Is the Real Estate Market Changing?

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“GTA home sales plunge as much as 61 per cent”.

Headlines like the one above might lead you to believe the market has crashed and home values have plummeted. Nothing could be further from the truth.

2017 has seen a very overheated market during the first 5 months. The lack of homes for sale in the Hamilton and the surrounding GTA markets has pushed up prices and created a very competitive marketplace. The competition has led to multiple offers, generating sale prices well above the asking price for homes. This made it very challenging for homeowners and REALTORS® to determine the market value of homes.

As the market has eased in the last few weeks, buyers are finding they are not always in competition to buy a home, and have the luxury of being able to include conditions in their offers whether it be for financing, home inspection, or anything else. The market has also made it possible for REALTORS® to actually negotiate for their buyers and sellers.

The change in the market has also caused REALTORS® to have a closer look at how they are pricing and marketing homes. If you have been trying to buy a home, the one line that you hate to see in a listing is “no offers until…”, as you know you will likely be having to compete to buy the home. While there is still competition in the market, we are no longer seeing the huge numbers of offers, not the selling prices well above the asking price. In fact, we see some sellers who have opted to wait until a set date to view offers not receiving the competition they had hoped for. In some instances, these sellers are relisting their property at a higher price, and removing the time frame for offers.

As the market changes, both buyers and sellers will need to revise their approaches. The buyers are gaining the opportunity to take some time to make sure the home they are buying is the right fit for them, and to satisfy themselves regarding any conditions they need to meet.
On the other hand, the sellers are discovering that they may not obtain the unbelievably high price for their home that the neighbour did just a couple weeks ago. Also, it may take more than a week to list, market and sell their home.

As the market changes, it is important to have a professional REALTOR® in your corner, helping you make the right choice and negotiating the best possible price for you. If you are thinking about buying or selling, be sure to call one of our Coldwell Banker Community Professional representatives. They will be able to help you in making the decisions that are right for you!

Want to Make a Splash?

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HOT HOT HOT – That’s the summer forecast.

Does hot summer weather make you want a swimming pool in your backyard to lounge around, or just float in and keep cool?

Maybe it isn’t the summer heat that makes you long for a pool of water… maybe it’s the fun and relaxation you can get from having a Hot Tub.

Or, maybe you are the health conscious one who would love to have the Swim Spa/Lap Pool to exercise at home.

Each of these has its own appeal, and sometimes it’s hard to know which one is right for you. If you are considering adding one (or more) of these to your home, I have outlined some pros and cons below for each possibility, to help you get started on some summer planning.

Swimming Pools                                            images

Pros:

– Great exercise for both adults and children
– For some families, a pool is a cottage replacement – vacation in your backyard!
– For the right buyer, they add to the attraction to buy a home
– A maintenance company can keep your pool pristine all summer.

Cons:

– They can be a danger for families with young children, or for non-swimmers
– They can tie you to your home instead of seeking other family outings
– They will be an obstacle to some buyers should you choose to sell your home
– They can require a lot of maintenance if you are taking care of it yourself

Hot Tubs   images-2

Pros:

– Hot tub owners say these are a great stress reliever
– They can help reduce pain and inflammation of your joints
– They help with the recovery from injuries and muscles strains
– They provide a great winter experience

Cons:

– They can increase the risk of heat stress if the temperature is set too high
– If you have circulation issues, they can potentially cause health issues
– They can be costly to maintain
– Can lead to infections if not properly maintained
– They can be a hazard if you have young children

Swim Spa/Lap Pool   18-3-premium-swim-spa-with-deck-surround-day-time

Pros:

– Will fit in smaller backyards than pools (fit in limited space)
– Are more affordable than most backyard pools
– Provide a good workout (use swift current for lap swimming)

Cons:

– Not ideal if you want to host pool parties
– May not add value to your home should you choose to sell
– Can be a hazard if you have young children
– Require as much maintenance as a swimming pool

If thinking about putting one of these in your backyard is stressing you, but you really want one, call one of our Coldwell Banker Community Professional representatives to talk about selling your current home and buying one with your choice of water feature!