ASK A REALTOR

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Will we ever be able to buy a home in these times of bidding wars?

Absolutely a great time to buy a home now.  The first quarter of 2017 real estate in The Greater Toronto Area of York Region crushed all prior records and market demand peaked instead of slowing down through the winter months. 

Supply was so low, that bidding wars spiked and new normal home pricing seemed to change on a daily basis including York communities that hadn’t seen this much demand before. 

The frenzy in the housing market caused Seller’s to want more money than ever before with no exceptions regardless of whether the home was repaired, decluttered or staged in some cases.  In some cases, Sellers decided to sell at the new normal price their neighbours may have received and then received less Buyer interest;  those who priced under the new normal values tended to receive more money than they thought possible.  

Another trend with Buyers is that for many homes placed on the market, they expected to pay more and in many cases this was by hundreds of thousands of dollars above.   Buyers were consistently waving conditions on financing, inspections and other due diligence reviews in an effort to increase the appeal of their offers to the Sellers.

Demand remains strong now, the difference very recently is that supply is up, way up.  With increased supply which annually tends to increase once March Breaks and Easter breaks are over, Buyer’s actively shopping have the opportunity to be more selective.  Bidding wars have started to fizzle and diminish in intensity and days on market is increasing, conditional offers also increasing and negotiations for deals are more common.   

This healthy balance in the market is a welcome shift in real estate as Seller’s still have high home values and Buyer’s are able to make their home purchases with less difficulty. 

Work with a REALTOR® and collaborate on a customized Buyer Action Plan Blueprint targeted towards the location, style, price and lifestyle desired and once lending pre-approvals are in place, take action with greater confidence while the selection of homes for sale is up. 

 

written by Connie POWER – Empowering You in Real Estate

Connie POWER is a Real Estate Sales Representative CNE® Certified Negotiation Expert, SRS® Seller’s Representative Specialist, ABR® Accredited Buyers Representative,  SRES® Seniors Real Estate Specialist with RE/MAX Hallmark YORK Group Ltd., Brokerage.  Buying or Selling in YORK/SIMCOE region or beyond call Connie directly at (905) 726-0856 to book a face to face consultation.  

*not intended to solicit anyone under a real estate contract.