April saw the sale of 5,946 homes, a 7% increase over last April, but not a significant increase. The listing inventory of 17,097, is lower than last year and as a rough estimate, it means that on average there are 3 homes available for a buyer to choose from. Remember, this is an average number. Some price ranges and type of homes have different numbers. Condominiums and luxury homes for example, have higher inventories skewing the numbers of more moderately priced homes in high demand neighborhoods. Today’s market conditions are creating more affordable options for buyers thanks to lower home prices.
I often hear people say, “I am waiting for the market to bottom out,” but the reality is no one can judge when that happens. The “bottom” is usually triggered by other events, such as an increase in mortgage rates, or a purely psychological factor such as confidence in the economy, or the end of a conflict on the other side of the world. When that changes everybody jumps in and prices start increasing.
Waiting for the bottom may be a strategy (though I would not endorse it) for first time buyers, but certainly not one for those who are upgrading their homes. If you buy and sell in the same market, it makes no difference. Because if your home has dropped 10% then the new home would also drop by 10% from the peak price. One other factor to consider in that scenario is price. If a million-dollar home has dropped by 10%, theoretically you have lost $100,000. However, if you are upgrading to a $1,500,000 dollar home, that 10% drop amounts to $150,000. That’s why now might be the best time to take advantage of today’s market!
If you are considering a change or have some questions, or if you know of someone considering getting into the market, give me a call, I would love to help and put my experience to work for you!
Have a great May!
MARKET UPDATE, REAL ESTATE,MARCH,REALESTATE,#1 REMAX AGENT, #1 AJAX REALTOR, AJAX HOMES, AJAX REAL ESTATE, AJAX PROPERTIES, DURHAM REALTOR, GTA REALTOR, WHITBY REALTOR, WHITBY REAL ESTATE, ADTEAM, FIRST TIME HOME BUYER, INVESTMENT, OSHAWA HOMES, OSHAWA REALTOR, PICKERING HOMES, PICKERING REAL ESTATE, PICKERING AGENT, AJAX HOMES FOR SALE, WHITBY HOMES FOR SALE, TORONTO HOMES FOR SALE, TORONTO HOMES, TORONTO REAL ESTATE, SELLING AGENT, BUYER’S AGENT, SALES , HOME SALE, REAL ESTATE, ADTEAM HOMES