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

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.

Real Estate Headlines vs. Value

 Thursday, March 31, 2016     Judy Marsales, Broker of Record     Local Hamilton Market Conditions

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House values in Canada have been a topic of much discussion across many forms of media this year. Some cities have seen incredible activity and outcomes.

The impression by many who read these headlines or follow the social media links is to assume that every neighbourhood and every home regardless of size, style, or shortcomings, may be enjoying a similar crazy market. Unfortunately, this is too often not the case.

One example is our local real estate market which seems to be very misunderstood. Property values have been increasing as a result of a very limited supply of available homes for sale. We are currently experiencing a very strong "Seller's Market" due to this reduced house availability. The demand side of the economic equation is healthy and more balanced. This market requires the consideration of appropriate strategies, whether buying or selling to have the most successful outcome.

However, when it comes to your own home, it is sometimes difficult to separate personal attachment or emotion from market value which suggests that it is even more important to have a professional sales representative review the parameters of value.

If you are considering selling, it may be wise to have a complete understanding of a range of potential value so as to: not leave any money on the table and to ensure you attain the highest and best return without scarring off the potential buyers. Call us for a no obligation "Opinion of Value".

If you are buying, work with an experienced sales representative who can provide you with all the latest real estate information - not just the highlights from media headlines. Knowledge is power. We have the knowledge…let us help inform one of your most important financial decisions.

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

To Sell or Not to Sell - Statistics will Set You Free

 Wednesday, February 10, 2016     Judy Marsales, Broker of Record     Local Hamilton Market Conditions General Real Estate Advice

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I am taking some liberties with two famous quotes in an effort to offer some sage advice. There is an absolute wealth of information available today from C.M.H.C. and our local real estate community - factual data and statistics. We hear that our market place is attracting buyers from the GTA due to the widening gap between local home prices and the Toronto marketplace. There is no doubt that homes in the Greater Hamilton Area are lower than their counterparts in the GTA. There are many facts to consider in this discussion which include transportation, employment, the current low interest rates plus the low inventory of available properties.
However, one statistic which is rarely mentioned is the demographics in our area which suggests that we have an older population. This population is currently reviewing their housing needs with an eye to future comfort or mobility. Should this large demographic decide to move, the market dynamics would shift considerably. If you are in the "baby boomer demographic", you may want to get ahead of this shifting "supply and demand" equation by offering your home for sale while the market is in your favour. And the market is in your favour to sell at the moment!

Home owners still have to be cautious in ensuring that they work with professionals who know the market place in which the home is located. Selling real estate is not as simple as sometimes portrayed on television and consideration should be given to the services offered by a professional REALTOR® who has the ability to attract the highest and best prices. Everyone wants the best deal but when we are selling our home, which for most of us is our single largest investment, we cannot afford to be penny wise and pound foolish. Let informed knowledge and statistics guide your good decision. Speak to one of our Hamilton Real Estate Agents. for the best real estate advice. It is currently a strong Seller’s Market.

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.