Information and updates about the Greater Hamilton Area Real Estate market conditions

Pricing Your Home

 Friday, February 2, 2018     Judy Marsales, Broker of Record     Local Hamilton Market Conditions

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The top question on everyone's mind when talking to a Real Estate person is "What's my house worth now?" This question is further developed when considering selling. Every homeowner wants to achieve the best return on the sale of their property. Various articles have reported and suggested many different strategies to achieve the highest sale price in the market but what is the "Sweet Spot" in pricing your home to sell? We have heard and seen many commercials… but what is the reality between the one property that attaches to the "bragging rights" and all the other sales in the marketplace which are not identified? The local real estate market has seen many changing dynamics over the past few months. My concern is that often a homeowner does not drill down in the discussion to identify the context, timing, or relevancy of some of this information.

In the past year, the real estate market has gone from one of the strongest Sellers' Markets to a more balanced market to arguably sliding into a Buyers' Market. Each of these markets require a well studied analysis of the facts to bring forward the best strategy for the home owner looking to sell. Every property is different and potential purchasers may respond to each property in a different fashion. Therefore, one must consider all the options when pricing their home. The value obtained by the home owner up the street is not always the "bench mark" to guide your decision making. Your home could establish a new value level if priced properly to maximize the "Buyer Attention". However, the reverse is also true. I have heard some of these thoughts: A) Pricing a home too high can deter people from viewing it. B) Pricing a home at the low end can attract multiple offers and thereby boost the sale price… not always possible. C) Market and Price the home to attract an "out of area buyer"… i.e. perhaps from Toronto where the average house price is higher.

There is no "sweet spot" pricing. A homeowner should consider all the facts and determine what the suggested honest range of value for the property is in the existing market area. The market conditions, including the economic landscape will contribute to the outcome. Based on that range of value and the potential time available to "test" the market, start with a list price which maximizes the possible interest from buyers and has the potential to achieve the highest and best value on the sale. Know the facts. Work with one of our knowledgeable Sales Representatives to achieve the best outcome.

If you would like a free no obligation estimation of your home's value please complete our simple online Home Evaluation Request form.

Bay Observer Article – written by Judy Marsales, Broker of Record, Judy Marsales Real Estate Ltd. Judy is a frequent contributor of articles on the Bay Observer website.

Today's Real Estate Market - Strengths and Weaknesses

 Friday, December 8, 2017     Judy Marsales     Local Hamilton Market Conditions

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Communication today is often fast and short such as 140 characters.  Tweet, text, or email brings us immediate information but not always completely informative.  In the current changing real estate market, the drama clouds the facts.  The strength of buying real estate in any market, if properly thought out, is that it provides us with a roof over our head and a “home” to enjoy.  Try to stay warm with an investment certificate over your head.  Over time, real estate has proven to be a very good investment but there are always swings in the value depending on the economic circumstances of the day.  Sadly, these changes have often been forgotten in the frenzy of headlines and tweets. For example, I can remember selling real estate when interest rates were 22% but the interesting thing is that for those individuals who were brave enough to purchase back then, they did very well on the sale value of the property down the road.  Every market has its benefits and distractions.    However, during theses ups and downs in market conditions, your house is still a home.  What other form of investment gives you this basic life comfort?  The real estate market has strongly favoured the Sellers over the past couple of years – remember the “heady” bidding wars, multiple offer headlines, and “holding offers” strategy?  The current sales information indicates we have moved out of this phase of negotiation to a more balanced market for both buyers and sellers.  The good news is that offers on homes can now include “conditions”.  You may ask why is this good news?  Well, as a Seller wouldn’t you rather know in the first 30 days that your Buyer can not finance the purchase of your property and not on the day of closing which leaves everyone in a bind and the seller potentially owning two homes with a variety of legal complexity to sort out.  As we move through this economic change, we may slide into a Buyers market shortly.  Again, every market offers us good news and in a Buyers Market, we start to see renewed interest by buyers – young and old who have experienced the frustration by the previously identified antics exhibited when there were far too few homes available.  As a Buyer, you were previously competing for a property and stretching your affordability at times.  Believe it or not, a Buyers Market can also be a good news story for a seller who now will have potential buyers considering the cost of some upgrades or renovation in their budget and taking the time to make sound decisions, providing more stability to your sale and the market in general. 

