LSTAR Home Sales on Track for a Record Year

In September 2021, the London and St. Thomas Association of REALTORS® (LSTAR) experienced another solid month, with 864 residential transactions recorded via its MLS® system. "This value, which represents the second-highest number of homes sold in the month of September in LSTAR's jurisdiction since 1978, puts us on track for a record year. In the first nine months of this year, 8,756 homes traded hands in our area, which is an unprecedented total for our September year-to-date figures," said 2021 LSTAR President Jack Lane.

1,057 new listings came on the local market last month, on par with the values seen in the pre-pandemic years. However, at the end of the month, there were only 628 active listings left - the lowest amount of active listings ever seen by LSTAR in September. "These figures show clearly that houses in our area are in very short supply. The shortage is also demonstrated by the very low number of months of inventory - 0.6, which indicates that, at the current sales pace, it would take only a  bit over two weeks to liquidate the entire existing housing inventory of LSTAR," explained Lane.

Both benchmark and average sales prices continued to rise last month. In September, the overall average home price for LSTAR was $690,861, while the LSTAR composite MLS® HPI benchmark price sat at $596,400.

"Aside from prices, when analyzing the market activity in LSTAR's five main regions, we are also looking at the median number of days on market recorded in each region. This number reveals how many days it usually takes to sell a home in a certain area. Except for Elgin, this number was between 7 and 8 days," Lane added.

The single-family home remains on top of the local buyers' preferences, with 648 sales in September. "Yet, it is worth mentioning that, so far, both condo townhouses and apartments had their best year ever, with 1,087 and 812 units respectively exchanging hands year-to-date," Lane noted.

October Newsletter ~ The PEDLAR Team Update

 

