2010 Summer Market?

After a hot spring market, the summer market has definately slowed with the new HST and interest rates edging upwards. When you put things into perspective though, the HST has no real affect on the majority of new homes sold in Woodstock as it only comes into play after $400,000 and especially after $450,000, but the perception of the public is that new homes now cost more. Also regarding HST, it does not apply to resale homes, but as a result, the summer market has slowed and it is still a local Buyer's market.

What we are experiencing right now is another market correction and some Seller's are on board with this and they are ahead of the curve. Some Seller's however are having a more difficult time adjusting their price, especially if they purchased just a few years ago, and as a result, their home takes a long time to sell or does not sell at all. Expired listings are growing. On the other side, some Buyers feel that prices should be even lower than what they are, so the gap between what the Seller wants and what a Buyer is prepared to pay is too big, so the home doesn't sell.

There are still many good deals on the market though and new listings are coming weekly. Real Estate is about timing, so know what you want, get pre-approved and be ready to committ because nice homes at the right price never last long, regardless of what the market is doing.

As my client, I will let you know of Woodstock's best listings and get you there first!

Thanks,

Mario

Mario Spina

Mario Spina

Broker
CENTURY 21 Heritage House Ltd., Brokerage*
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