Ryan Out Loud - This Week in Housing (May 17th, 2022)

real estate

This Week in Housing, we're discussing the home equity line of credit, Sarnia's new retirement community, elections, Sarnia's entrance signs, building a community centre in Bright's Grove, the city's dealing with homeless camps in our area, and a breakdown of the housing market.

Home equity line of credit

What is the biggest advantage of a home line of credit? You'll have access to credit at an interest rate that's lower than other types of credit. It's a fantastic idea to put in place, and you should do it whether or not you need it. We can really take use advantage of all the new house equity we've acquired in Sarnia-Lambton. Go ahead and collaborate with your bank and your lender to set up a home equity line of credit. This would allow you to make the most of all that equity you've gained.

We've linked some articles below for some best practices with the also with our new partnership with Cake Mortgages. You can link in there to and they got over 90 lenders to look at by getting that home line of credit set up as well so great thing to really look at as well.

Retirement Communities

In Sarnia, there are some great new retirement communities being built. There will be 160 apartments for independent seniors and 17 townhouses on the property.

This will be located at the old Bayside Mall. It's going to be a new gem for our downtown. Seeing this project come to fruition is absolutely amazing, especially someone who lives and works close to downtown. The last big development saw on Sarnia-Lambton downtown really was the art gallery. I think that really kickstarted a lot of the development and stuff that we see here.

Elections

So we'll have elections in the near future. Who is the greatest choice for Sarnia-Lambton? Do you think Bob Bailey will be reelected as the Conservative Party candidate, or will it be changed in Sarnia-Lambton? This year there are a lot of new faces on the ballot.

For new additions there's the New Blue Party that's entered the race. It will be very interesting to see how the election turns out this year. What impact could the new parties have in Sarnia-Lambton? Or will things this be status quo in Sarnia-Lambton?

Sarnia Entrance Signs

The welcome to Sarnia signs are finally getting replaced. We've attached a great article here from the Sarnia Observer talking about that. The cost is just over $100,000 to do the job. But an upgrade could look great for our area. What should they be like? What should it be on? It should be interactive and digital?

Bright's Grove Community Centre

4/5 people surveyed in Bright's Grove have expressed interest in building a community centre for decades, but none have been built. The city council is expected to decide next week whether to spend an additional $240,000 for more detailed design work. The project has already received $120,000 in funding.

The proposed 670-square-metre expansion would need to be designed, and the overall cost is expected to be between $5 million and $8 million.

Homeless Camps

They've been really working to deter homeless camps in the city of Sarnia. There could be a bit more control and organization and make it safe for the people that are homeless and also the community. It's really an ongoing problem in every community.

Housing Market Stats

Let's look now at some local numbers in the market, what we saw last week. In the previous week in 2021 we saw 55 homes sold for this last week, and 5 came off the market. In this past week in 2022, we saw 59 new listings, 41 sold, 3 came off the market. So we're behind in the amount of sales compared to last year.

What's Affecting the Market?

You know, I think there's a lot of things affecting the market right now. You have interest rate hikes, obviously. There is some uncertainty with the world right now. I think there's a bit of a blip in the market right now. I think what we're going to see is once these interest rates kind of level off and people realize, hey, the rates are still good, the sky is not falling, I think you're going to see the market pick right back up.

I think this is a really good opportunity for some buyers right now. Go to your agent, say, "Hey, send me a list of all the listings that have been on the market for 30 days and let's go after those maybe we can buy for less than asking or shave some money off it." We can negotiate some terms like we're seeing home inspections back in deals again more and more often.

So really good opportunities there. If you are a buyer, look at those older listings, you know, maybe they're even 5% above your price range and you can negotiate them down more into your price range.

References:

Ryan Out Loud - This Week in Housing (May 17th, 2022)

Home equity line of credit

Retirement Communities

Elections

Sarnia Entrance Signs

Bright's Grove Community Centre

Homeless Camps

Housing Market Stats

Blue Coast Realty Ltd. Brokerage.

CONTACT US

SHARE ON SOCIAL MEDIA

MARKET SNAPSHOT

Forgotten your password?

Contact Us

Save Search

Share to Facebook ×