Spring Into Action!

We have transitioned from winter to late spring overnight, and the real estate market has taken off with the weather.

If you have been telling yourself that you are waiting for the spring market to buy or sell your home, the time is upon you. It seems like overnight, as the weather changed, the urge to move has struck.

The local market has held steady since the cooling off that happened late last summer. We are seeing some competition for well priced homes, and also in certain price ranges, but so far, none of the craziness we experienced last year.

If you are considering selling, now is a great time to put your home on the market. There are buyers out there, prequalified for their financing, looking for the right home. Buyers are educated as to market value, and generally know what they are looking for. With the help of your real estate professional, you can present your home in its most desirable fashion, and maximize your sale price.

If you are considering buying, this year you should have an opportunity to look for the right home, and have a chance to think and make sure you are ready to buy. There are more homes available to view, and often time for you to look at all that catch your attention before making your offer. Your real estate professional can help you arrange your financing pre-approval, and also help you determine what is most important to you in your new home. They can advise you on value, and negotiate a fair purchase price on your behalf.

The time for waiting for Spring is over! If this is your year to move, be sure to call one of our real estate professionals, and let them make your move smooth and easy!

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!