Durham Region’s ever changing real estate market has seen it’s ups and downs this year. Seller’s had the upper hand from January until the end of May. From June through to August, the the market has swung in the Buyer's direction. So what does that mean for you?
If you are thinking about buying or selling soon, take a look at these 4 ways that the real estate market is changing in Durham Region:
1. The Selling Season
As the weather changes, so does the market. The Summer market is coming to an end and we will be moving Into Fall, one of the busiest times in real estate. Summer tends to slow down (and for a variety of reasons, this year was no exception) for buyers and sellers, but as both parties come back from vacation and start planning for the upcoming year, more homes come on the market. With the uncertainty of the summer real estate market, this September / October could be very busy.
2. Educated Buyers
Buyers are educated. They know the market and they are trying to predict what is going to happen in the next few months. They keep a close eye on inventory, home prices, and interest rates. Many Durham Region buyer’s are looking for a property that can give them the lifestyle they want, not just the investment opportunity they desire. This approach to real estate means that the home search is about more than the house itself; buyers are putting just as much focus on the community atmosphere, local amenities, school rankings, and proximity to shops and transportation. Timing is also a key factor for many buyers.
3. Up-and-Coming Neighbourhoods
In Durham Region, many first-time buyers are looking in the up-and-coming communities for a home that fits their budget. Buyers consider factors such as schools, shopping, transit, access to Hwy 401, Hwy 407, and local ammenities.
4. List Prices
Multiple offers and tough competition were the norm in Durham Region. Homes selling 150K over list and dealing with 50+ offers on a given property, that in a "normal market" would be lucky to see one offer. Most seller’s were holding offers until an offer date, which increased the likelihood of receiving an offer over list price. Many seller’s during the summer month’s struggled to generate offers on their property. Seller's are quickly recognizing the importance of an accurate list price. Many Durham Region seller's are coming to grips and recognizing that they can not compare their current home with a similar home that sold during the "HOT MARKET".
Have a few questions about the real estate market in Whitby, Oshawa, Ajax, Courtice, Brooklin, Bowmanville, or any area in Durham Region? Contact Team Bryant today. Let's enjoy a coffee and discuss the current real estate market conditions in Durham Region.
