Being conservative in negotiations for a property in this market could cost you more than your dream home. Judging by the latest numbers coming out of the Burlington housing market, trying to save 5-10k could end up costing you many thousands more if the next house you’re interested in doesn’t come on the market for a few months.
The numbers released by The REALTORS® Association of Hamilton-Burlington (RAHB) show the average price for a freehold home is up a shocking 28% from July of last year. Freehold homes for sale in Burlington went for an average price of $627,233 in July of 2015, and that skyrocketed to $803,422 in July of 2016.
What This Does Mean if You’re Looking at Homes for Sale in Burlington?
This market ain’t got no time for conservative people.
Besides the price increase, the supply of homes is going down. RAHB also reported that these freehold houses were on the market for 27 days in July 2015, whereas now they’re on the market for 18. That’s 33% less time! So, if you see the house you want, you need to attack it.
Some other numbers that may motivate you:
|Freehold||July 2015||July 2016|
|Median Sales Price||$572,000||$710,000 (+24%)|
|Average Sales Price||$627,233||$803,422 (+28.1%)|
We have explored the issue of being too conservative before. Odds are good that you will lose your first dream home because you’re competing against someone hungrier and more aggressive. We’re going to see more of this moving forward. Even people who have successfully bought a house before, and think they “know how to buy a house” will be outbid and out-negotiated.
How Is the Burlington Condo Market?
If you’re looking to get into a condo in Burlington, you’re looking at a similar climate. Tire-kickers are getting kicked to the curb.
Condo listings are down 32.5% from July of last year, while the average sale price has jumped from $373,096 to $407,769 (an increase of nearly $35,000!). At the same time, the End of Month Listing Inventory dropped by 34.8%.
How Do I Get a Good Deal in a Seller’s Market?
Working with a professional that knows how to react (and not over/under react) to these market changes puts you at a massive advantage over the people you’re bidding against.
The right Realtor will help you:
● Present your best offer out of the gate, so you don’t waste time
● Present the offer in person, so we can react to changes or feedback on the spot
● Make sure you stand above the other bidders
You Hear This a Lot, But You Literally Need To Act Now
That house that you looked at last July now costs around $176,000 more than it did last year, and there are no certain indications that the market is going to slow down anytime soon. Burlington is popular for good reason!
Work with a team that has a proven history of getting families into the perfect home, in the perfect neighbourhood in Burlington, regardless of market conditions.