The Barrie and District Association of REALTORS® has reported another record year of home sales in 2015. Strong demand has drawn listings off the market at such a rate, that the number of available homes for sale is at a record low level as we head into the new year.
What does this mean for Sellers?
If your home is clean, shows well, lacks clutter, and is priced according to comparable market sales, on average, you can expect to sell it within about thirty four (34) days on the market. The low inventory levels have drawn average values up by about 9.3% from one year ago creating a market which favors Sellers. Homes valued under the $325,000 price range will continue to create excess demand with first time Buyers, and will often generate multiple offer situations. The average price of $373,000 in our market area, continues to be significantly lower than the general cost of a Toronto home, and this factor, coupled with our single Land Transfer Tax (as opposed to Toronto's double tax), will continue to bring Buyers from the GTA to our area seeking affordable homes.
What does this mean for Buyers?
Just like the Boy Scouts, “Be Prepared!” Preparation is key during a market that has low inventory levels and rising prices. Having a pre-approval from your lender is first and foremost. Working with an experienced REALTOR® will give you the edge on competition with other Buyers. The networking ability of REALTORS® cannot be ignored as we see some listings which do not even make it to the local MLS® system prior to the Seller receiving offers. Buyers in specific price ranges must have the ability to be decisive when the "right" property appears, and must be willing and able to react by putting forward an offer on the property. Current market conditions in some price categories, do not allow the luxury of sitting back and mulling over the decision to purchase a specific property. Purchasing in this market requires fortitude and an experienced REALTOR® to provide the right advice to get the job done.
We look forward to an exciting period of participation in the Local Property market, and we continue to extend to you the best service and advice that our years of experience will allow. We invite you to give us a call if you wish further information and we will, of course, be happy to provide you with a FREE Market Analysis of your home if you are considering a move.
Wishing you all the very Best in 2016,