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ASK a REALTOR

Can we expect more competition this fall when trying to Buy?

Looking back at 2016 in Aurora, September was the strongest month for average home values. Homes sold on average in 10 days typically earning above asking price. With high demand and low inventory of homes for sale many Buyers took action and experienced competition when offering to purchase and often many bought homes without conditions of inspection and finance. The Spring and Fall markets are typically the strongest in Aurora.
In 2017, the April housing market was the strongest on record for average home pricing in Aurora. The supply of homes for sale finally grew throughout the Spring of 2017 and the housing market started to shift. The housing market has tipped more in the favour of Buyer’s who now have a greater selection of homes to choose from. Pricing has also balanced from the early part of 2017 and the competition frenzy is not as fierce on the majority of homes due to the higher supply.
With less competition Buyer’s are making offers with more caution, taking more time to research what’s for sale and the pricing strategy being used is considered well before negotiations begin. There have been more inspection conditions, financing conditions or conditions that they sell their home in a given period of time first.
Buyer’s not only want to love the style of home, but will take the time when supply is high to investigate the location thoroughly as it will relate to their lifestyle. Home location itself can open up considerations like transportation concerns, wanting major highways, public transportation via bus and GO Train nearby. Buyer’s may need to be in a specific school zone for their families. Recreation is a huge consideration for many wanting to live near parks, trails, sports facilities, library and entertainment areas. Proximity to shopping and restaurants are also added to the list of considerations. Is the home for sale near places of worship, is the area safe and who currently lives in the neighbourhood?

While this fall market has seen less sales so far than in 2016 that could change at any time. Competition will always be a factor for some homes that may hit all of the wants of Buyers for location, style and price. Book a face to face discussion with a REALTOR® to plan your next move.

 

-written by Connie POWER

Connie Power is a Real Estate Sales Representative
CNE® Certified Negotiation Expert
SRS® Sellers Real Estate Specialist
SRES® Seniors Real Estate Specialist
ABR® Accredited Buyers Representative
with RE/MAX Hallmark York Group Realty Ltd., Brokerage serving York region and beyond. EmPOWERing YOU in Real ESTATE!
Call Connie today to be proactive about your next move. (905) 727-1941.

 

**Not intended to solicit those currently currently under a real estate contract.