The leaves are falling, but are the real estate prices in Burlington? Lord, I feel sick after that pun. I apologize.
Those of you who have been tracking the real estate market for the last few months have seen what’s been called the “return to sanity.” It’s been a departure from the break-neck speed and increases that have defined the real estate market for the last year or so.
Things are a bit more reasonable now, and that’s good news for everyone. Here’s why.
What the Numbers Mean
It means if you’re buying a house it will feel like buying a house; not elbowing people for a PS4 at a Black Sunday sale. The latter was how the market felt earlier this year.
We are no longer seeing the near 30% gains we saw in the early months of 2017 (compared to the same months in 2016). We are still seeing a gain in value after the correction on 2016. In terms of the average sale price, compared to this time last year, you’re looking at:
- 3% increase in the freehold market
- 12% increase in the condo market
No doubt it’s a shock, given what had come to be expected gains of double digits every year. But a balanced market is a situation that could be best for everyone in the end.
Is This the End of Bidding Wars?
One number that may really jump out at you is how much time these listings are spending on the market. Freehold homes spent an average of 36 days on the market in Sept 2017, compared to 23 last year, for a 56.5% increase.
Again, this points to a more sane marketplace, where the buyer has a real chance to make a solid offer, instead of the all-out bidding war/ battle royale that buyers have had to survive over the last 12 months.
Is Now a Good Time to Buy?
You may think you’ve missed your window to find a new home in Burlington. Most people may think that spring and summer are the best (or the only) time to buy a home. And nothing could be further from the truth.
Some experts would argue that the fall months are actually the best time to buy. For one thing, you’re likely going to get a better price, compared to peak season. RealtyTrac’s analysis of more than 32 million home sales over 15 years shows us that, on average, October buyers paid 2.6% below the estimated market value at the time for their homes.
Also, you’re going to get the undivided attention of motivated sellers who missed their spring-summer window. You will also get to tap into people who have to sell because of a lifestyle change, like a new job, new baby, or divorce.
Find the Perfect Home at the Perfect Time
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Burlington remains one of the most in-demand places to live in all of Canada. We were recently named the #1 medium-sized city in Canada, for the 4th straight year!
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