The Real estate market in Durham Region has taken a turn over the past sixty days. Many factors have contributed to this change making the current real estate market a Buyer’s market whereas the earlier months of 2017 were a Seller’s market. Here are five compelling reasons as to why this current market is ideal for buyers:
Inventory levels in Durham Region are currently significantly high, meaning that as a buyer you have many more options available on the MLS. This means that you will have a greater amount of time to decide on a property instead of having to make a quick decision to put forth an offer. More choice also means that if one seller will not accept your offer, there is a greater likelihood that a similar property will be available with similar features.
Because of the increased competition between sellers in Durham Region resulting from high inventory levels and low sales activity, prices across have experienced downward pressure. It all points towards one thing; more affordability for you as a buyer. We have personally witnessed homes that have sold 60 days ago for $715k that would be challenged to sell at $550k in the current market.
Durham Region’s real estate market is currently a buyers market. A combination of high inventory levels and low sales activity means that many Seller’s are looking to gain that extra edge on the competition – even if it means cutting the price further during negotiations.
Being an experienced real estate team, negotiating strategies are consistently implemented to get the most value for our clients.
For example, a new listing is likely to get more offers if it is appealing and priced reasonably and putting in a low ball bid may not create the best results. A home that has been on the market for several weeks or possibly months may present an opportunity to put in an offer a bit lower than the asking price with a higher chance of it being accepted.
Durham Region’s market has changed dramatically over the past 60 days. We were in a position earlier in the year where many “expected” conditions would need to be removed in order to compete with the multiple offers situations that we experienced. Typical conditions such as Financing and Home Inspections were eliminated to give Buyer’s the best opportunity to make their offer more appealing. WIth the “new market conditions”, buyer’s can included these conditions, as they most likely will not be competing with multiple offers.
Many seller’s have purchased homes earlier in the year and paid a hefty price, as the market conditions were so strong that they most likely overpaid. Many seller’s had purchased earlier in the year, and put off selling their current home thinking that the real estate market was going to continue to surge forward. That has changed. They purchased at a high, put off selling thinking that the market would continue to climb and that they would be in a position to sell at an even higher mark. These seller’s are now trying desperately to sell and fear having two homes at the same time. As a buyer, you can make these situations work in your favor.
If you are thinking of buying or selling real estate in Durham Region (Whitby, Oshawa, Ajax, Brooklin, Bowmanville, Courtice, or any area in Durham Region) give Team Bryant a call. We look forward to answering all of your real estate questions. Our market continues to change. Give us a call today.
