The Business News Source for the Community of Sarnia - Lambton

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Will NOVA’s plans affect pricing?

Fri, 12/29/2017 - 16:13 -- Mario Fazio

With the latest good news for Sarnia-Lambton,  the new NOVA plant, we continue to be on an economic roll in the right direction. Everyone either assumes or believes real estate prices will be affected.Let’s analyze the current economic conditions to see how, and if, this holds true. NOVA announced a new 2.2 billion dollar plant that will require at peak 1400 to 2000 construction workers for the next three years, and ultimately 150 new permanent company workers.

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No housing bubble here

Tue, 11/28/2017 - 15:46 -- Mario Fazio

So far, in 2017, our real estate market is moving right along at a healthy clip. Our average price, locally, is moving up and will probably land in the $250,000.00 range. This is still well below the provincial average of $450,000.00, and the national average of $500,000.00. If you remove the Toronto and Vancouver area’s average house prices, our national average would land further down around the $380,000- $400,000.00. So there is no danger of a house value bubble bust here, since we are well below the national average.

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Neighborhood shopping

Tue, 10/31/2017 - 14:11 -- Mario Fazio

A good question by buyers, rarely asked, is if there are any little known problems with the neighbourhood where they are house hunting. The traditional questions  “What are the neighbours like?”, “Is the neighbourhood quiet?”, “What is the school district?”, “Is it a safe neighbourhood?”, are all important to get answered, but there are other areas that can lead to serious concerns later, if not investigated before you buy.

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October is Renovation month

Tue, 10/03/2017 - 08:28 -- Mario Fazio

Fall is the time of year when home owner’s begin creating their renovation wish lists, and start planning their home’s make-over. October is renovation month, and there are an abundance of people and ideas, all offering advice on what to do, and where to spend your hard earned dollars. Before you spend a dime, you should consider several factors carefully, so the dollars you spend will increase the value of your home as well as your enjoyment.

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When competing for a home

Mon, 09/11/2017 - 09:09 -- Mario Fazio

Locally, there are some homes that are in high demand and are drawing multiple offers to them. These are usually the homes that are in great locations and are  updated both inside and out. Some homes are undervalued or priced low for the current market trend in their neighbourhood , thus drawing a lot of interest. So should you find yourself competing with other buyers for a home, here are a couple of tips.  First you must know the market of the location you are interested in.

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New home builders

Tue, 08/01/2017 - 13:42 -- Mario Fazio

Sarnia -Lambton has  between 150-200 new homes built and sold every year. Each and every one of them should come with a new home Tarion warranty. But remember that although the warranty is always identical for every builder,there are good builders and poor builders, as well as inexpensive builders and overly expensive builders. The warranty is only as good as the builder behind it. Getting a builder that will come back and service your needs is important. Most new builders must take several courses from an accredited college, and must pass exams.

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Principle residence tax changes

Fri, 06/30/2017 - 15:47 -- Mario Fazio

When you sell your principal residence, or when you are considered to have sold it, usually you do not have to report the sale on your tax and benefit return, and you do not have to pay tax on any gain from the sale. This is the case if you are eligible for the full income tax exemption (principal residence exemption) because the property was your principal residence for every year that you owned it.

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Beware of House Flippers

Wed, 05/31/2017 - 12:00 -- Mario Fazio

More and more often we are seeing newly renovated, vacant homes, come on the market that were previously sold only weeks before. These are called flip houses,  a house that somebody has purchased, renovated, and put back on the market for a profit.

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Current home values

Mon, 05/08/2017 - 10:35 -- Mario Fazio

All around Ontario there is talk of a “housing price bubble” and a “hot seller’s market”, along with the fear of prices collapsing. In Sarnia, Lambton we have only seen a slight increase in home values and solid house sales. Some people are wondering why  prices are going up in our area, when our population seems to be stable with near zero growth. There are several factors influencing the local real estate market, including retirees coming in from other areas, as well as newcomers replacing our retiring workforce.

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Spring Market

Tue, 04/04/2017 - 11:29 -- Mario Fazio

Traditionally, March, April and May are strong months to sell your home for top dollar. Several buyers are already looking for that perfect new home, and have many search tools available to them. As a seller, you want to get the highest price possible within a reasonable amount of time on the market. Proper research and the help of a professional experienced realtor can ensure you are ready. There are various ways with which to arrive at a selling price.

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