SEE YOU LATER 2020.
2021 Hamilton and Burlington market predictions
I hope everyone is doing well, staying healthy and sane as we venture forth into this new year. Please continue to do your part to keep our communities as well as all of the front line workers and health care professionals safe.
While Covid-19 continues to disrupt all of our social and economic worlds, the enigmatic and seemingly unstoppable real estate market keeps pushing forward.
The biggest question on everyone’s mind: Will this HOT market continue?
To answer that it might be a good idea to review how we got here. Read this post on 2020 year in review.
Being an active Realtor helping multiple clients buy and sell real estate over the first few weeks of 2021 I can tell you it is a WILD market out there.
In December, every localized market sold on average for over asking. Prices are rising at a rate that is hard to match with your savings over the same time period. For example sales of single-family homes in the area increased in December by 38 per cent compared to December 2019 and the average price by 29 per cent to $829,226. January is off to a RED HOT start. Almost every listing I have been in is selling with mega-multiple offers (I was in one last week with 52 offers).
Do not get priced out of the market by waiting!
What is Real Estate REALLY like out there right now?
– Demand is still VERY high
– Listing inventory is at RECORD lows (lowest December listing inventory in board history)
– Buyers continue to want to move up the property ladder
– Buyers are moving into our region at an increased rate
– Prices are rising weekly (check back every Wednesday for updated weekly stats)
– Sellers who want to buy are having concerns about buying in this “hot market” and are holding off on listing their homes
Where do I see the market going in the next 1-3 months?
– Listing inventory will remain low throughout lockdown(s)
– Sellers, who have to buy, have concerns about buying in this “hot market” and may hold off on listing their homes
– There may be a rush of listings to the market when lockdowns ease (they will ease right?) – However I do not anticipate a “flood”
– There is going to be even greater competition for what little listing inventory there is
– Some buyers may “push pause”. If there is no great need to move, Buyers may decide now is not the time. This will only ease the competition, not eliminate it
Where do I see the market going in the next 4-6 months?
– Prices will continue to climb, not at the 52% per year we saw in some neighbourhoods but they will continue to climb
– Mortgage rates will remain low until at least 2023
– Buyers will fatigue from “multiple offer overload” so opportunities may present themselves
– Listing inventory will improve in late spring/summer but will still be lower than average
– Get educated. Watching Realtor.ca and HouseSigma are only part of the story. You need the WHOLE story
– I know you want to buy, but we have to make educated and rational decisions during this HOT SELLERS market
– We will go at YOUR pace. I am in no rush to sell you a home. But there is value in starting the conversation NOW
– Who would have thought that selling in the middle of a lockdown would be the HOTTEST market on record?
– I can not overstate this… we are at RECORD low inventory out there. If you are thinking about selling, now is the time
– There are safe policies and procedures that allow us to show your home and find you the right buyer while keeping everyone safe
– We will go at your pace. Sometimes the conversation is 6-12 months ahead of the listing, but the earlier we start the conversation the more prepared you will be
I am always happy to discuss real estate, using my 10+ years of experience as one of Judy Marsales top producers and leveraging the professional relationships and knowledge I have gained along the way. Let’s talk. I will put you in the right position to be successful in 2021 and beyond!
I am a very active Realtor and I know this local market well. I will help you navigate the madness. It all starts with a conversation, reach out anytime.
Continue to support local as best you can and stay safe!
Are condos in demand at this time. Burlington?
They still are actually. I was a bit surprised, but the market seems to have recovered for Condo-resale after an initial slow down in Spring of 2020