Fall Is Here As The Leaves Start To Change   October 1 is here and we are seeing leaves around town already starting to change colour. We are lucky to have a beautiful carolinian forest around here that delivers vast amount of colours. The highway of colours comes to life as you take the highway past the Pinery Provincial Park. Thanksgiving is in a couple weekends and hope everyone has a chance to gather with some family and friends around a tasty meal! Have a great October everyone and Happy Thanksgiving from The PEDLAR Team! We are never far from our phones if you have any questions about real estate. Call The PEDLAR Team today for all your real estate needs at 519-238-5700!   10 Things To Do Before The Snow Falls   I didn't want to say the four letter S word but we live in Canada and snow is a fact of winter around here. Once October hits, you’ll want to start working your way through this fall home maintenance checklist. Ensuring that your home’s cold-weather systems are running efficiently will save you money and major headaches in the long run. Drain the Hose Watering season is over, but you’re not done with your outdoor watering system quite yet. To avoid cracked hoses and burst faucets over the winter, turn off water valves in your home and drain all remaining water from the taps and hoses. Tip: Unrolling the hose down a gentle slope will let the water run out completely. Clear Vents To prevent ice dams — ridges of roof ice that prevent melting snow from draining — ensure attic vents are free of debris. Poor soffit ventilation can increase mold inside the house and damage wood shingles during the winter months. Tip: A leaf blower or a pass with a pressure washer will clear them out and prep them for winter snow. Clean the Chimney Ahhh, there’s nothing quite like the warming atmosphere of a wood-burning fireplace in the dead of winter. But once you’ve cozied up to your 70th fire, get that chimney inspected and cleaned of excess creosote, because it may cause chimney fires. Tip: Run the point of a fire poker inside the chimney liner and if there’s more than three millimetres of gunk, call a certified chimney sweep. Store Pots & Planters If you decide to keep your collection of colourful clay pots outside for winter, make sure you empty the soil before you do. The moisture in the earth will expand when frozen, which can crack those precious ceramic containers. Tip: Removing the soil now will make it easier to reposition and replant the pots come springtime. Mind in the Gutter Backed up gutters can cause all sorts of wintertime hassles such as roof leaks, ice dams and wall-focused water damage. Before the snow comes, get your gutters cleared out by a professional — leave ladders to the insured experts. Tip: Make sure all downspout extensions run at least 1.5 metres away from your home’s foundations. Caulked & Ready A thin line of silicone caulking is one of the best ways to seal gaps in siding, windows and door frames. If you can see a gap that’s bigger than the width of a nickel, you need to get on it, to stop drafts and water damage in their tracks. Tip: Pick up some weather stripping for doors as well — you shouldn’t be able to see daylight from inside your home. Inspect the Roof Pull out a pair of binoculars and give your roof a careful once-over. Keep your eyes peeled for damage or missing or loose shingles. Hire a handyman for patching jobs, or a roofing company for larger sections in need of some TLC before winter comes. Tip: Take time to investigate the flashing around chimneys and vent stacks, too. A/C Prep While it may be tempting to wrap your entire external air-conditioning unit in miles of plastic wrap, resist the urge. Doing this can cause corrosion and is an inviting spot for nesting rodents. Instead, place a piece of made-to-measure plywood over the unit during winter and protect it from large, falling icicles and snowdrifts. Heating Up Don’t wait until the thermometer dips below zero to think about your home’s heating system; prep now and be ready. A technician can inspect, test and clean your furnace or heat pump to ensure they’re in tip-top shape for winter. Tip: Ask for a carbon monoxide measurement at the same time as the inspection. Flip It and Reverse It If your home is kitted out with ceiling fans, check the settings for a reverse option. Running fans in the opposite direction creates an updraft, pushing down heated air, which can help reduce your energy bill. Tip: If you have high ceilings, consider switching out the fan units for ones that have this setting. Before the temperature drops too much, make sure your home is ready to handle the cold, wet winter months. A little prep work and elbow grease now will go a long way to help your home weather the coming storms — literally.   Mortgage Interest Rates Moving Forward   Many of our clients inquire about the future of interest rates and staying the low rate they are today. We did some research and the experts all predict that the interest rates won't be touched by the Bank of Canada till mid or late 2022. It is estimated that by end of 2023 the rates will 1.5% from the current .25% rate. This is great news for Canadians as this means still rather low rates for the next couple years. Former Governor for Bank of Canada predicts interest rates likely to stay low for a generation! Here are a couple links to read and watch more input. Find out more by clicking the link: https://www.bnnbloomberg.ca/real-estate/video/interest-rates-likely-to-stay-low-for-a-generation-stephen-poloz~2054430 or https://www.fxstreet.com/news/bank-of-canada-to-begin-rising-rates-in-july-2022-wells-fargo-202109271644 How Soon Can You Sell A Home After Buying It In Ontario?   