Hamilton, Burlington and Surrounding Area Real Estate Year in Review:
Finally after 2 years navigating through a major market adjustment – The 2019 Hamilton and Burlington Real Estate Market is showing signs of strengthening as we close out the year.
The market correction that started in the summer of 2017 resulted in the most balanced market in over a decade. This balanced market meant buyers could:
- Look for homes at a more relaxed pace
- Negotiate on price – many homes had price reductions before finding their buyer
- Have conditions on financing and inspection – be confident in what they were buying and that they could afford it
- Have conditions on sale of their property – know that they had piece of mind before making a huge decision
This was a welcome change of pace from the “red-hot” market of 2012-2017.
When comparing the balanced market of 2019 to the markets of years past, the major differences were with the balanced market:
- Homes took longer to sell – Sellers had to ensure they prepared and marketed and priced their homes well
- It was vital that sellers priced well – if they missed the mark, they often missed their buyers
- Sellers had to wait until they sold to be confident – often selling first before buying
In the Fall of 2019 we saw the market strengthen.
- Average sale price and sale volume were increasing
- Listings and Days on the market were decreasing
- Buyers appear to be regaining confidence in the market
- Sellers are pricing more realistically and thus finding buyers sooner
Where do we go from here? Call me – I’ll check my crystal ball and we can chat.