Winnipeg's Real Estate Blog » Market Updates

City Assessment Value vs. Market Value: How closely related ARE they?

Bo Kauffmann — Sun, 29 Jan 2012 15:26:23 +0000

City Assessment Value vs. Market Value

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Every now and then, and usually in the busy spring market, I will meet with home and condo buyers who make reference to “City Assessment Value” of homes. These folks were placing a lot of weight on the City of Winnipeg Assessment Value of the homes the either own, or wish to purchase, and were questioning whether the “Listing Price” of a certain house was realistic, or whether it was too high.

Now, anyone who has ever read any of my blog, or spoken to me directly, knows that in my opinion, “Listing Prices” in Winnipeg are most often set unrealistically LOW…. so having people suggest that the listing price was too high was something new….:-)

I explained that City Assessment has, in actuality, very little to do with real Market Value. There are several reasons for this, including:

1) City Assessment does not know about recent improvements to the home, such as New Furnace, New Windows, Fully Finished Basements, etc

2) City Assessment does not take into consideration any additions to the home, such as sunrooms, family rooms, swimming pools

3) City Assessment is unable to keep up with fast changing market increases in Winnipeg.

I went thru this exercise a couple of years ago, but I am confident that the results would be no different today. In 2010 I checked a dozen different, random sales.

Neighbourhood Style List $ Sold $ City Assessment

River Heights Bng 219,900 219,900 196,000

River Heights 2-St. 279,900 295,200 251,000

Charleswood Bng 249,900 249,900 226,000

Charleswood 2-St 289,900 282,000 231,000

LindenWoods 2-St 289,900 297,000 276,000

River Park South Bng 199,900 232,500 179,000

River Park South Bng 249,900 285,700 237,000

River Park South 2-St 299,900 280,200 223,000

Island Lakes Bng 239,000 245,000 196,000

St.James/Assin. 2-St 279,900 279,000 242,000

St.James/Assin. Bng 249,000 280,500 211,000

W/Kildonan Bng 209,900 217,000 188,000

Garden Grove Bng 239,900 239,000 204,000

Some astute folks will no doubt point out that some homes actually sold for less-than-asking, but that’s the subject for a different blog post altogether.

If you are looking to buy a house, or buy a condo, or thinking of selling, contact me via cell at 333-2202 or email me anytime. I’d love to help!

Expired Listing? House did not sell? What is the next step? (bokauffmann.com)
Top 6 Winnipeg Real Estate Blog posts of 2011 (bokauffmann.com)
Winnipeg spring 2012: A great time to sell real estate? (bokauffmann.com)

Technorati Tags: city assessment, condominium, Condominiums, houses, market value, real estate, real estate market, realtor, realtors, winnipeg, winnipeg real estate, Winnipeg Real Estate Market Update

Real Estate Market Forecast for Winnipeg in spring of 2012

Bo Kauffmann — Mon, 16 Jan 2012 15:33:09 +0000

Housing and Condo Real Estate Market outlook

Credit to bernat's photostream on flickr

At this time of year, news organizations, real estate associations/companies and mortgage industry experts all like to predict the future of the real estate market for the upcoming year. We need to be aware that many of these organizations, especially the national news media, take an overall look at the canadian market in general. However, if you live in Winnipeg, and are thinking of buying or selling your house or condo here, you need to know what the LOCAL real estate picture looks like. When attempting to predict the real estate market, we need to look at several factors, including mortgage rates, unemployement rates, rental vacancy rates and availability of houses and condos for sale. So here are my personal* predictions for the upcoming spring market:

Interest Rates

Advertised rates as low as 2.5% will certainly help in pushing sales. Bank of Canada has recently indicated that these rates are expected to remain low thruout 2012 and into 2013.

Unemployment Rates

Winnipeg and Manitoba are enjoying some of the lowest unemployment rates in the country, a factor which helps stimulate the local real estate market as well. Another factor is immigration, where the Manitoba Government has been active in promoting and opening up our Province to immigrant from all around the globe. New immigrants need homes….

Rental Vacancy Rates

A recent study showed Winnipeg rental vacancy rates at below 1%…..the lowest of the 38 municipalities included in this study. Low vacancy rates adds pressure on the housing market…..after all, if people can not find a rental property, they may be forced to buy a house or condo.

