Buyers Playing Waiting Game
There is a lot of truth to the above statement. Buyers tell me that they expect prices to drop further and Mortgage Rates to decrease, and sellers are asking me, "Why don't I have an offer?" and panicking because the listings are not selling as quickly as they were in previous years. Sellers drop their price. Buyers seem to think that this is due to the market falling apart. So, they wait a little longer and think that the price will be reduced even more. Homes are taking at least 3 -4 weeks longer to sell. I have done many open houses in the last few weekends and have seen the traffic increase on a weekly basis. But, these visitors seem to want to wait and see what happens. We are not seeing the same situation here in Canada as what is going on in the US. We, as agents, must educate our buyers and sellers very thoroughly as to what is happening in the market today.
Take a look at the Market Watch and you also see doom and gloom for the month of October. It takes about 6 months for more accurate information to appear and make the Market Watch make sense. Make sure you read the areas correctly. The west end (Lorne Park, Churchill Meadows, both areas in Mississauga) are doing better than Toronto and the GTA. If you need help reading or understanding the Market Watch, contact me and I will assist you. Talk to agents and you will hear about commission cuts and all the bells and whistles that new home builders are providing (even a new KIA car). But, if you read the last paragraph in the Toronto Star article, Toronto Real Estate Board president Maureen O'Neill says: " there's no question that in Canada the economic fundamentals to support a healthy market remain in place."
Also, I do blame the media for a lot of the doom and gloom. They print headlines when it is a gloomy article in large bold print. There are times we are misled by the media. Old statement: "If it's written in newsprint, then it is true!!!" HMMM, makes me want to think. It may be true but you must look at all the details. One day they print doom and gloom, but if the next day it's better, then nothing appears. Take a look at the bouncing of the TSX. I can't keep up, one day up, one day down, one day down further, one day yipee, etc, etc, etc.
Consumer confidence is definitely being affected by media reports on the US econ0my. Remember, that is the US and this is Canada. There is a difference. Just take a look at an article from an RBC mortgage advisor. Call him or call your own mortgage specialist. Get accurate information.
Just some information and my opinion, the decline in the number of sold units will scream on every headline and newspaper, yet sales overall have not dipped in dollar value except for a modest seasonal adjustment. Real numbers? 3 % less than spring is normal for November and December and add an extra 5% off for insecurity. In the last few weeks, I have seen a dramatic upswing in the level of activity of shoppers on my website. It is too early to draw a conclusion but I sense a renewed level of optimism.
We all need a roof over our heads. Property has always, and will always, be a good investment. I will never convince you to purchase a home, or sell what you already own. The decision is up to you. I do have a key to all listings that are for sale. Want to see one, contact Betty. Just want to chat, know that I am always available. I have taken classes to make an appearance on Google. This advertises your home to more interested parties.
I am in this business for the long term. Being a full-time agent, I am committed to providing you with excellent service and I continue to share my real estate knowledge and thoughts with you. I want to be known as your "Real Estate Advisor". Whether you want some reliable information about the Real Estate Market, or if you are just curious about how your home might stack up against neighbourhood listings, remember I'm just a call away.
Are you an Owner? If you own in the Mississauga, Oakville or Burlington Communities, and you would like to sell your residence, click here and get a free value analysis. Are you a Buyer and are interested in purchasing a home in the 905 area code? Contact Betty Bartusevicius to receive For Sale/Sold data of neighbourhoods, to make an informed decision and do some comparison shopping.
Contact Betty Bartusevicius at 905.828.3434 or directly at 416.427.1875.
Re/Max Realty Specialists Inc., Brokerage
Contact me by email: http://www.bettybart.com/AgentProfile/contactme.cfm
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