The spring market is well underway. It is still very much a seller’s market but we are seeing positive signs for buyers as well. This past week we saw nearly twice as many new listings as the week before.
On the other hand, sellers can still expect a favourable climate, as we are seeing properties attracting multiple offers in the high demand areas and we suspect that this will continue for the foreseeable future.
In Burlington, a property was listed in the Tyandaga community last week on a gorgeous court. It attracted eight offers and sold for a considerable amount over asking. Another property in the city was listed in Headon Forest last week and had more than 20 showings its first day on the market. The Tyandaga and Headon Forest communities are hot spots right now in Burlington.
Burlington had over 250 sales in the month of April and of those properties listed after March 1, the average days on market were under 15 and most achieved 99 per cent or more of the asking price.
Oakville appears to be similar. Interestingly, Oakville also saw just over 250 new listings (under $1.5 million) in the month of April and just over 140 of those listings sold. The average days on market was approximately 15 for properties under $1.5 million and the median price was $722,000. What we are seeing in Oakville, as is the case in most of Halton and Hamilton is that if you price your property right, it will sell quickly and often for more than the asking price.
Hamilton overall is extremely hot, with average days on the market being 16 days for properties listed and sold after March 1 and those properties achieved 99 per cent of the asking price. There were over 600 sales in Hamilton during the month of April. The exciting news in Hamilton is that property values have increased as much as 14 per cent year-over-year for the first quarter. There doesn’t seem to be any particular hot spots in Hamilton – but what there is in the area is well priced homes which are selling quickly and for the asking price or higher.
Photo credit: Huffingtonpost.ca
The booming spring market is in full force this year as the seller’s market has set the tone. This means homes are on the market for fewer days, prices are driven up and bidding wars are not uncommon as home inventory levels shrink in Hamilton, Burlington, Oakville and surrounding areas.
Here are three market tips that will keep you ahead of the pack!
Set the timing right. To take advantage of the busy spring season it is best to get your house on the market now, before a wave of sellers lists homes in May and June.
Stage your home. Statistics show that a properly staged home will sell for as much as 10 per cent more than its not staged counterpart and is some cases 10 times faster. Effective staging can be accomplished quickly with the right professionals. And you don’t need to worry about hiring a separate stager. When you have the Rocca Sisters and Associates as your realtor, the staging is provided absolutely free.
Set the right price. Setting the price too high for current market standards can deter buyers from considering your home. Make sure to hire a knowledgeable realtor who can ensure your house gets listed at the right price.