Real Estate Market availability

What REALTORS® call ‘Inventory”, the numbers of available houses and condos in Winnipeg. Thruout 2011, the number of available houses fluctuated between 600 at the low end, and up to over 1,000 during the fall months. Available condos are usually between 200 and 300 thruout the year. Right now (early January 2012) we have approximately 450 houses for sale, and only 160 condos for sale.

So my personal* forecast prediction for Winnipeg’s real estate market in the upcoming months: HOT. All the indicators seem to point to a significant buyer-activity at the same time when available inventory is at an all-time low. Supply and Demand….

If you are looking to buy a house, or buy a condo, or thinking of selling, contact me via cell at 333-2202 or email me anytime. I’d love to help!

* This is my personal prediction/forecast and is in no way endorsed by my broker or by Re/Max.

Winnipeg Real Estate Market Snapshot December 2011 (Video) (bokauffmann.com)
WHEN is the best time to buy a house (or condo)? (bokauffmann.com)
Winnipeg Real Estate Quick-Update: 1000 Houses & 213 Condos available (bokauffmann.com)
What’s wrong with this Condo? (bokauffmann.com)

Technorati Tags: condominium, Market Update, market value, mls, real estate, real estate agent, winnipeg, winnipeg real estate, Winnipeg Real Estate Market Update

Winnipeg spring 2012: A great time to sell real estate?

Bo Kauffmann — Wed, 11 Jan 2012 16:46:05 +0000

Is NOW a good time to list/sell your house or condo in Winnipeg?

Photo Credit to "emples' photostream" on Flickr

Home sellers often ask me :”When is it a good time to list your home or sale?”

In Winnipeg, during the past 5 years, the answer would have almost always been :”Right Now”. Winnipeg’s Real Estate Market has remained hot, even during the economic slow-down which effected the rest of the country and world. However, RIGHT NOW (spring 2012) our market is truly ready for home-sellers to list their houses and condos.

Buyers are starting to come out and look for their next home and a finding a severe lack of good homes. For example, here are the numbers of homes available in the following areas:

Windsor Park: 6 Homes

Southdale: 7 Homes

River Park South AND South St.Vital: 13 Homes

Richmond West: 3 Homes

Whyte Ridge: 1 Home

LindenWoods and LindenRidge : 5 Homes

These are just some of the examples of neighbourhoods running short of listings. So if you are thinking of selling your house (or condo) NOW may be an excellent time to take a look at your options.

Please call me anytime for a free market evaluation. I look forward to helping you.

Here are a few of the most common questions home-owners have, and answers to them:

Q: What kind of questions should we ask a prospective Listing Agent?

A: Here is a guide to some of the important points to ask a Listing Agent. Please see the video in this post.

Q: How do we create a ‘bidding war’ for our house or condo?

A: There are several ingredients to creating a bidding war, including: Setting a realistic Asking Price, generating lots of Buyer Interest and also the status of the current market. For a video explanation, see this post.

Q: If we receive a full-price offer on our home, are we obligated to accept it?

A: No. If you were a store-owner, advertising a quart of milk for $1.00, you WOULD be obligated to sell at that price (or issue rainchecks), however home-owners are exempt from the laws that govern this issue. However, while no one can force a home-owner to sell at an advertised price, the question remains: “If he/she was not going to accept $220,000 for the home, WHY did we LIST it at that price?” For more indepth explanation, please watch the video in this post.

Q: We’ve just received a letter from a Real Estate agent claiming that he has “several buyers for our house”. What should we do?

A: Call me direct, at 333-2202, anytime. By listing your home with me, we will find ALL the agents who have buyers for your home, thereby assuring you complete exposure and the best possible chance at getting multiple offers. For a further explanation, please check out the video in this post.

Q: What about these Free Over-the-Internet Home Evaluations? How do they work?

A: In this fast market, where the values of homes change on a weekly basis, you need to know precisely what your home is worth. The ONLY way this can be established is by having an agent come into your home. These “over-the-net” evaluations are a hook to get the home-owners to call these companies, which then sell your information back to a REALTOR® who ends up having to come to your house anyway. For a personal market evaluation, call me anytime. For more info, watch the video in this post.