The key to any market is working with the most up to date information and statistical data that will provide the necessary support for making an informed decision.  A home is a fundamental element in your economic future…. use all the tools available to support your decision whether you are buying or selling.  Buying or selling, always review the current sales data, current listings, financial data, and of course, the most important part, your personal goals, wants, and expectations.  We want you to come home to a place of comfort and not undue stress due to financial stretching.  We are here to help you with all the information needed to assist you to the best of our ability.  We can provide you with a no cost Opinion of Value to further assist you in making an informed decision.  Please call us, text us, email us…. or walk into one of our three offices and talk to us.  Imagine a “face to face” conversation.  We are here for you.

Real Estate - Change and Confusion

 Tuesday, October 31, 2017     Judy Marsales     Local Hamilton Market Conditions

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Change, change, change… sometimes welcomed changes and sometimes scary.  The past few months have witnessed a dramatic shuffle from one of the strongest “sellers’ markets” to a market identified as “more balanced”. What does all this mean??

Let’s reduce the confusion to basic economic theory which talks about supply and demand.  This economic theory relative to real estate can suggest that when a market has approximately 3 listings for every sale, we are experiencing a balanced market.  In the past year or so, our inventory of available homes for sale was dangerously lower then that equation. At times, inventory of available homes was fewer then one home to one sale which identified as a very strong sellers’ market.  Almost everything offered for sale, sold in a short period of time with considerable activity in the form of multiple offers or bidding wars.

However, real estate times have changed… inventory has dramatically increased and buyers are nervous about the daily economic information coming their way.  Young buyers are concerned about employment certainty, interest rates, and life styles.  Baby boomers and older are concerned about their future lifestyle changes.  Concerns may be around retirement income, moving potentially to a recently built condo that is too small for their comfort, or the cost of seniors’ accommodation in a retirement home which exceeds their budget.

The good news is that a more balanced market affords everyone an opportunity to consider all the necessary facts and to make a good decision for their future before jumping into something.  Informed decisions make for less stress.  We are happy to review all the market considerations and statistical data to inform your decision and to help you move forward just call us, email us, or drop by one of our offices!

Changing Market Conditions

 Saturday, July 29, 2017     Judy Marsales     Local Hamilton Market Conditions

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Real estate markets are never static! The market has enjoyed a very strong Sellers' Market for the past year based on a lack of supply of available properties, combined with the very low interest rates.

However, over the past couple of months, we started to see more properties coming to the market and the real estate market slowly moving to a more balanced supply of available homes.  The increase in interest rates, while very minimal, sent a slight shiver through the market signalling a potential change in lending rates.  However, based on the information to date,  I believe that we are moving into a more balanced market environment. 

There is no need to panic.  We are watching a demographic shift as one of the largest demographics in history - "the baby boomers", consider what their next real estate move might be... should they downsize, buy a condo, or stay put.  The bottom line is that in a time of change and potential challenge, it is even more important to get the most up to date information on which to make a good decision.  Your decision will influence your future and we want you to be comfortable with your decisions.

Let us help to inform your decision and provide you with all the necessary information to be relaxed with your future.  Call us, email us, or stop by one of our offices.  We know real estate and we are here for you.   

Selling Season Is Now

 Wednesday, February 8, 2017     Judy Marsales     Local Hamilton Market Conditions

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There is often a misconception about the best time to sell your home is Spring. Where did that concept originate? Is it the perception of our great Canadian Winter? The snowy days suggesting that we like to hibernate in Winter and the warm sunshine of Spring will bring us out of our ice castles to look for a new home?

Interesting thought but it does not allow for the changing economic trends which have occurred from time to time. This year is a prime example. The latest statistics from our Realtors Association indicate that the decrease of available properties year over year is one of the highest experienced. Harkening back to basic economic theory, with low supply and continued demand, there is going to be an upward push on price…..and that is exactly what we are seeing in the Hamilton-Burlington marketplace. Prices are up in all areas of Hamilton, Burlington, and surrounding communities.

Therefore, if you have been considering selling your home, do not wait until the official start of Spring… it now! When the supply of available properties is so low, don’t waste time because you think the house needs some TLC. In many instances, a Buyer will want to make the improvements that they feel suit their needs and often discount a homeowners hard work in favour of their own style.

The most important advice to a Seller is to clean, declutter, and get your home on the market while the economic factors are in your favour. We would love to share all the statistics and market knowledge with you so you can make the best decision. Call us, email us, or visit one of our offices.