The pre-spring real estate market is in full swing!
I was out pre-viewing open houses this past weekend and there was a real buzz of activity for all 8 listings I viewed. Listing prices are up! This price increase along with changes to the amount buyers will need for down payments on homes over $500,000 which takes effect on February 15th, is definitely motivating buyers to get into the market as soon as possible.
The Durham Region is also seeing a resurgence of new home developments. In Whitby there is a large project underway at the Country Lane Golf Club site, as well as many smaller projects on infill sites. Pickering has 8,000 homes being built by various builders over the next decade in the new development of Seaton now open and the City of Oshawa approving 1,300 new homes and a large commercial shopping centre development on part of the Winfield Farm lands.
How the resurgence of New Home Developments will Effect You
With the surge in openning of New Home’ sales centres, the resale market has competition that it hasn't had in over a decade. Over the past 10 years the resale market has flourished. This is in part due to low interest rates, government incentives to update your resale home, along with a steady supply of buyers and a lack of housing inventory.
The past 4 years we have seen a Seller's Market and the outcome has been record prices and sales stats. With the influx of New Homes the resale market is about to face some fierce competition. This will be to the benefit of buyers who are sick ,and tired of facing multiple offer situations, unfortunately as a seller you may not be receiving the bounty of offers that we have come to expect in today’s market.
If you have been thinking of selling, take advantage of the current situation and don’t wait until the market starts to cool. Call Jim Stanton and Associates today and we will provide you with a free no obligation Home evaluation and give you the professional advice that you deserve.
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