Winnipeg Real Estate Podcast Bo Kauffmann - REALTOR

Is spring 2023 turning into a great 'Buyers Market'?
When comparing listings and sales, year over year, there is no doubt that numbers are looking favorable for home and condo buyers in Winnipeg.  Let's take a look at the stats of the month of April 22 and April 23.
As we can see from the 'ALL MLS' graph, active available listings (all types of houses and condos) are up 70% over last year, same time. They are actually right in line with the 5-yr average of available listings (3,548)
At the same time, property sales are down by 24% from last year......  as well as being down 17% from the 5 yr average.
Detached Homes in Winnipeg
The numbers for stand-along houses (detached homes) is even more telling.  The active listings for the Winnipeg Real Estate Board area are 1,761, which is nearly double (+84%) of the active listings in April 2022, which were 956.
At the same time, sales are off by 25% when compared to last year.  So these numbers alone would suggest a nod towards a buyers market.  Since there are MORE HOMES for sale, and FEWER sales happening, buyers overall face less competition, more choices and fewer bidding wars.  But the story does not end there.  Take a look at the average prices:
Last year the average detached home sold for $447,295 while this year its $409,286,  a drop of 9%.  A third sign of a buyers market.
Increased Inventory Lower buyer activity Lower home prices Attached Homes in Winnipeg
How about the so-called attached homes.  These are side-by-sides and townhomes.  Home builders have been constructing these as an alternative for first time buyers.  Since they use less land, and less building material, they are quite a bit cheaper to build.  Let's see how those are faring:
Here active listings are actually more than double, going from 122 in 2022 to 252 this year.  Sales are off 28%,  from 109 last year to 79 in April 2023.  And prices are also down 28%, to an average of $326,995.
So the story is very much the same as it is with detached homes.......more availability, less competition among buyers and lower prices to boot.
Condominiums in Winnipeg
Does the story repeat for condos in Winnipeg as well? Yes, but not the same extreme.
The 484 available condominiums are a 42% increase over last year, which sales are off by 24%.  Last April we sold 224 condos, whereas this year we only sold 171.  However prices have remained fairly stable, dropping just 1% for the average sale, from $261,802 last year to $258,571 this year.
What about interest rates?
While all those numbers point to a more buyer-friendly environment, some folks point to the higher interest rates as a deterrent.  Here is another way to look at this
"Interest rates will go up and down, but the purchase price is forever."
Unless you're lucky (or wealthy enough) to pay your mortgage off in 5 yrs, you will most likely have to re-new it a few times.  Each time you will be subject to the current interest rates of the day.
Your mortgage payment will, of course, be based on your current outstanding debt.  And right now, you can buy a house for around 10% less than last year.  PLUS have more homes to choose from, AND fewer bidding wars than last year.
All of this adds up to an encouraging sign for home buyers.
If you're interested in exploring your options, and see how much home your current pre-approval will buy for you, call me to set up a free buyer consultation.

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Saturday, May 6h, 2023…
 
Today is National Homebrew Day and International No Diet Day.
 
As a home buyer, do you know the difference between being a customer and being a client?
 
If you’re going to open houses or calling different agents asking them to show you their listings, you are a ‘customer’.
 
The agent you are speaking with is required, by law, to do his best for his home-seller.  As such, the agent only owes you honest answers to direct questions.
The agent is actually required to tell his home-seller any information he learns about you. 
 
However, if you are working with your own home-buyer agent, you are now, in law, considered a client.  YOUR agent owes you certain responsibilities and duties, such as protecting your privacy and financial interest.
 
Here is the kicker:  There is no monetary cost to being moving from being a customer, to becoming a client.
 
Thinking of buying a house or condo?  Call me right now to set up a free home buyer consultation, either in person or via zoom.   204-333-2202
 
Add us to your Daily Routine on Alexa.  Go here to add to Alexa in the Canadian Skill Store.
Are you interested in more in-depth real estate information?  Check out our podcast, available on most podcast platforms.
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Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Sunday, April 30th, 2023…
 
Today is, National Oatmeal cookie day, Nat. Bugs Bunny Day and National Adopt a shelter pet day
 
Let’s give a shoutout to that last reference, the Shelter-Pet adoption day.
Here in Winnipeg we are privileged to have Western Canada’s largest ‘for-life’ pet shelter in the form of D’Arcy’s Animal Rescue Centre, located at 730 Century St.
In operation for over 22 yrs, D’arcys ARC has saved over 16,000 cats and dogs.
 
As a registered charity, your donations are tax deductible, so please join me in supporting this wonderful cause.
 
Winnipegs spring market, although delayed, is starting to heat up.  Here are a couple of sales in the past week:
 
2 story home in River part south was listed at $400K and sold for 61K OVER asking.
 
A side by side in All Seasons Estates sold for $320K,  which was 30K over asking.
 
A 900 ft bungalow in West Ft Garry sold for 77k over asking
 
Even homes outside of the city are getting some love:  1300 ft bungalow near Ile Des Chenes on a 1 acre lot sold for 30K over asking.
 
A common refrain I hear from buyers  is:  “I’ll never get involved in a bidding war”.  Truth bomb:  don’t kid yourself.  If you go out and LOVE a house, most buyers would put in an offer and voila….you’re in a bidding war, like it or not.
 
