The Hamilton‐Burlington real estate board has just reported 819 property sales through the MLS for the month of January. This represents almost an 11 per cent increase in sales over the same month last year. They have also reported that 7.7 per cent fewer listings were taken in January 2012 compared to January of last year. The average sale price of a property has also risen 4.2% over last year’s average, yet the inventory of available properties has dropped by almost 12%
“The story for the month of January,” said RAHB President Cameron Nolan, “is that while sales have edged up compared to last year, we are seeing significantly fewer listings than normal. Our listing inventory is the lowest it has been in some time.”
What does this mean for you?
I hate to sound cliché, but now is a great time to sell. We are seeing a flood of buyers hitting the market right now. The most obvious reason would be the record low mortgage rates lenders are able to offer, but I think the weather also has something to do with it. Historically, people didn’t buy in January/February because who wants to go running from home to home in 3 feet of snow with temps in the minuses. The grass is green and the temps are up causing an early start to the spring market.
Buyers are out and ready to purchase, but there isn’t anything to buy right now. Everything that is in relatively good condition and priced well is selling after only a few days on the market. This has resulted in an upward pressure on prices. If you are considering selling your home this year, you may want to do it sooner than later. Once the spring hits and everybody starts putting their homes up for sale, the market will become more balanced causing a downward pressure on pricing.
Get into the market while inventory is low and you will get more money for your home.
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