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Average Housing prices for St. John’s – May

st. john's housing market

Number of active listings in the St. John’s Metro real estate market are up 7% so far for 2016 along with the number of sales which are up 1%. Sales for the month of May compared to last year are was up by 3%.  We came off a slower first quarter to 2016 but the second quarter spring market appears to be picking up stream.

Total # of MLS Listings = 1561
Total # of Sales [May] = 369

Number of Active Listings in Newfoundland = 5805

Here is a break down by area for May

Homes for sale in St. John’s = 233 Sales = 65
Sales/Listings Ratio = 28%
St. John’s average house price: $292,747 for the month of May and the 12 month average $313,204

Mount Pearl: Listings = 39 Sales = 20
Sales/Listings Ratio = 51%
Mount Pearl Average house Price (12 month average): $290,317

Paradise: Listings = 73 Sales = 20
Sales/Listings Ratio = 27%
Paradise Average house Price (12 month average): $347,375

East Extern: Listings = 72 Sales = 15
Sales/Listings Ratio = 21%
East Extern Average house Price (12 month average): $396,087

Conception Bay South: Listings = 85 Sales = 30
Sales/Listings Ratio = 35%
CBS Average House Price (12 month average): $299,314

How does your home compare to the St. John’s average house price? For a free Market Assessment on your property please contact us.  We would be more then happy to assist you and show you how to get top dollar in this changing St. John’s Market.

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Curious to know what your home is worth?

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Home for sale in Clovelly 50 Sergeant Craig Gillam Ave

home for sale in clovelly

 

Fully developed two storey home in Clovelly Trails. Open concept main floor with hardwood floors throughout. Enjoy a beautiful 3 sided propane fireplace from either the living room or the kitchen. The second floor has a master bedroom with ensuite and walk-in closet and two additional bedrooms. There is a 4th bedroom in the basement along with a large rec-room and 3 piece bathroom. The property is landscaped and is fully fenced at the rear. MLS®

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Average St. John’s House Prices for April 2016

Average St. John's House Prices

Average St. John’s House Prices for April 2016

While the start of the year was slow for the St. John’s real estate market, April seemed to pick up a little. While average St. John’s house prices are down 4% according to the RE/MAX Spring Market Report for St. John’s we are actually up 19% in sales for the month. (compared to 2015)  Year to date we are flat in sales and the number of listings are up 7%.

It’s still currently a buyers market, and MLS® listings are still remaining on the market for over 70 days.  I expect this trend to continue throughout the year.

Average St. John's House Prices

Total # of MLS Listings = 1202
Total # of Sales [April] = 349

Number of Active Listings for Sale in Newfoundland = 5186
Numbers are based on both residential and commercial listings/sales

Here is a break down by area for April

Homes for sale in St. John’s = 194 Sales = 81
Sales/Listings Ratio = 42%
St. John’s average house price: $290,954 for the month of March and the 12 month average $313,537

Mount Pearl: Listings = 33 Sales = 24
Sales/Listings Ratio = 73%
Mount Pearl Average house Price (12 month average): $292,024

Paradise: Listings = 41 Sales = 22
Sales/Listings Ratio = 54%
Paradise Average house Price (12 month average): $352,092

East Extern: Listings = 47 Sales = 11
Sales/Listings Ratio = 23%
East Extern Average house Price (12 month average): $395,547

Conception Bay South: Listings = 44 Sales = 29
Sales/Listings Ratio = 66%
CBS Average House Price (12 month average): $302,890

How does your home compare to the St. John’s average house price? For a free Market Assessment on your property please contact us.  We would be more then happy to assist you and show you how to get top dollar in this changing St. John’s Market.

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Curious to know what your home is worth?

Ask us about a FREE no obligation market evaluation on your home

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St. John’s Real Estate Market Spring Report

St. John's Real estate Market Spring Report

Taking advantage of continued historically low interest rates, first-time buyers fueled sales in the St. John’s real estate market region in the first quarter of 2016. This buyer group makes up approximately 60 per cent of the regional housing market activity. Despite the lower price of oil, the Greater St. John’s Area has seen seven consecutive months of decreased inventory and average days on market also fell to 69 days in the first quarter of 2016 compared to 74 in 2015.

