News Articles & Blog

STATS for October 2018

 Thursday, November 8, 2018     Kirsten McNamee     Local Hamilton Market Conditions General Real Estate Advice Real Estate Trends

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The chart above, Residential Market Activity for RAHB Areas, shows how much the average price has changed and how much each area has changed since last year at this time. The hot areas for October remain the same, Hamilton Centre and the Hamilton Mountain. 

average residential price by district hamilton oct 2018

The Average Residential Price by District graph indicates to us that the areas from Hamilton Bay to the escarpment are doing well (sub areas, 16, 18, 28 & 28). You're also able to see the average cost of a home for the month of October in each area. 

all-residential-comparision-at-a-glance-oct-18

By taking a look at the All Residential Comparison at a Glance chart. We see that major areas within RAHB’s market are isolated, Hamilton, Burlington Haldimand County. They all saw an increase in overall average sale price. However, Niagara North experienced a decrease in overall average price. It's also important to note that there was an increase in average sale price for all property styles in each of the four RAHB market areas.

RAHB reported 1,035 sales of residential properties and a 13.1% decrease over the same month last year, the average sale price increased by 5.9%. The Sales to New Listing Ratio was 60.1% - indicating that the overall residential market for the RAHB area is in a balanced position. 

“The single family market in the overall RAHB area remains in a balanced position, with a good inventory of homes for those looking for a detached property.” – RAHB CEO George O’Neill

For more in-depth statistics and additional metrics, please refer to RAHB's Residential Market and MLS Home Price Index Report for October 2018. 

If you're thinking of selling your home and want to get a better idea of what it will cost, you can use our "What's My Home Worth" calculator. Then you'll want to get in contact with one of our agents. They will be happy to go over the market stats with you and discuss possible next steps.


STATS for September 2018

 Wednesday, October 10, 2018     Kirsten McNamee     Local Hamilton Market Conditions Real Estate Trends

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The chart above, Residential Market Activity for RAHB Areas, illustrates how much the average price has changed and it's showing us how much each area has changed since last year at this time. The hot areas remain Hamilton Centre and the Hamilton Mountain. 

Average Residential Price by District Hamilton Oct 2018

The Average Residential Price by District graph indicates to us that the areas from Hamilton Bay to the escarpment are doing well (sub areas, 13, 14, 21 & 22). And that they continue to remain a hot area. You're also able to see the average cost of a home for the month of September in each area. 

Residential Market at a Glance Oct 2018

By taking a look at the All Residential Comparison at a Glance chart, we can see that major areas within the RAHB's market are isolated, those areas being Hamilton and Haldimand county. They both saw an increase overall in average sale price. While Burlington and Niagara North experience a decrease in overall sale price.

RAHB reported 948 sales of residential properties and a 4.6% increase over the same month last year. And that The Sales to New Listing Ratio was 50.1% - indicating that the overall residential market for the RAHB area is in a balanced position. 

Contact one of our Hamilton Area REALTORS® to assist with properly interpreting the latest Hamilton Real Estate Market Statistical Information in order to enable you to make the best decision.

For more in-depth statistics and additional metrics, please refer to RAHB's Hamilton Residential Market Activity Report for September 2018.

And if you're thinking of selling your home and want to get a better idea of what it will cost, you can use our "What's My Home Worth" calculator. Then you'll want to get in contact with one of our agents. They will be happy to go over the market stats with you and discuss possible next steps.


UNDERSTANDING REAL ESTATE MARKET CHANGES

 Friday, September 28, 2018     Judy Marsales, Broker of Record     Local Hamilton Market Conditions Real Estate Trends

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As we enter the Fall Season, the weather starts to change, we notice cooler days, shorter days, beautiful colourful leaves and we have learned to expect some weather pattern changes as we move through this season. However, when real estate markets change we have less understanding of the patterns. Sometimes a real estate market change may be as a result of an economic change due to interest rates, global economic discussions, or shifting demographics, for example, baby boomers to millennials. Whether buying or selling real estate, the key to success is managing your expectations. For example, recently the days on market for home sales has increased. This change does not mean the “sky is falling”. 

