On February 2nd, much of Ontario waited with baited breath as our little groundhog friend, Wiarton Willie poked his little head out of his hole and….wait for it…. didn't see his shadow! Crowds went wild all over the province, happy to know that Spring would be coming early this year.
So what about the spring real estate market? Has it sprung early? According to the Toronto Star, TREB has reported that an otherwise simple home in East York just sold for $56,000 over the asking price in a bidding war of 8 competing offers. Similar stories are also emerging of homes going on the market long enough to have one open house, and then being re-listed at a price tens of thousands of dollars higher, just a few short days later.
Buyers who moved to the sidelines in the fall of 2012 are now busy getting re-approved for mortgages so they can jump back into the game with more focus and nerve than ever before. Sellers are getting higher and higher prices, without having to put in the work of preparing a home for the summer market…there is activity everywhere. Has Spring sprung early this year? I’d say yes… now if only the weather would catch up!
If you are thinking of buying or selling this spring, it’s never too early to get a head start. I can work with you to determine the value of your current home, and help you set out a plan to achieve all your future real estate goals with ease. Feel free to call me anytime.
Century 21 People's Choice Realty Inc., Brokerage
Independently owned and operated
PS- I’m featuring some awesome homes that are both in a great Brampton location. Read more about them here and remember to stay tuned to my blog for regular updates on the market, exclusive properties, and the latest happenings in and around the GTA. Happy Spring!
February 5, 2013: "There will be enough competition between buyers in the marketplace to prompt continued growth in home prices in 2013. Expect annual average price growth in the three to five per cent range this year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. Click here to learn more.