First time buyers

First time buyers in the St. John’s Metro Real Estate market are often young professionals with dual income and no children looking at properties priced between $250,000 and $300,000. The suburbs are currently a popular choice as these neighbourhoods offer new homes starting at $250,000 and often boast new schools and recreation facilities as well as shopping with only a 15 minute drive to the city. Typically, first-time buyers outgrow their first homes within five to ten years as their families and incomes grow.

Condo Market

With only five per cent of sales in the region attributed to condo sales, the condo market is relatively small. Demand is largely from first-time buyers looking to live in the heart of the city at an attractive price point or empty-nesters downsizing to free up equity and simplify their lives. Condos priced correctly and in the heart of the city see the most demand.

Luxury Market

A typical luxury property in the Greater St. John’s region starts at approximately $500,000 and buyers are often employed in the oil industry. While inventory has increased compared to last year, unique properties with a lot of amenities are still attracting interest. Luxury sales in the region are flat compared to last year.

For a list of homes for sale in St. John’s and surrounding areas

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Buying a home? How to make sense of a real estate transaction

selling your home in st. john'sHave you ever tried to make your way through a maze at an amusement park or farm field? If you don’t know the layout, it’s probably going to take you a long time to find your way through.

You’ll hit a lot of dead ends, go around in circles a few times, and maybe even become frustrated before you finally find your way out.

The same can be said about buying or selling a home in St. John’s.

Real estate transactions are probably not something you do every day, so you’re not as familiar with their “layout”. As a result, the process of preparing your home for sale, getting it listed, dealing with viewings and buyers, and negotiating offers can potentially be very stressful… so stressful, in fact, you might be discouraged from making a move!

That’s why finding a REALTOR® who knows you the St. John’s real estate market is so important.

We know the maze and can guide you through it. Let us answer your questions, show you how to make the process less stressful (and even fun), and can help ensure everything goes smoothly.

Want to talk to a REALTOR® who specializes in the St. John’s real estate market?  Contact us! We are here to assist you when buying a home or selling a home in the St. John’s real estate market.

Click here for a list of homes for sale in the St. John’s area.

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Home Inspection Clause

Should you include a home inspection clause?

Say you’re viewing a home and are impressed with how it looks. The walls are freshly painted. Everything seems bright and new. You’re considering making an offer. Should you include a home inspection clause?home inspection clause

Then, while standing on a mat in the kitchen, you hear a squeak below your feet. You lift the mat and see that some tiles are broken. Obviously the mat was there to, literally, cover up that defect.

A few broken tiles are not a big deal. But now you’re thinking, “What else might be wrong with this house?”

There’s no reason to worry that every home will have maintenance issues hidden from view. However, it’s smart to do your due diligence to ensure the home you’re considering is truly as good as it looks.

One way is when you make an offer on a home, it’s a smart idea include a Home Inspection clause/condition in your Purchase and Sales Agreement.  A professional home inspection will check the home out from top to bottom. This inspection will ensure that the property doesn’t have any unexpected “issues”. After all, you don’t want to buy a home only to discover that the roof needs to be replaced, immediately, for thousands of dollars.home inspection2

It’s also smart to ask questions. Find out the age of certain features, such as the roof, furnace, and appliances. Ask about any recent renovations, and determine whether they were done by a professional or by the homeowner.

Most importantly, work with a good REALTOR® who can provide you with information on the property that you would have difficulty getting on your own. Your REALTOR® has a stake in making sure you buy a home with your eyes wide open — knowing all the potential maintenance issues you’re likely to encounter.

In the end, a professional home inspection gives you peace-of-mind and protects your investment. So getting one is highly recommended — even for recently built homes.

A good REALTOR® can recommend a trusted home inspector for you. One example is HouseMaster

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Recap of the 2015 St. John’s average housing price and 2016 Predictions

St. John’s Average Housing Price

The St. John’s average housing price (Metro Area) declined by approximately two per cent year-over-year to an estimated $297,300 for 2015. Sales increased moderately: there were 833 sales between January and October of 2015, compared to 793 during the same period last year. There was a good selection of inventory on the market in 2015, and properties averaged 70 days on market. Similarly high inventory levels are expected for 2016, and may cause prices to soften somewhat.

