Kitchener, Ontario, is a beautiful southeastern Ontario city in Canada. Its proximity to Hamilton, Guelph, Mississauga, and Toronto makes it a desirable place to live, not to mention its many standout attractions like the sprawling Victoria Park and the Joseph Schneider Haus living-history museum.
While you might know how wonderful this city is to live in, that doesn’t mean the housing market reflects that. Consider the following Kitchener housing market information before deciding if now is the right time to sell. Below are four things know if you are selling your property in Kitchener:
A Buyer’s or Seller’s Market in Kitchener, Ontario
Before selling to a professional buyer or member of the public, it’s always a good idea to determine if it’s a buyer’s or seller’s market in Kitchener, Ontario.
A buyer’s market means there is plenty of housing stock to choose from, affording many buyers the opportunity to negotiate terms and pricing. In a buyer’s market:
- Price Strategically: Set a competitive price based on market analysis.
- Enhance Appeal: Make your property visually appealing through staging and maintenance.
- Effective Marketing: Utilize multiple channels to reach potential buyers.
- Flexibility and Negotiation: Be flexible with showings and willing to negotiate terms to secure a sale.
In contrast, a seller’s market is a more desirable one for homeowners, with a shortage of housing stock leading to price increases and the freedom for sellers to set their own terms. In a seller’s market:
- Maximize Price: Price your property competitively to take advantage of high demand.
- Quick Preparations: Ensure your property is move-in ready to capitalize on eager buyers.
- Strategic Marketing: Utilize targeted marketing to attract potential buyers quickly.
- Negotiate Wisely: Be prepared for multiple offers and negotiate favorable terms swiftly.
The Time It Takes to Sell
How long a house takes to sell might reaffirm your decision to sell sooner rather than later or wait until the timeline better suits your needs.
In February 2024, the average number of days to sell a home in Kitchener was 26, compared to 21 for the previous year and 20 for the five-year period before. If you’re in a hurry to sell and don’t want the hassle of open houses and complicated realtor contracts, selling through a professional buyer might be something you consider.
You can sell your property in a matter of days and move out on a timeline that works the best for your unique situation.
The Average Asking Price
The average asking price for properties in Kitchener is always worth thinking about before you decide to put your house on the market. You might be aware of issues your property has that drive down its value, or you know that the area in which you live is experiencing stagnation or growth.
In March 2024, the average sale price in the Kitchener-Waterloo area for detached properties was $862,000, up 4.5% from the previous month. However, townhouse pricing was much less, with an average price tag of $664,000, while condominiums were selling for an average of $415,000.
The ‘average’ asking price isn’t what you can expect for your own property, but it can give you an idea of what properties are selling for approximately in your area.
Your Sales Method Options
When you learn how much homes are selling for, how long it takes for them to sell, and what type of market you’d be selling in, it’s a good idea to think about the available sales methods and which one might suit your needs the best.
For sale by owner (FSBO) is a worthwhile consideration for those who have the time to dedicate to marketing and learning how the sales process works. Alternatively, you can part with up to 6% commission for a realtor to take the lead or sell to a professional buyer privately, with them taking care of everything.
The Kitchener housing market is worth familiarizing yourself with when the time comes to put your house up for sale. The more you learn about your own area, the more confidence you might have to sell.