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Published June 13, 2021 in Included Front Page News Opinion If there is one area of our economy that the pandemic hasn't harmed, it's property. Pam Woodhurst Sarnia's real estate market is in full speed, with too lots of purchasers and a scarcity of home stock. What does that appearance like? Bidding wars.
Preferable homes for sale are receiving numerous offers and lots of are selling for well over the asking cost. Buyers need to bid their highest offer and without conditions. Which means they must have their financing in order, not require to sell their present house immediately to buy a new one, and forgo the standard house evaluation.
This market is not for the fainthearted. The days when Sarnia was an excellent location for our kids to buy a starter home or for middle-class retirees to scale down are ending. Yet, even as housing rates increase some are hurrying to get in the marketplace because they feel if they don't leap now it will be too late.
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We would succeed to think about the trickle-down impact this surging real estate market is having on our city's unemployed and working poor. This neighborhood has a long-standing issue with a lack of affordable housing. And while Sarnia and Lambton County are trying to deal with the issue through regulative changes and proposed brand-new units, change can't come soon enough.
Many individuals run out work as a consequence of lockdowns, they can't afford to pay their rent. Some property managers have selected to sell. Others upgrade their properties and "renovict," displacing low-income occupants, raising leas, and contracting a currently restricted rental market. Where do those tenants go? Typically they are required into unsafe living conditions or become homeless.
Because COVID, a growing number of are being housed in overflow shelters. For some, the scenario is alarming. We would be sensible as a neighborhood to increase our cost effective housing strategies and help those marginalized by this housing boom.
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Share this Story: Lack of listings fuels seller's realty market in Sarnia region Breadcrumb Trail Hyperlinks House costs continue to rise in the Sarnia area as the variety of homes on the market continues to shrink. I Found This Interesting of the short article: Paul Morden Publishing date: Feb 09, 2021 February 9, 2021 2 minute read A brand-new home goes up on Sarnia's Magnolia Lane, off Rapids Parkway.
