Market Trends by the City
Monday Apr 02nd, 2018
There are some suprises ahead.
Contrary to what most people think, the real estate market is doing just fine.
The biggest challenge for buyers is not financing or house prices, it is finding the right house that matches their wish list.
This weekend I was involved in a multiple offer situation in Hamilton. Who would have thought that?
What is happening is that a soon as good house comes on the market that is priced right, shows well, is in a great or even just a good location it is sold. For th e most part there is a buyer pool of about 20 to 30 buyers for that particular price range, area and type of house.
I know the statistics indicate that there are more listings than a year ago, but from what I am experiencing there it may seem like there are more properties for sale, there are not very many for the buyers I am personally working with.
Now my buyers are not people with champagne taste on a beer budget. What they are looking for to buy is not an impossilbe..
Prices in certain segments are increasing. For example it is almost impossible to buy a detached home in Mississauga for under $825,000. Currently (today April 2/18) there are 11 detached houses for sale under the asking price of $825,000. There are 11 houses listed in the entire city of Mississauga. Detached Mississauga under $,825,000.
And here is a blast from the past 2 of the 11 listings are holding off offers until April 3rd, 3321 Aubrey came on the market March 19th and 3135 Folkway came out on March 24th. I bet both of them go for over asking.
Since March 29th/18 there have been 8 Detached sales under $825,000.00.
As you can see there is a high demand for this type of house in this price range.
If you own a house in this price range and have given any thought to moving up to a larger house in Mississauga now would be a great time to do so.
The difference in the monthly mortgage amount from your current house to a larger house may not be as much as you think.
Thanks for reading,