Who is winning these bidding wars?  The buyers who are best prepared and ready to go.  Call me right now to set up a free home buyer consultation, either in person or via zoom.   204-333-2202
 
Add us to your Daily Routine on Alexa.  Go here to add to Alexa in the Canadian Skill Store.
Are you interested in more in-depth real estate information?  Check out our podcast, available on most podcast platforms.
Do you have an Android Phone?  Add our Free Podcast App Here.
Do you have an I-Phone?  Here is our iOS version of the podcast app.

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Monday, April 24th, 2023…
 
Today is National Bucket List Day and Pics in a blanket Day
 
Today, let’s talk a little about home staging.  When hearing the word, a lot of people might envision a long, involved process, including movers, decorators and stagers.
In reality, even a few touch ups and clean ups can make a huge impact.
Over the next few days we’ll look at several areas where a little diy and elbow grease will go a long way to make a great first impression.
 
For today, I’ll focus on an often forgotten aspect of staging….  Offensive odours:
 
Odours are usually traced to any of 3 sources:  Pet, smoking or cooking.
The problem is that home owners often no longer notice these smells, as they get used to them.
But a non-smoking buyer, for example, will immediately pick up on the distinctive smell of cigarettes or cigars.
 
I just showed a house that had an overwhelming cat odor it was like a punch in the face stepping into the home.
 
Adding to the problem is the fact that many listing agents just don’t feel comfortable addressing this issue head-on.  How do you tell a home seller that their home has offensive odors?  Doing so might cause the owner to go with a different agent, one who is more effusive and complimentary and tells the seller just how beautiful their home is.
 
Take it from me…..  offensive odors can cost you serious money in lost offers, and lowball offers. 
 
Thinking of selling?  Call me right now to set up a free home seller consultation, either in person or via zoom.   204-333-2202
 
Add us to your Daily Routine on Alexa.  Go here to add to Alexa in the Canadian Skill Store.
Are you interested in more in-depth real estate information?  Check out our podcast, available on most podcast platforms.
Do you have an Android Phone?  Add our Free Podcast App Here.
Do you have an I-Phone?  Here is our iOS version of the podcast app.

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Saturday, April 22nd, 2023…
 
Today is National Jelly Bean Day and International Earth Day
 
According to a new RateHub research, Canadians will need an annual income of $217,000 in Toronto to finance an average home.  That’s a lot of jelly beans
 
Even though the city's average home price has dropped by more than $200,000, the income required is actually 6,250 more than was required a year ago.
 
According to RateHub co-CEO James Laird, Canadians now need to earn more money to buy a home due to rising interest rates and a 7.54 percent stress test rate.
 
According to the survey, homebuyers in nine of ten Canadian cities must earn between $5,650 and $21,360 more in annual income than they did last year in order to afford a home.  The only city where you can buy a home with less income than a year ago is Hamilton ONT, which requires nearly 5K LESS in annual income than a year ago.  Reason is that Hamiltons average home dropped around 20% in value, which more than makes up for the rise in interest rates.
 
Lets take a look at some of the cities in this report
 
The average Vancouver home dropped by $119,600 March over March, but the income required rose by 21K  to   221,220/year. 
 
Calgary got the double whammy.  House prices went UP 5,600 on average  (the only city with an increase in property values).  Add the higher interest rates, and required income went from $91  to $110,000/year
 
The only 2 cities in the report with home values below $400K where Edmonton and Winnipeg.
In Edmonton, you need an annual income of just shy of $82K, while in Winnipeg, $75,650 is enough to buy an ‘average home’..
 
Thinking of buying?  Call me right now to set up a free home buyer consultation, either in person or via zoom.   204-333-2202
 
Add us to your Daily Routine on Alexa.  Go here to add to Alexa in the Canadian Skill Store.
Are you interested in more in-depth real estate information?  Check out our podcast, available on most podcast platforms.
Do you have an Android Phone?  Add our Free Podcast App Here.
Do you have an I-Phone?  Here is our iOS version of the podcast app.

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for…  Thursday, April 20th, 2023…
 
Today is National 420 Day, Volunteer Recog. Day and Nat. Cheddar Fries Day
 
You may be wondering where the housing market will go from here as it continues to evolve. You've probably heard something about a price crash on the horizon in the news or on social media.
 
According to a recent Zonda survey, 53% of millennials are still renting because they are waiting for property prices to fall. But here's the thing: according to the most current data, housing prices appear to have bottomed out and are now on the upswing. CoreLogic's Chief Economist, Selma Hepp, reports:
 
"U.S. home prices rose by 0.8% in February... indicating that prices in most markets have already bottomed out."
 
So, should you hold off on purchasing a property till prices fall? If you consider what the experts say, you probably shouldn't. According to the data, prices are rising rather than falling across much of the country.
 
According to the most recent Home Price Expectation Survey data, experts predict that home prices will grow slowly and revert to more normal levels of appreciation after 2023.
 
Working with a local real estate professional who can provide you with the most up-to-date information and expert advice is the best approach to understand what house values are doing in your region.
 
Thinking of buying?  Call me right now to set up a free home buyer consultation, either in person or via zoom.   204-333-2202
 
Add us to your Daily Routine on Alexa.  Go here to add to Alexa in the Canadian Skill Store.
Are you interested in more in-depth real estate information?  Check out our podcast, available on most podcast platforms.
Do you have an Android Phone?  Add our Free Podcast App Here.
Do you have an I-Phone?  Here is our iOS version of the podcast app.