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Posts Tagged ‘real estate in st thomas’

June 2, 2017

The London and St Thomas Association of REALTORS® (LSTAR) announced a total of 1,539 homes were sold in May, an increase of 33.4% over the same period last year. This represents the best results ever for May, and the highest monthly home sales total ever recorded, since LSTAR began tracking data in 1978*.

“We’re experiencing a very strong marketplace, with the fifth consecutive month of record sales,” said Jim Smith, LSTAR President. “REALTORS® are still seeing multiple offer scenarios and interest from outside the region. When you factor in the region’s low unemployment rate and continued job growth, the economy is firing on all cylinders. This year, year-to-date home sales are already 27% ahead of 2016.”

In May, a total of 1,209 detached homes were sold, an increase of 28.6% over the previous year, while there were 330 condominium sales, up 54.2% from 2016. The average sales price across London and St. Thomas was $344,815 down 0.6% from the previous month. The average year-to-date sales price was $330,890 up 18.6% from the 2016 average home price of $279,057.

“We understand the City and local home builders are working closely to bring more permit ready residential lots in the second half of the year, which contributes a tremendous boost to the economy,” Smith said. “The news of high-speed rail is also encouraging, and this may be a huge factor toward a future building boom in home construction.”

In May, there were 1,985 listings, up 15.5% from the same time in 2016. The year-to-date sales are outpacing last year by 27.0%, with a total of 5,307 homes sold.

St. Thomas also had a very healthy May, with a total of 115 homes sold, down 0.9% from the same time last year. The average home price in St. Thomas was $259,491 down 4.0% from the previous month.

The best-selling house style in May continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in May was $372,163 down 0.1% from the previous month, while the average price for a condominium was $244,619 down 1.4% from the previous month.

According to a research report**, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. “Based on the historic sales we saw in May, that translates into creating potentially over 500 jobs and positioning us to potentially generate more than $81 million back into the local economy,” Smith said. “With the summer season, many homeowners are looking to add value to their homes through renovating and landscaping projects as well, igniting lots of activity for area merchants and small businesses, helping to further grow the economy.”

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As a Buyer, You Don’t Pay The Realtor’s Commission

So many first time buyers wonder, “do you have to pay a real estate agent if you are buying a home?” For some, the thought of having to shell out extra cash when they are already doing all they can to save for their down payment is enough to make them walk away from the entire process before they even get going. Many are surprised to find out that the answer is actually no. A home buyer does not pay their agent, rather the agent earns their commission from the seller side of the transaction.

Need help finding an agent? Connect with Earl Taylor

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When buying a home, your lawyer will talk to you about buying a Title Insurance policy. Your next question is going to be WHY?
A Title Insurance policy offers you many benefits such as:
1. It eliminates the need for an up-to-date survey, real property report or building location certificate (“the survey”), while covering you against defects that might have been revealed once obtained.
2. It covers you against errors in surveys and other official public records or documents related to your property such as registry / land titles office, local municipal offices and tax departments.
3. It protects you in the event of encroachments onto a neighbouring property, zoning infractions, contravention of subdivision, development and other agreements.
4. It may reduce your closing costs by eliminating some disbursements your lawyer might otherwise have to incur.
Your lawyer can obtain a Title Insurance policy on your behalf prior to the closing date. Once a policy is issued and you take title or ownership to the property, your Title Insurance Company that holds the Policy assumes the risk for all covered problems, protecting your right to the property as long as you own it.
So when your lawyer mentions Title Insurance Policy – say YES!

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