Friday, December 8, 2017
Local Hamilton Market Conditions
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.