Hamilton and Burlington – 2021 Fall Real Estate Market Forecast
If you were to interview 10 Realtors you might just get 10 different responses when you ask them “Where is this market going?”.
There is a feeling that the tides may be turning. There is change in the air – and it is not just the weather.
As summer is officially behind us the wheels are in motion for a busy fall. But what The Fall Real Estate Market will actually look like is still up for debate. The summer months flew by with Buyers, Sellers and Realtors trying to anticipate and predict what this enigmatic Fall market will look like.
It is easy to get swept up in all the “Real Estate Hype”.
It can be difficult to sift through all the statistics, charts and to filter through all the “arm-chair real estate experts” out there. Don’t worry, this is where we come in. Now more than ever, you don’t just need a Realtor, you need a Partner. I love real estate, I do this every day. In a market that is dynamic you need an active and knowledgeable Realtor in your corner.
While listing inventory is an important metric, buyer demand is also extremely important. ACTIVE listing inventory continues to be at near all-time low levels. I stress the word “active” because for most months of 2021 we actually saw a record number of new listings when compared to the past 10 year averages.
I know that for many Buyers and Sellers as they casually browsed Realtor.ca it rarely felt like there were ANY listings – let alone a record number of them. It felt that way because while we had a record number of new listings we also had extremely high (almost record high) buyer demand (sales). This higher than average sale volume was snapping up all the listings leaving a record low ACTIVE listings.
One of the fears as we move forward is that if buyer demand slows down AND new listings continue to come on the market at a high rate – the market may flood resulting in more of a balanced (and Buyer) friendly market.
As Summer turned to Fall, buyer demand is continuing to be strong and I do anticipate that to continue. Desire to move West to the Hamilton and Burlington region out of Toronto continues. As Sellers look to capitalize on high GTA home prices and the ability to work remotely – The Hamilton and Burlington region can be an opportunity to get more property for their money.
The major problem is activity and serious buyer demand is very difficult to accurately predict. The big question mark will be on the Listing side – how many properties are going to come on the market and when?
Three potential “Market Scenarios”:
1. Low listing inventory and High Buyer demand continues
2. Listing inventory increases and Buyer demand is met
3. Listing inventory “floods” and there are more listings than Buyers
Broad thoughts on what this Fall real estate marking going to look like
Listings will likely begin to come on the market in mid/late-September (any day now) more frequently than spring and summer months. One caveat is that if a Covid “4th wave” continues to build and restrictions return this may delay some listings and further lower listing inventory. The result may suppress any potential listing “flood” that may occur this Fall.
With low inventory comes increased competition and some disappointed and discouraged buyers (who do not win the multiple offer competition). Until active listing inventory increases there will be competition to move quickly when the right home for you becomes available.
SELLERS:
Back in the spring of 2021 almost EVERY listing was selling for dozens to HUNDREDS of thousands over asking each and every week. While “Holding Offers” is not the standard strategy that strategy is still working in certain neighbourhoods.
Pricing, timing and marketing have never been more important. To ensure you capitalize on this Seller’s market (while it lasts) you need to take great care in working closing with an experienced Realtor.
Let’s sit down for a conversation. I can show you how my approach and methods consistently have me selling listings for higher than the average RAHB realtor. *
Of course the market is always dynamic and ever changing. I’ll continue to keep you posted.
BUYERS:
The Real Estate Market can be volatile and can feel overwhelming at times. It is forever challenging to predict where we’ll be in 2 weeks let alone 4 – 6 months. As we enter the Fall Market I expect to see more listing inventory coming out.
Sellers will hope to catch a piece of this hot market and get a great return on their investment. This could potentially open up a larger buying pool for our Buyers.
“Buying a home is like planting a tree. The best time to do it was in the past, the second best time is right now. ” – Steve Roblin, 202
Many Buyers are already feeling like they may have missed their window to buy with the steadily increasing prices. But there is no guarantee that prices will go up OR down
When buying your principle residence do not lose sight of the fact that first and foremost you are buying a home. Let’s work together to find the right property for you at the right price.
Stay in the loop. We have the inside information. Let us guide you through this. We make it our business to know this business. We will go at your own pace and comfort level as we navigate this crazy market during these crazy times –together.