It's simply an indicator of a changing market dynamic where more properties are being offered for sale and therefore buyers have more options to consider. This additional exposure time on the market may also be an indicator that some sellers are projecting values based on a previous market condition, which may or may not be achievable in this current market time. These sellers often have to adjust their value to attract potential buyers and achieve a successful sale. Previous seller experiences such as multiple offers and bidding wars may not be achievable in a more balanced market. The key to a successful outcome for a buyer or a seller is in understanding the dynamics of each situation. 

If you are selling your home, know what the parameters of value judgement for your home, what is the reasonable selling time on market – can the market live up to your expectation? Is this the best time for you to sell? Remember that no one has a crystal ball and market analysis can only be done with the facts. Whether buying or selling, always get the most up to date information on which to make a good decision. With the speed of sharing information these days, everyone has an opinion. however, work with the facts. Do not gamble with one of your most expensive decisions. Call us or email us for the latest statistical information to enable you to make the best decision. 


STATS for August 2018

 Tuesday, September 25, 2018     Kirsten McNamee     Local Hamilton Market Conditions Real Estate Trends

Residential Market Activity Chart

The Residential Real Estate Market Activity Chart shows Hamilton continues to be hot, driven by Hamilton Centre. With charts and graphs provided by The REALTORS® Association of Hamilton-Burlington (RAHB) we can see there is a 2.1% difference from August of 2017. Residential homes are still up from last year with an average sale price of $501,073.  

RAHB Marketing Activity Chart Aug 2018

The hot areas remain Hamilton Centre and Hamilton Mountain. The chart above illustrates how much the average price of a home has changed. And the Marketing Activity Chart shows us how much the entire The Greater Hamilton Area is doing.

STATS Map Aug 2018 

Take a look at the STATS Map and you'll see the areas bounded by Hamilton Bay on the North, the escarpment to the south and James and Kenilworth are doing. This image also shows each area in Hamilton and what the average cost of a home that was on the market in August 2018.  (sub areas 13, 14, 21 & 22). 

STATS Chart 

Finally the STATS Chart show that 68% of homes are in the range of $200,000 and $600,000 and 29% are about $600,000+ 

If you're thinking of selling your home and want to get a better idea of what it will cost, you can use our "What's My Home Worth" calculator. Then you'll want to get in contact with one of our agents. They will be happy to go over the market stats with you and discuss possible next steps. 


Mortgage Stress Test Thoughts 

 Thursday, August 16, 2018     Judy Marsales, Broker of Record     General Real Estate Advice

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We have seen a lot of articles recently talking about the financial Stress Test imposed when one applies for a mortgage. The words alone make Buyers worry about the implications of affordability. After all, who needs more stress? Let me help reduce the worry and shed some positive thoughts about these new criteria in applying for a mortgage.

For a better understanding, let’s add a little perspective. Think about mortgage markets in previous years, some of us may recall when the interest rate was 22%. The good news is that interest rate did not last too long and we then moved forward to this past year when interest rates were 2%, much better right? Fortunately, or unfortunately, neither of those extreme rates stayed with us. So it is important for the stability of our purchase, our budgeting and our investments that we take a more balanced approach to the possible costs of borrowing. 

From that perspective the Stress Test is helping all of us to be more prudent in our purchases and the long-term costs. By extension the more stability that each of us have in our personal financial commitments, the more stability we will all enjoy in the housing values. Which in many cases form the very foundation of our investment future. Don't be stressed by the Stress Test. 

The information from the Stress Test will help guide your financial decisions for future comfortable living. The house you purchase is your new home and should be your comfort space. The less worry you have with every new interest rate increase announcement the more pleasant your enjoyment of your new home and yes, less stress.