WOW, what a crazy first half of the year for real estate in Kingston!!
Home sales in the first 6 months of 2017 showed an increase of 19.9% compared to the first 6 months of 2016. In fact, even sales in the month of June set a third straight monthly record, which helped to push the year to date sales figure ahead of all others in sales history.
Lack of inventory continues to be a current theme and a major contributor to that increase, as the Kingston and Area Real Estate Association’s MLS System shows the lowest level of new supply for the month of June, since 2010.
The average price of homes for the first 6 months of the year was $332,213 and showed an increase of 9.9%, compared to the first 6 months of last year.
It’s important to keep in mind, that this hasn’t affected every type of house and every neighbourhood in the same way. For example, houses that are overpriced and need a lot of work, still seem to spend a significant amount of time on the market, despite the lack of inventory. Also, we now know that the hundreds of New Builds purchased by people in Toronto, has had a huge impact on the levels of inventory, as well as the increase in Kingston’s average price of a house this year.
Last month The Bank of Canada announced an increase of .25% in interest rates and the Big 5 Banks followed suit. It’s had a lot of people talking and, of course, speculating and giving advice. While it created some initial panic, many of our clients are learning that there are still historic low lending rates available for mortgages and lines of credit (depending on the lender and the institution) as well as current promotions going on. We feel it’s also important to note that this is the first increase in over 7 years and that this decision was made based on the strength and resilience of the current state of the Canadian Economy. Looking for more info or some sound advice?? No problem at all, we’ve got some great professionals at our fingertips!
So, you’re thinking of selling (the Kingston Real Estate market see’s a nice lift of activity in mid-September), but you’re not sure what to update, how extensively to update, how to get the biggest bang for your buck or where to start. Here are a few suggestions;
Fresh paint is a must for most lived in homes. Neutral colours for walls, such as Grey or Greige (Grey/Beige – it’s actually a thing) are in right now, and this trend doesn’t seem to be going anywhere! Don’t forget to look down – how do those baseboards look, could they use a fresh coat of white?
Let there be light! Upgrading lighting fixtures in your home is a great way to add a modern touch. A funky or classic style chandelier above the kitchen table is a great way to hi-lite such a significant piece of furniture
I want to go big…but not that big! Rather than doing a full on cupboard replacement in your kitchen, why not consider painting those old oak cupboards a trendy and modern white? We’re not going to lie, this is not glamorous or easy work, but it will absolutely change the entire look and feel of your kitchen. Don’t forget about the cupboard and drawer hardware!
Small but mighty! Swapping out old door knobs and electrical outlet/light switch covers can really have an impact on the overall look of a room as well
Dear John… New faucets, updated towel and toilet paper holders can dress up an underwhelming bathroom. If you’re feeling a little more adventurous, a vanity and mirror swap could be a game changer and some fresh caulking in the shower or tub never hurt anyone
Never under estimate the power of landscaping! The front of your house is everyone’s first impression – and you know what they say about first impressions! It’s been said that Buyer’s can lose interest in less than 10 seconds if the outside of a house doesn’t appeal to them, gear your landscaping to the present season
And while you’re out there, if you’re looking to jazz it up out front, consider painting your front door a bright colour that will pop and stick in people’s minds! Another easy update is painting banisters and mailboxes, especially if they’re rusting or chipping
When it comes to home renovations, you don’t always get out what you put in, monetarily speaking, however, it’s important to note that such updates often significantly reduce the amount of time a house will spend on the market.
And hey, after you’ve done a few of these updates, you may fall in love with your home all over again and decide to stay…but if you don’t, give us a shout! We’ve got a few more tips and ideas to get you started, as well as an incredible stager (for those of you that have sold with us this year – you know how great she is!) that would love to get her hands on each and every room in your home.