Now that restrictions in Ontario have loosened in some sectors the economy is begging to improve as more and more people are back to work. Whether you are actively paying attention or just watching from the sidelines it can be confusing to understand what effect the last 2 months has had on the real estate market here in the Hamilton/Burlington area.
A good place to start is to review the statists from May (the latest data available).
Some of the takeaways:
- Sales are down 42.2 per cent over May 2019 but up 43.4 per cent over last month.
- The average price for residential properties was $655,418, which is up 10% from May last year, and up 6.3% per cent from last month.
- It would appear that there was a slow down for 5-6 weeks from Mid March to the End of April and now, provided things are priced well – it is a sellers market
These number echo what us active Realtors have been feeling as we navigate through this 2020 real estate market.
With every listing I have there is more and more activity. Realtors are getting back to work and buyers are paying TOP DOLLAR for homes. With every new listing I have a new batch of Buyers and Realtors reach out and ask “are you allowing showings?” The answer is YES (to an extent we always were). Using proper PPE (masks and gloves when appropriate), following public health guidelines and practicing physical distancing showings can happen safely for both Buyers and Sellers.
Life does continue to move forward for Buyers and Sellers. People continue to get married, divorced, jobs change, families downsize, upsize and right size – real estate does continue to need to change hands.
As always, In terms of future forecasting there is not a one size fits all answer. Keep in mind even in a more traditional, non-pandemic market, we as Realtors have never had the ability to guarantee any of our market predictions. They are educated best guesses.There are still many unique circumstances and each have to be treated their own way. I am here to help.
- This may be a great opportunity to buy for you – Not necessarily that homes will be cheaper (as the stats show), but there may be less competition out there (less of a buying pool)
- Showings can happen safely, on your timeline at your comfort level
- Lets start with a conversation – what are you looking for? Let us see if there is an opportunity for you now or in the near future.
- After we have exhausted all the virtual resources and confirmed you like a house – lets go take a look. As good as virtual tours are – nothing beats the real thing
- My listings when priced well are selling for top dollar often in multiple offers for over asking
- I can provide “no-contact” opinion of values utilizing technology and keeping us both safe
- I have tremendous technology at my disposal and will use it to its full potential to maximize the exposure of your listing.
- There are still qualified buyers out there right now. Buyers who are giving solid offers and prices Sellers are VERY happy with
- Could your buyer out there right now? Are they at home thinking about making a change?
One thing that remains constant is that I will always give you the best advice for your specific situation. And it will be fluid, it will be dynamic as it always is. It will be tailored to your criteria and timeline and will be educated and informed with the latest data we have available. This will be updated as we move forward along through the process. Just like it always should be.
More time and resources than ever before are going into photography and virtual tours. With incredible innovation and advancement in technology you can get a good feeling for a house from the comfort of your living room. However I believe there is no substitute for viewing a home in person. Proper precautions are being taken and public health guidelines are being followed and properties continue to be viewed.
The answer to these questions and more will be specific to your situation. I have the time and I love to chat real estate, so reach out anytime.