Q: Since this market is so hot, can’t I sell my home by myself?

A: In many cases you CAN sell your own home. It’s not secret that there are many buyers looking at houses, so simply by placing a “For Sale” sign on your property, you may indeed have strangers come to your door or call you up, showing interest in your home. But here is the key: In a HOT market, there may be MANY people interested in your home. Private Sales have, traditionally, made up between 5% and 10% of the entire market…. always have, and probably always will. Since you are looking for the BEST BUYER for your home, what are the chances that this elusive person is in that 5-10% portion of the market? Add to this the fact that the most serious Buyers are working with Real Estate Agents, and you quickly come to the realization that by trying to sell privately, the home-owner is missing out on a huge, and very important part of the market.

Q: Is there a difference between REALTORS®? I mean, they all provide the same service, don’t they?

A: We are all called REALTORS®, we all place homes on the M.L.S.®, but that’s pretty much where the similarities end. Just as no 2 lawyers are the same, no 2 doctors are the same, so we can quickly see the differences between Real Estate professionals. I always say: You hire a REALTOR® for one reason: To do the marketing and advertising for your home, and this is where a huge difference becomes apparent. To see my marketing plan, click on the video at the top right side of this page, I think it tells the whole story.

I update this Blog on a regular basis, adding new listings, market updates, news and interesting (well, at least I think they’re interesting) pieces of information. You can make sure that you receive the posts by two ways: Subscribe to the RSS (check the toolbar along the bottom of the screen) or fill in this form and you’ll get the latest blog posts via e-mail, once a week.

Bo Kauffmann of Remax Performance Realty is the recipient of the 2009 Silver Medallion Award from Winnipeg REALTORS®, the Platinum Club Award from Remax, and is one of Winnipeg’s top-producing Real Estate Agents. Check out his website at WinnipegHomeFinder, follow him on Twitter or email him at boknowshomes@gmail.com

Technorati Tags: real estate market, realtor, selling, winnipeg real estate

January 2012 Winnipeg Real Estate Market Update

Bo Kauffmann — Mon, 09 Jan 2012 16:57:02 +0000

Winnipeg Real Estate Market Update for January 2012

Every month, I produce a Real Estate Market Update for Winnipeg’s real estate market. I’ve divided the housing market along 3 different price ranges, from ‘entry level’ homes (between $50,000 and $199,999), to ‘mid-range homes’ (between $200,000 and $399,999) and finally ‘luxury homes’ (above $400,000). This real estate market update will also report on Condo Statistics in Winnipeg.

For this report, we will look at all houses and condos inside Winnipeg, with E.St. Paul and Headingley added as well. This real estate market update does NOT include vacant lots, but DOES include duplexes, mobile homes, detached and attached homes and townhouses.

One of the statistics we are providing is “Inventory Levels”. We arrive at this figure by diving the currently available homes into the number-of-homes-sold in the past 30 days. A really hot market will report inventory levels at 1 to 2 months, whereas a ‘Buyers Market” will show inventory levels around 8 to 12 months and more.

Entry Level Houses ($50,000 to $199,999)

This segment, along with the mid-range homes, is the most active in Winnipeg. Right now, Winnipeg has just 143 available listings for sale in this price range, a sharp decline from the previous months’ numbers of 253. During the past 30 days, Winnipeg REALTORS® have also sold 127 homes in this price range (down from 167 in the previous month), resulting in an inventory level of 1.1 months. In other words, if NO ONE listed their home, it would take, on average, about 4 weeks to run out of homes-for-sale.

Mid-Range Houses ($200,000 to $399,999)

This is the most active segment of the Winnipeg real estate market. Currently we have 170 listings available, and sharp decrease from last months’ 286. In the past 30 days, we have sold 175 houses in this price range, resulting in 1 month of inventory on the market. This is an even tighter market than last month, mostly a result of fewer listings in this price range.

Luxury Houses (over $400,000)

A decidedly slower segment of our market are luxury homes, and over the past month, it slowed down even more. However, when compared to other cities, even the luxury home market in Winnipeg is fairly hot. We currently have 133 listings available in this price range, a significant drop of nearly 30% from last months’ available homes of 204. A large reason for this is the fact that many listings were set to ‘expire’ at the end of the calendar year, and so if they did not sell, simply dropped out of the market. REALTORS® have sold 77 homes in this range in the past 30 days, resulting in an inventory level of 1.7 months, as you can see, a significantly drop from the previous month.

