I'm sure if you go on the web you can see all the stats you want about the Real Estate market. I'm just going to give you a brief observation of my experience in the last month or so. For the most part when buying or selling a house in a swinging market the only thing that matters is what is happening right now.
The pendulum has swung in the other direction as the market has become more stable. At least in my view. Houses are not selling for over market value which I believe is better for everybody involved. Yes the sellers make a lot more money which is great, but when you are on the mortgage end and the buyer end, that is a hard pill to swallow. After a few months down the road when the market has cooled and your head is clear of the selling fury you might regret your purchase. Usually what happens is the buyer realizes that their purchase was overpriced and that they owe more than the house is mortgaged for and worth.
Saying that, the mortgage prices were lower so it probably made sense to pay a little more to get the lower rate. I'm not a mathematician I'm sure that it evens itself out.
I have witnessed in my little area of Mississauga out of 140 homes 20 have gone for sale in the last month. A few people are a little too late to the ballgame. They are overpricing their house in a market which has passed. Yes some are reasonably priced but for the most part people are trying to capitalize on a hot market which is gone. Now they have to fight for the buyers that lost their bidding wars and are resentful toward all owners and agents because they lost so many housing battles a few months ago.
Well people welcome back to a buyers market out there. Start throwing in the couch and you're deal will be done, or else get stuck with a house that is overpriced and something that people are wondering "why aren't they selling, something is wrong with that house, lets offer them 100 grand less. I mean they are desperate after 100 days on the market right!"
If you still can't sell your house call me I have a few ideas! 905-277-1805