Is the Housing Market Rebounding?
First-time home buyers are holding up our market as the sales of existing homes in the month of May rose by 2%. This is the first increase in more than a year. Take a look at the market watch and do some figuring.
If you compare to last year, it is still down by 1%. But, I think that most buyers and sellers are now realizing that the market is quite different from a year ago. It has taken us a few months to adjust our expectations when selling a house and not thinking of, " If I would have sold a year ago....".
We are hearing reports of multiple offers on some properties. Milton has been experiencing multiple offers for a couple of months now. And, the same is happening in certain areas of Mississauga. Price your house according to the market, and it WILL sell and the possibility of multiple offers may occur. I am seeing a turn towards a seller's market in some areas as less homes are being listed for sale, but there are buyers out there for homes. I did an open house one weekend in Mississauga and I had approximately 30 buyers come in to view the home. This is between Saturday and Sunday. Watch for my signs in Mississauga!!!
I await in anticipation what the nay-sayers will say about the summer market. As per usual, I am prepared to see it slow down as the summer holiday season approaches.
Here is some information for the Market Watch that is provided:
"June 2, 2009 -- In May 2009, Greater Toronto REALTORS® reported 9,589 sales, up almost two per cent from May 2008 – the first annual increase since December 2007. The seasonally adjusted annual rate of sales in May was 81,300.
“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”The average price for May transactions was $395,609 – down less than one per cent compared to the same month last year.“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”
For further information regarding the Market Watch feel free to contact Betty directly at 416 427 1875 or by email.
I can help you save time and money by shopping smarter
Are you an Owner? If you own property in the Mississauga, Oakville, or Burlington Communities, and you would like to sell your residence, contact Betty Bartusevicius at 905 828 3434 or directly at 416 427 1875 and get a free market analysis.
Are you a Buyer and are interested in purchasing a home in the 905 area code? Contact Betty to receive FOR SALE/SOLD data of neighbourhoods to enable you to make an informed decision and do some comparable shopping.
If you know of friends, family, or colleagues who are thinking about making a real estate move, feel free to pass along my contact information. Know that their real estate needs will be well attended to with kindness and professionalism. Your referrals will be greatly appreciated.
There is no time like the present to begin your investigations into a property purchase or sale that will lead to sound decision making.