Condominiums in Winnipeg

While condos are definitely NOT for everyone, here are 7 reasons why you might consider one. Currently, we have only 158 Condos to choose from, while having sold 72 units in the past month, making inventory levels at around 2.2 months, a steep decline from December.
If you are looking to buy a house, or buy a condo, or thinking of selling, contact me via cell at 333-2202 or email me anytime. I’d love to help.

Here is the graphic look at Winnipeg Real Estate Market

Winnipeg Real Estate Market Snapshot December 2011 (Video) (bokauffmann.com)
Winnipeg Real Estate Market Snapshot November 2011 (Video) (bokauffmann.com)

Technorati Tags: condominium, Condominiums, first time buyer, market conditions, Market Update, real estate agent, winnipeg real estate, Winnipeg Real Estate Market Update

Merry Christmas and Happy New year!

Bo Kauffmann — Thu, 22 Dec 2011 16:00:00 +0000

Seasons Greetings to all my Clients, Family and Friends

I wish to thank all of my clients, family and friends who have helped me make 2011 my best year ever in Winnipeg Real Estate. Looking ahead to 2012, I feel very confident that our hot market is going to continue, in light of the continuing low interest rates, good employment and immigration statistics and continued optimism in Winnipeg’s economic future. Looking forward to working with you in the next year!

http://www.youtube.com/watch?v=YpVy5k-WXxg

Please have a safe and happy holiday season….and please….don’t drink and drive!!!

Technorati Tags: Christmas, Holiday greetings, real estate, winnipeg

Winnipeg Real Estate Market Snapshot December 2011 (Video)

Bo Kauffmann — Mon, 19 Dec 2011 15:29:09 +0000

Quick-Market Snapshot for Winnipeg in December 2011

At the beginning of each month, I produce a full Winnipeg Real Estate Market report, which shows the total numbers of homes available in Winnipeg, as well as the numbers of condos available. These short ‘Quick Market’ snapshots show how many homes and condos have gone beyond the offers-date, and are quite literally waiting for YOU.

http://www.youtube.com/watch?v=p_xs01ZM7VQ

Winnipeg Real Estate Market Snapshot November 2011 (Video) (bokauffmann.com)
New Segment: Featured Condos on Winnipeg’s Real Estate Blog (bokauffmann.com)
What’s wrong with this Condo? (bokauffmann.com)

Technorati Tags: condominium, real estate, winnipeg

December 2011 Winnipeg Real Estate Market Update

Bo Kauffmann — Fri, 02 Dec 2011 16:40:00 +0000

Winnipeg Real Estate Market Update for December 2011

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Every month, I produce a Real Estate Market Update for Winnipeg’s real estate market. I’ve divided the housing market along 3 different price ranges, from ‘entry level’ homes (between $50,000 and $199,999), to ‘mid-range homes’ (between $200,000 and $399,999) and finally ‘luxury homes’ (above $400,000). This real estate market update will also report on Condo Statistics in Winnipeg.

Entry Level Houses ($50,000 to $199,999)

This segment, along with the mid-range homes, is the most active in Winnipeg. Right now, Winnipeg has 253 available listings for sale in this price range, a sharp decline from the previous months’ numbers of 328.. During the past 30 days, Winnipeg REALTORS® have also sold 167 homes in this price range (down from 189 last month), resulting in an inventory level of 1.5 month. In other words, if NO ONE listed their home, it would take, on average, about 6 weeks to run out of homes-for-sale.

Mid-Range Houses ($200,000 to $399,999)

This is the most active segment of our real estate market. Currently we have 286 listings available, and decrease from last months’ 415 by about 25%. In the past 30 days, we have sold 281 houses in this price range, resulting in 1 month of inventory on the market. This is an even tighter market than last month, mostly a result of fewer listings in this price range.