St. John's Average House Price

Buyers looking to purchase first homes in the $270,000 to $330,000 range drove the market, followed by move-up buyers purchasing in the $350,000 to $400,000 range. Foreign buyers are fairly new to the St. John’s real estate market, and are anticipated to play a growing role over the next several years.

First-time buyers

In October, the government of Newfoundland and Labrador introduced the Downpayment Assistance Program, which provides first-time homebuyers with low-to-moderate incomes the opportunity to qualify for downpayment loan assistance to purchase a home. The new program, combined with continued low interest rates, is expected to increase the number of first-time buyers next year. This is anticipated to increase demand for entry-level homes, encouraging their current owners to sell and move up.

 

Condo market

There is high inventory in the St. John’s condo market, as many new developments were built to meet demand from the oil industry, which has since been scaled back. A good selection of entry-level units appeals to first-time buyers and “downsizers”.

Luxury homes

The luxury home market was slower in 2015, due to the decline in oil prices and cutbacks in the industry. There were 25 sales in the $750,000 to $1 million range between January and October 2015, compared to 41 during the same period in 2014. Although demand has decreased, St. John’s average housing price in the luxury market are expected to remain stable in 2016.

st johns average housing price

 

 

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Should You Worry About The St. John’s Real Estate Market Fluctuations?

You turn on the television and watch a news story about real estate house prices going down in St. John’s.  Then you receive a flyer in the mail about a property around the corner that sold for a decent price. Next you read a newspaper article about the St. John’s real estate market on the upswing again.

It’s a little like being on a roller-coaster ride!

Unfortunately the ride isn’t much fun if you’re thinking of buying or selling a home. In fact, it can be very confusing and frustrating. You just don’t know if “now” is the right time to make a move.

In reality, the housing market has been fluctuating for decades. Yet, people sell their homes every day throughout the St. John’s Metro Area for good prices. As well, just as many people get into their next dream homes affordably.

When you hear news of market fluctuations, there are two important things to consider.

First of all, a lot of media information about the housing market is national, or at least regionally for bigger cities. If the housing market is trending up or down nationally, remember that it doesn’t necessarily mean that the St. John’s real estate market is doing the same. This can even be relative to some subdivisions.  (ie Southlands or Clovelly etc)

In fact, it’s entirely possible for housing prices to be rising in your neighbourhood while they are falling nationally, and vice versa.

Secondly, if you’re selling a current property while buying another home, then the net effect of market fluctuations may cancel out.

Say, for example, that the St. John’s market is on the upswing. You’ll probably be able to sell your current home for a good price. However, the home you purchase will likely also be priced to reflect the upswing.

The same holds true when the market is down.

All that being said, there are some circumstances in which you need to consider market fluctuations when deciding whether or not to make a move. A good REALTOR® will help.

Looking for a good REALTOR®? You have three to choose from.  Give us a call and we’ll be happy to answer all your questions.

 

Appraisal Value vs Assessment Value

 

taxesWe frequently are asked from home owners (as well as some buyers) what is the difference between an appraisal and the assessment value of a property?

The two are completely different and are used for different reasons. They have no correlation to each other at the current time.

St. John’s Property Assessment Value

The municipality you live in will have an assessed value on your home. This value is how they calculate your annual property tax. Assessment figures however, are nothing more than a gauge or price line guide for a city or town to collect an appropriate amount of taxes from those that reside in the community. The official nature of this may encourage you to rely on the assessed value of your home for pricing purposes, which could be a big mistake. Real Estate assessed value almost always has no correlation to current market value. One of the biggest problems with the assessed value is that it is often not current. Municipalities will usually assess value once every 1-3 years. The market can change substantially during this time frame.  VERY rarely is your property assessment value over the appraisal or market value.  If it is, there are measures you can take for a re-assessment of your home. In St. John’s The ‘Assessment Act 2006’ is the legislative authority governing assessment and taxation in the City.

How are the property taxes calculated in St. John’s?

