Not known Facts About Home - Mike Cullis - Royal LePage Key Realty
Published June 13, 2021 in Included Front Page News Opinion If there is one area of our economy that the pandemic hasn't hurt, it's realty. Pam Woodhurst Sarnia's real estate market remains in full swing, with too many buyers and a scarcity of home inventory. What does that appear like? Bidding wars.
Preferable houses for sale are getting several offers and lots of are offering for well over the asking cost. https://paste2.org/1fjWPCwW need to bid their greatest offer and without conditions. Which implies they should have their funding in order, not need to sell their present house instantly to buy a brand-new one, and give up the traditional home evaluation.
This market is not for the fainthearted. The days when Sarnia was a fantastic place for our kids to buy a starter home or for middle-class senior citizens to downsize are ending. Yet, even as real estate costs increase some are hurrying to enter the market since they feel if they do not leap now it will be far too late.
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We would do well to consider the trickle-down impact this surging property market is having on our city's out of work and working poor. This neighborhood has an enduring problem with an absence of economical housing. And while Sarnia and Lambton County are trying to resolve the issue through regulatory modifications and proposed brand-new units, modification can't come soon enough.
Lots of people run out work as an effect of lockdowns, they can't manage to pay their rent. Some property owners have actually chosen to offer. Others update their homes and "renovict," displacing low-income renters, raising rents, and contracting an already restricted rental market. Where do those renters go? Typically they are pushed into risky living conditions or become homeless.
Considering that COVID, increasingly more are being housed in overflow shelters. For some, the scenario is dire. We would be sensible as a neighborhood to increase our affordable real estate plans and help those marginalized by this real estate boom.