Luxury Houses (over $400,000)

A decidedly slower segment of our market are luxury homes, and over the past month, it slowed down even more. However, when compared to other cities, even the luxury home market in Winnipeg is fairly hot. We currently have 204 listings available in this price range, a significant drop of nearly 20% from last months’ available homes of 241. REALTORS® have sold just 36 homes in this range in the past 30 days, resulting in an inventory level of 5.6 months, as you can see, significantly higher than the levels of mid-range and entry level priced homes. So if you are in the market to BUY a luxury home, and provided we can find one you like, THIS may be a perfect time to look.

Condominiums in Winnipeg

When compared to the entry level and mid-range houses, this category will seem to be in a ‘Buyers Market’. One reason I recommend anyone who is looking for their first home, to seriously consider investing in a condo. With a slightly slower sales pace, buyers often have the ability to place conditions into their offers, such as ‘subject to financing’ etc . While condos are definitely NOT for everyone, here are 7 reasons why you might consider one. Currently, we have only 214 Condos to choose from, (identical amount to last month) while having sold 65 in the past month, making inventory levels at around 3.3 months, a steep increase from November, meaning now is a great time to buy a condo as well..

If you are looking to buy a house, or buy a condo, or thinking of selling, contact me via cell at 333-2202 or email me anytime. I’d love to help!

Real Estate Market Graphic

Technorati Tags: buying, buying a house, condo, condo for sale, condominium, first time buyer, market conditions, Market Update, market value, mls, real estate, real estate market, winnipeg

Winnipeg Real Estate Market Snapshot November 2011 (Video)

Bo Kauffmann — Mon, 14 Nov 2011 15:57:38 +0000

Quick Market Snapshot for November 2011

Each month, I publish a Real Estate Market Update, which shows numbers of available listings in houses and condos in Winnipeg. In this quick-market snapshot, lets take a closer look at how many of those listings have gone beyond the ‘Offers Dates’ and are waiting for buyers to make a move!

Market Snapshot for November 2011 video

http://www.youtube.com/watch?v=YHqkJtAE1EE

If you’re in the market for a house or a condo, contact me anytime, or submit a Dream Home Finder request, or a Condo Finder Request (if you DONT already have your own REALTOR)

Is Winnipeg changing into a real estate Buyers Market?

TweetSharebar TweetWhat is a great time to buy Real Estate in Winnipeg? . One of the most often-asked question by home and condo buyers is “When is the best time to buy in Winnipeg?” Similar to other things, purchasing …

Publish Date: 07/13/2011 10:00

http://bokauffmann.com/is-winnipeg-changing-into-a-real-estate-buyers-market/

Buying a Condo in Winnipeg – Winnipeg’s Real Estate Blog

If you’re buying a condo in Winnipeg, here are some financial aspects you need to know, including reserve fund, condo fees, start up costs and more.

Publish Date: 02/17/2011 10:49

http://bokauffmann.com/buying-a-condo-in-winnipeg-what-you-need-to-know-and-consider-part-2/

Technorati Tags: buying, buying a house, condominium, first time buyer, House, Market Update, market value, mls, real estate, Real estate broker/agent, winnipeg, winnipeg real estate, Winnipeg Real Estate Market Update

November 2011 Winnipeg Real Estate Market Update

Bo Kauffmann — Thu, 03 Nov 2011 18:20:12 +0000

Winnipeg Real Estate Market Update

Entry Level Houses ($50,000 to $199,999)

This segment, along with the mid-range homes, is the most active in Winnipeg. Right now, Winnipeg has 328 available listings for sale in this price range, which happens to be identical to last month. During the past 30 days, Winnipeg REALTORS® have also sold 189 homes in this price range (down from 213 last month), resulting in an inventory level of 1.73 month. In other words, if NO ONE listed their home, it would take, on average, about 6 weeks to run out of homes-for-sale.

Mid-Range Houses ($200,000 to $399,999)

This is the most active segment of our real estate market. Currently we have 380 listings available, and decrease from last months’ 415. In the past 30days, we have sold 355 houses in this price range ( a slight decrease over last month), resulting in 1.07 months of inventory on the market. This is an even tighter market than last month, mostly a result of fewer listings in this price range.

