The media has been spreading some great rumours recently! Home sales have increased this past July. As well, prices are starting to inch back up again! So, what’s in store for the Fall Season?
Listings are low in Oakville, with approximately 600 homes available for sale and over half the home inventory listed between $1,000,000 to $60,000,000. That’s right $60,000,000. Oakville homes have come down in price over the past year. If we take sales from the first and second quarter of 2017, let’s call that the real estate boom, certain neighbourhoods have come down in average sale price by up to $300,000 or more.
We have seen little, if not no multiple offers taking place, yet some new homes listed are selling in less than 5 days but not even close to asking price. What does this mean for you? Well, it tells me that we are now in a more balanced and realistic real estate market. Still unaffordable for many, especially first time home buyers, but with low interest rates and many homes still on the market for longer than 60-90 days, this may be your chance to capitalize.
Time to considering the opportunity to get into the market now in a neighbourhood once deemed untouchable in the past, may just be affordable now. Some homes in some Oakville neighbourhoods which have been sitting around this Spring & Summer have taken sometimes 1 to 4 price reductions. Some even after the 4th price reduction are selling for considerably less than the new listed price. Home buyers have been taking advantage of the negative media and purchasing homes under their terms and conditions at much more affordable prices. Some new listings are also selling for much less than asking price, sometimes for up to $100,000 less than the new listing asking price. Why list it that high in the first place?
Most sellers now are much more realistic about listing homes at market value, especially if the agents they are working with specialize in the Oakville real estate market. Having access to privy information and being members of OMDREB, The Oakville Milton and District Real Estate Board, allows us to properly evaluate homes and properties to price within the market, not out of the market. When you price in the market, this allows more qualified buyers who are searching MLS to see your home show up in their search and book appointments to view.
If you price your home out of the market, you can expect to stay on the market for a very long time attracting buyers who may be searching for more home at your price. Expect to have your agent recommend adjusting your price, perhaps with a few tweaks, and if you don’t, you can expect to have your home sit on MLS for a very long time. Some homes have been on the market now for over 1 year and this is one way the market is telling us, that the change has come. Buyers today will not overpay, knowing what happened in 2017, they won’t take that chance.
For a confidential, free market analysis and home evaluation, connect with us today to get the truth about real estate in Oakville and surrounding areas. We are here to protect your best interests, without giving your home away or without having you pay more than asking price for a home. Protecting property values and quality of life is something we have taken great pride in over the last 25 years in this town. Give us a chance and let us compete for your listing today or have us represent your interests in negotiating a super price for your purchase in Oakville or any surrounding areas we work in. It would be our pleasure to work with you!
To start receiving 2018 LISTING DEALS in Oakville, Burlington, Milton or Mississauga today, ask us how to be part of our VIP BUYERS CLUB, and let us share some perks with you on becoming a qualified home buyer with us today!
Wayne and Virginia Munden 905 399 5910