The easy answer is the second the home is in your name you can sell it BUT these are some things you should consider before seller in the first few months of ownership. Unfortunately life can throw us some unforeseen circumstances and one might be forced into this tough situation so this is why we bring this list to your attention. - Mortgage Prepayment Penalties - Can't Hide Sale Price From Potential Buyers - Likely To Lose Money On Extra Fees - Tough To Avoid Capital Gains Taxes - Save Money Where You Can Click the link to read the full article for more information: https://www.canadianrealestatemagazine.ca/expert-advice/how-soon-can-you-sell-a-house-after-buying-it-in-ontario-334768.aspx FOR SALE 10379 Christie Boulevard Listed at $849,000   Wonderful family cottage just steps to the sandy beaches of Lake Huron, here in Southcott Pines. Only a 5 minute walk to the shoreline or you can stroll to the Main strip of Grand Bend, from this private setting. Surrounded by nature and the mature oak trees of this Carolinian Forest you can see sunsets like nowhere else and enjoy the beauty of this unique area. The home features 3 bedrooms, 2 baths, a spacious sunroom and lots of space for the whole family, with over 1450 sq. ft. of living area. The large 23'x16' cedar deck at the back of the home is a great place to watch nature and enjoy the privacy of the area. Southcott Pines features access to the private "Sun Beach" on Lake Huron, The Community clubhouse overlooking the Old Ausable River and a great play area for the kids, plus there are lots of nature trails as well. This home comes fully furnished including appliances, so you are all ready to enjoy the Lake instead of having to worry about buying that couch or bed. Grand Bend features a Blue Flag Beach, large Marina, Huron County Playhouse, local Craft Breweries, Golf Courses and numerous other attractions to keep everyone busy plus the Pinery Provincial Park is just down the road. Click the link to watch the virtual tour: https://www.youtube.com/watch?v=zdGlrVPYhbI   FOR SALE 193 Bethany Street, Parkhill Listed at $650,000   Family home in Parkhill situated on a quiet street with great curb appeal and wonderful landscaping. Over 3300 sqft of living space with stucco and brick exterior, covered double column entrance, paver stone 6 car driveway, oversized 1.5 car garage with heated shop. Inside you have an 1815 sqft open concept design that was built in 2005 with hardwood flooring, oak trim and 9 foot ceilings. Kitchen with maple cabinets and center island overlooking the eating area with patio doors leading to the back yard. Living room with built in cabinets, gas fireplace and large picture window for lots of natural light. Two bedrooms on the main floor including the master with large walk in closet. Spacious main floor bath with heated floors, soaker tub and shower. Heated tile floor in the front foyer and laundry room. Downstairs includes a large family room with 2 additional bedrooms, full bathroom and cedar lined hot tub room. In floor heat throughout the lower level. Garage is 16’ x 27’ with doorway to attached 30’ x 22’ heated workshop that includes its own bathroom. The ultimate workshop, man cave or spot to work on the cars. Bonus the home includes a stand by generator so you’re never in the dark. The back yard completes the package with a large shed, green house, water feature, vegetable gardens, concrete patio and lots of room for the kids to play. Parkhill is close to London but has all the small town amenities including groceries, bank, playground, community center, schools, churches, arena and sports fields.     Click the link to watch the virtual tour: https://www.youtube.com/watch?v=ajtuqz_jQvg   Get Your 2021 Grand Bend Locals Card   Support Local With Your GRAND BEND Locals Card It is the hope that this card will encourage you to choose local businesses, more often. They've been quietly adding new businesses, new offers and TWICE as many draws! As lovers of Grand Bend, we need to stick together and keep our businesses OPEN. These Local businesses who are unable to provide specific offers, have stepped up to help provide MORE CARDHOLDER Draws! More Draws = More Winning & More Local Spending. Let's support them, for all they do to support our community.   Click the link to see more information: https://grandbendlocals.com/ Ontario Regional Referral Team Looking to move outside of the area and not sure who to call? As always call The PEDLAR Team with any of your real estate needs! We are closely connected with a group of realtors that cover Southwestern Ontario. Along with our involvement in the Re/MAX community we are sure to line you up with a trusted knowledgeable real estate agent to make your plans a reality anywhere in North America, or the world for that matter because Re/MAX is global! Check out the website for ORRT and learn more about the group: https://www.orrt.ca/ Lambton County & Huron County Business Map   A new initiative started by the Lambton County & Huron County Economic Development groups was uploaded recently. They each created a virtual mapping website to show all the businesses and store fronts across the counties. These were created as an idea during COVID and will become a great tool for locals and tourists alike after COVID. Any business can be posted in the respective area if you go to the proper link below for each county.  Lambton County: http://www.shoplambton.ca Huron County: https://huron.maps.arcgis.com/apps/webappviewer/index.html?id=dc52efb9fee04e748431bb74c8335c9f New To Lambton Shores? The municipality of Lambton Shores is starting a new initiative of making municipality information easier to find out. Check the link out and see what things you didn't know about this awesome municipality.  Click the link: https://www.lambtonshores.ca/en/living-here/new-to-lambton-shores.aspx?platform=hootsuite   Social Media   Have a great day everyone and don't forget to check out our social media sites like youtube, facebook, twitter and our website to stay up to date on all the latest listings. You can find the links to these various social media outlets above our information below. See the benefits of using a high quality drone and camera for videos and pictures to add content to each listing. GIVE US A LIKE ON OUR FACEBOOK PAGE BY CLICKING THE ICON BELOW! We love to hear about your experience with The PEDLAR Team so please feel free to head to our facebook page and leave a review. Click the link to leave a review: https://www.facebook.com/thepedlarteam/reviews/

If you or any of your friends and family are looking to buy or sell make sure to call us first! Referrals are the greatest compliment Check our website out by clicking the link below http://www.grandbendrealestate.com  Doug Pedlar      Mark Pedlar     Garrett Pedlar      Broker of Record                         Broker                        Sales Representative   519-902-4099    519-670-0746     519-872-0910  remaxdoug@hay.net           remaxmark@hay.net          remaxgarrett@hay.net