian housing market prices are anticipated to increase by 5% in the remaining months of 2021, according to RE/MAX brokers and agents.

-26/29 major Canadian housing markets analyzed are seller’s markets, driven by lack of supply and high demand.

Unsurprisingly, Ontario has seen some of the highest average residential price increases across single-detached homes in the country, with the majority of regions (13 out of 16), experiencing increases between 20 and 35.5 per cent YoY.

The condo and townhome segment in all of these regions has also performed well, with smaller and more suburban markets such as Kitchener, North Bay, London, Peterborough, and Southern Georgian Bay seeing a higher surge YoY. The estimated price outlook for the remainder of the year ranges from a two-per-cent price decrease in North Bay, to increases across the other regions ranging between two and 15 per cent.

READ THE FULL REPORT  https://blog.remax.ca/canadian-housing-market-outlook/

MARKET UPDATE FOR GUELPH

September is usually when the real estate market gets back on track after taking a summer break. Once the kids are back in school, buyers are ready to start looking for homes again. The number of sales for Guelph in September (188) decreased 12% from August. The average sale price increased about 3% to $769,000 or $507 per square foot. This stat included all residential sales, condos etc. The average time on market for MLS sales dropped slightly to 14 days. Sellers received on average 109% of their asking price which means that homes were still selling slightly more than asking price on average.

Going forward into October, there are only 92 active listings which represents about 2 weeks worth of housing inventory. This low inventory, high demand, seller’s market will continue to rule for at least the remainder of the year.

Are you thinking of making a move? Put RE/MAX, real estate’s premier brand and my 20+ years of real estate experience to work for you! Call/text/email/DM me and let’s get started with a free home evaluation and custom marketing plan!

Dean Manton  Broker

RE/MAX Real Estate Centre Inc

519-716-4663

dean@mantonteam.com

reasonstohiredean.com

#experiencecounts #20plusyears #remaxcanada #Guelph #guelphrealestate #movetoguelph

MARKET UPDATE FOR GUELPH
August is usually the second slowest month of the year for real estate after December and last month was no different. The number of sales for Guelph in August (166) decreased 20% from the previous month. The average sale price increased $20K to $752,500 or $508 per square foot. The average time on market for MLS sales stayed about the same, 16 days. Sellers received on average 105% of their asking price which means that homes were still selling slightly more than asking price on average.
Going forward into September, there are only 102 active listings which represents about 3 weeks worth of housing inventory. The market should start to heat up again once we get past back-to-school time and the election so expect a busy October/November.

HOUSING AFFORDABILITY AND THE 2021 FEDERAL ELECTION
It should come as no surprise that affordability in the Canadian housing market has become a key issue in the upcoming federal election. According to a recent RE/MAX report, 42 per cent of Canadians said the high cost of housing was preventing them from entering the housing market, and 48 per cent shared concerns over their ability to afford a home in the next two years. This concern was significantly higher among young Canadians aged 18 to 34, with 71 per cent of them sharing this sentiment.
https://blog.remax.ca/canadian-housing-market-needs…/

Are you thinking of making a move? Put RE/MAX, real estate’s premier brand and my 20+ years of real estate experience to work for you! Call/text/email/DM me and let’s get started with a free home evaluation and custom marketing plan!

Dean Manton Broker
RE/MAX Real Estate Centre Inc
519-716-4663
dean@mantonteam.com
reasonstohiredean.com
#experiencecounts #20plusyears #remaxcanada #Guelph #guelphrealestate #movetoguelph

Guelph Market Update August 2021

Can prices increase in a slowing market?

Since reaching their peak in March, Canadian home sales have been on a downward trend. Yet, with the number of new listings dropping simultaneously, market conditions will likely continue to be rooted in the favour of sellers and keep prices climbing, according to new market commentary.

A recent Canada Economics Weekly report published by Capital Economics’ Senior Canada Economist, Stephen Brown, suggests that home prices could continue to increase based on declining sales and new home listing levels recorded in June.

“The local real estate board data suggest that home sales fell further in June but, with new listings declining as well, house prices look set to keep rising,” said the report.

https://www.livabl.com/2021/07/shortage-listings-canadian-decline-capital-economics.html?fbclid=IwAR0D0M1pjW4Mh6bh2x131J1FyhO-JMJMPcZVdqIozNh-bm5FsN2OWnA2X8E

Although the stats indicate a market that is slowing down slightly and has been for the past 3 months, they are misleading. The market isn’t slowing due to a lack of demand, but rather a lack of inventory. We are still in an extreme seller’s market and homes attracting multiple offers and selling well over asking price is still commonplace. If autumn brings a fresh injection of new listings to the market, we can expect a busy fall.

The number of sales for Guelph in July (206) was down 25% from the previous month. The average sale price for July increased slightly to $733,000 or $485 per square foot. The average time on market for MLS sales was 17 days. Sellers received on average 105% of their asking price which means that homes sold slightly more than asking price on average. Going forward into August, there are only 105 active listings in Guelph which represents about 2 weeks worth of housing inventory. August is usually the slowest month for real estate next to December so don’t expect a ton of activity until the kids go back to school.

Are you thinking of making a move in 2021? Put RE/MAX, real estate’s premier brand and my 20+ years of real estate experience to work for you! Call/text/email/DM me and let’s get started with a free home evaluation and custom marketing plan!

Dean Manton  Broker

RE/MAX Real Estate Centre Inc

519-716-4663

dean@mantonteam.com

reasonstohiredean.com

#experiencecounts #20plusyears #Deansellscountry #Puslinchrealestate #remaxcanada

The Quad Cities Market Update July 2021

What happens at a house showing? This important question has historically been eclipsed by others like, “How much should we list for?” and “How long will it take to sell?” However, COVID-19 has home many sellers considering showings from a different perspective, with extra attention paid to safety, convenience and current best-practices (think technology). Here’s what home sellers can expect when they’re showing their home, and how they can maximize this opportunity to yield higher offers and quicker sale.

https://blog.remax.ca/what-happens-at-a-house-showing/

There were 923 sales in The Quad Cities (KW, Cambridge & Guelph) for June, down 30% from May. The average time on market increased slightly to 14 days. The average sale price decreased slightly to $734,000. Happy sellers continued to receive on average 112% of their asking price which means that many homes still attracted multiple offers and sold over asking price. Going forward into July, there are 440 active listings which represents about 2 weeks worth of housing inventory.

Why are there so many price increases lately and what does it mean? As a result of the slightly cooling market, I’m not only seeing price reductions on properties that haven’t sold, as you might expect, but also price increases. Price increases are indicative of a change in strategy by the sellers. They likely listed their home for less than they were willing to accept, hoping for multiple offers and a selling price of well over asking price. When they don’t receive an offer that they’re satisfied with or any offers atall perhaps, they switch gears and price their home in the range that they’ll accept. The only problem with this logic is how can you expect to attract an offer at the new higher price when it didn’t sell at the lower price? In all honesty, it’s a desperate move that has little chance of success. Better to price your home right from the start and stick with a sound selling strategy.

Even though I make reference to the “slightly cooling market” several times, please remember that we are still in a seller’s market that should continue to cool sightly month by month for the remainder of the year.

Are you thinking of making a move in 2021? Put RE/MAX, real estate’s premier brand and my 20+ years of experience to work for you! Call/text/email/DM me and let’s get started with a free home evaluation and custom marketing plan!

Dean Manton  Broker

RE/MAX Real Estate Centre Inc

519-716-4663

dean@mantonteam.com

reasonstohiredean.com

#experiencecounts #20plusyears