Luxury Houses (over $400,000)

A decidedly slower segment of our market are luxury homes, and over the past month, it slowed down even more. However, when compared to other cities, even the luxury home market in Winnipeg is fairly hot. We currently have 241 listings available in this price range, a slight drop from last months’ available homes of 246. REALTORS® have sold just 52 homes in this range in the past 30 days, resulting in an inventory level of 4.54 months, as you can see, significantly higher than the levels of mid-range and entry level priced homes.

Condominiums in Winnipeg

When compared to the entry level and mid-range houses, this category will seem to be in a ‘Buyers Market’. One reason I recommend anyone who is looking for their first home, to seriously consider investing in a condo. With a slightly slower sales pace, buyers often have the ability to place conditions into their offers, such as ‘subject to financing’ etc . While condos are definitely NOT for everyone, here are 7 reasons why you might consider one. Currently, we have only 214 Condos to choose from, while having sold 95 in the past month, making inventory levels at around 2.25 months, identical to October 2011.

Is Winnipeg changing into a real estate Buyers Market?

TweetSharebar TweetWhat is a great time to buy Real Estate in Winnipeg? . One of the most often-asked question by home and condo buyers is “When is the best time to buy in Winnipeg?” Similar to other things, purchasing …

Publish Date: 07/13/2011 10:00

http://bokauffmann.com/is-winnipeg-changing-into-a-real-estate-buyers-market/

Winnipeg Real Estate Market Infographic

Technorati Tags: condominium, House, Luxury real estate, real estate, winnipeg

Winnipeg's Real Estate Blog » Market Updates

City Assessment Value vs. Market Value: How closely related ARE they?

City Assessment Value vs. Market Value

Related articles

Top 6 Winnipeg Real Estate Blog posts of 2011

6 Most-Read Posts of Winnipeg’s Real Estate Blog in 2011

Real Estate Market Forecast for Winnipeg in spring of 2012

Housing and Condo Real Estate Market outlook

Interest Rates

Unemployment Rates

Rental Vacancy Rates

Real Estate Market availability

Related articles

Winnipeg spring 2012: A great time to sell real estate?

Is NOW a good time to list/sell your house or condo in Winnipeg?

Windsor Park: 6 Homes

Southdale: 7 Homes

River Park South AND South St.Vital: 13 Homes

Richmond West: 3 Homes

Whyte Ridge: 1 Home

LindenWoods and LindenRidge : 5 Homes

Here are a few of the most common questions home-owners have, and answers to them:

Q: What kind of questions should we ask a prospective Listing Agent?

Q: How do we create a ‘bidding war’ for our house or condo?

Q: If we receive a full-price offer on our home, are we obligated to accept it?

Q: We’ve just received a letter from a Real Estate agent claiming that he has “several buyers for our house”. What should we do?

Q: What about these Free Over-the-Internet Home Evaluations? How do they work?

Q: Since this market is so hot, can’t I sell my home by myself?

Q: Is there a difference between REALTORS®? I mean, they all provide the same service, don’t they?

January 2012 Winnipeg Real Estate Market Update

Winnipeg Real Estate Market Update for January 2012

Entry Level Houses ($50,000 to $199,999)

Mid-Range Houses ($200,000 to $399,999)

Luxury Houses (over $400,000)

Condominiums in Winnipeg

Here is the graphic look at Winnipeg Real Estate Market

Related articles

Merry Christmas and Happy New year!

Seasons Greetings to all my Clients, Family and Friends

Please have a safe and happy holiday season….and please….don’t drink and drive!!!

Winnipeg Real Estate Market Snapshot December 2011 (Video)

Related articles

December 2011 Winnipeg Real Estate Market Update

Winnipeg Real Estate Market Update for December 2011

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Entry Level Houses ($50,000 to $199,999)

Mid-Range Houses ($200,000 to $399,999)

Luxury Houses (over $400,000)

Condominiums in Winnipeg

Winnipeg Real Estate Market Snapshot November 2011 (Video)

Quick Market Snapshot for November 2011

Market Snapshot for November 2011 video

November 2011 Winnipeg Real Estate Market Update

Winnipeg Real Estate Market Update

Entry Level Houses ($50,000 to $199,999)

Mid-Range Houses ($200,000 to $399,999)

Luxury Houses (over $400,000)

Condominiums in Winnipeg

Winnipeg Real Estate Market Infographic