For the taxation year 2015, residential property tax is calculated at the rate of 8.1 mils, or 0.81 per cent of a property’s total assessment. A property with a total assessed value of $100,000 would be charged an annual property tax of $810, calculated as follows:

Assessed Value = $100,000
X Mil Rate = .0081 (8.1 Mils)
Annual Tax = $810

The water tax portion is a separate flat rate of $615 / yr

To search for your property assessment value for St. John’s click here.

To search for all other municipalities outside St. John’s visit the Municipal Assessment Agency or click here for the 2015

market-value-does-not-equal-appraised-value

Appraisal Value

An appraisal is a method of valuation that compares similar properties in a similar area usually within a shortened time frame.  This is similar to a REALTORS® Comparative Market Evaluation (CMA) but not as in-depth. While both are using essentially the same information, they can vary depending on the property, location and appraiser/REALTOR®.  Sellers can be very fixed on this figure, especially when it benefits them.  (think refinancing) The problem with a high appraisal value is that it can be an unreliable means of what the value really is today’s market. Nothing worse then over pricing your home to list.  Just because you have listed your home with the an appraisal in place or not, true market value is what a buyer is willing to give and a seller is willing to accept.

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Curious to know what your home is worth?

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7 New Years resolutions if you are selling your home this year

 

new_years_resolutions

The New Year is a time for resolutions. If you’re thinking about selling your home in the St. John’s real estate market, here are some resolutions that could help boost your chances of a quick sale.

1. “Avoid drastic design changes” – Unless you plan to turn your bold color palette into a more neutral one, then it’s best not to try and anticipate what buyers want in design and décor. The best approach to freshening up your home for sale is to simplify and depersonalize the look and feel so that potential buyers can picture building their own lives there. If you think repainting a bright purple wall, replacing an old toilet or buffing and restaining kitchen cabinets would help the home sell, by all means make these types of updates. Just be sure to keep your personal preferences in check. Your real estate agent can help you prioritize and remain objective.

2. “Stop neglecting the drippy faucet” – This applies to any repairs you might view as minor but actually could be a symptom of a larger system problem. Addressing things like plumbing leaks, poor ventilation and cracks in walls helps everyone avoid surprises from the inspection report and avoid the delay or even cancellation of a sale. When you have the information, you can either make the fixes or work with your agent to adjust pricing during negotiations with the buyer.

3. “Price my home reasonably” – It’s understandable to think your home is the best on the block and worth more than all the others – especially if you’ve invested in key upgrades and remodels. And, frankly, you might be right. But the only way to truly know is to consider recent sales of comparable homes in your area. Your real estate agent can provide you with the latest information and help you list at a competitive price that’s appropriate for your area and the local real estate climate.

4. “Make my home inviting” – This starts with creating curb appeal. The condition of your home’s exterior is a big part of getting buyers in the door. Maintaining the yard, sweeping the porch and driveway, replacing the tattered welcome mat, replacing missing house numbers, and removing clutter all are things that can help improve curb appeal.

5. “Thin out the clutter” – The best time for making tough decisions about what stays and what goes is BEFORE you put your home on the market. By the time the for-sale sign goes up, the home should be clutter free. You can either toss things you don’t want, sell these items, or move the more personal ones to storage. The types of items to remove include your prized knick-knack collection, clothes overflowing from the closets, and family photos. You want all closets and cupboards to appear as spacious as possible. When they’re jam-packed, it gives the impression that storage is limited even if that’s not the case.

6. “Clean like I’ve never cleaned before” – Think about under, behind, around and between. It’s easy to focus on cleaning the major surfaces, high-traffic areas, and areas that are visible. But what about the dust on top of the refrigerator? How about the slats in the window blinds? Have you cleaned the cabinets under the kitchen or bathroom sink recently? Did you notice the cobwebs behind the guest-room door? Look high and low for the dirt.

7. “Nail down my next step” – Don’t let your new plans and new place get lost in the shuffle of selling your old place. Determine where you’ll go next before your home goes up for sale. Are you prepared to move if your home sells quickly? Although it might not be typical, a quick sale is certainly possible. On the other hand, are you prepared if your home doesn’t sell quite so quickly? Be sure to talk with your real estate agent about your relocation needs and timeline.

(source: http://www.remax.com/c/housing-blog/blog-post/7-new-years-pledges-for-home-sellers)