Posted June 13, 2021 in Included Front Page News Viewpoint If there is one location of our economy that the pandemic hasn't hurt, it's real estate. I Found This Interesting remains in full swing, with too numerous buyers and a lack of home stock. What does that appear like? Bidding wars.
Preferable houses for sale are getting numerous deals and numerous are costing well over the asking rate. Purchasers require to bid their greatest offer and without conditions. Which means they should have their funding in order, not require to sell their existing house immediately to purchase a new one, and pass up the conventional house assessment.
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 scale down are ending. Yet, even as real estate costs increase some are hurrying to go into the market because they feel if they do not leap now it will be too late.
We would do well to consider the trickle-down result this rising property market is having on our city's unemployed and working poor. This community has an enduring issue with an absence of budget friendly housing. And while Sarnia and Lambton County are trying to address the concern through regulative modifications and proposed brand-new units, modification can't come soon enough.
Numerous individuals are out of work as a repercussion of lockdowns, they can't manage to pay their lease. Some property managers have selected to sell. Others upgrade their properties and "renovict," displacing low-income renters, raising leas, and contracting a currently limited rental market. Where do those occupants go? Often they are required into risky living conditions or become homeless.
Given that COVID, more and more are being housed in overflow shelters. For some, the scenario is alarming. We would be sensible as a community to ramp up our economical real estate strategies and assist those marginalized by this real estate boom.
Share this Story: Lack of listings fuels seller's realty market in Sarnia region Breadcrumb Trail Hyperlinks House prices continue to increase in the Sarnia area as the variety of homes on the market continues to shrink. Author of the article: Paul Morden Publishing date: Feb 09, 2021 February 9, 2021 2 minute read A new home goes up on Sarnia's Magnolia Lane, off Rapids Parkway.
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