When will it all end? When will I just find a freaking house that I like, without someone out-bidding me? Why is that so hard?
If you’re pretty much done with this whole house hunting thing, you’re not alone.
There are a few reasons that today’s buyers aren’t finding what they’re looking for.
1. You’re Competing Against People Clinging to Sanity
You may be bidding against a couple that will get divorced if they have to go to one more open house. You can’t compete against that.
Kidding aside, the supply of houses is creating some desperate buyers right now. You will probably lose your first couple of bidding wars, because you’re competing against people who have already lost out on too many homes.
You’re up against people at the end of their rope. They will go completely over the reasonable price; so much so it doesn’t even make sense to you anymore.
But that’s OK. it’s not always about having the highest bid. You can read a few strategies to help your odds in a bidding war by clicking here.
2. You Waited Too Long to Buy
If you went to a few open houses and looked at listings in December, just to “kick the tires” a bit, your expectations of what houses should cost is out of whack with what you’re seeing.
You were probably stunned to see houses that were in your price range in the autumn and winter now tens of thousands of dollars out of your range.
The Burlington market has really blown up over the last few months. In fact, the average price for a home in Burlington has spiked by $80,000.00 in a short 4-month span, and every single neighbourhood in Burlington saw an increase of at least 10% in the last year.
So if you went into homeshopping with Fall 2015 prices in mind, your expectations were skewed from the start.
Nobody expects these housing trends to stop any time soon, so you’ll really want to find something right now. If you’re fence-sitting, it may cost you a few thousand dollars in a matter of weeks.
3. There are More Buyers Than Homes
The supply of houses for sale is getting smaller, particularly in Burlington. According to the Canadian Realtors Association, “The number of newly listed homes fell 1.4 percent in March 2016 compared to February. The national decline was led by the GTA and Hamilton-Burlington.”
“With sales up on the month and new listings down, the national sales-to-new listings ratio rose to 61.7 percent in March 2016, the ratio’s tightest reading since October 2009.”
They added anything below 40 per cent is a buyer’s market, and anything above 60 per cent is a seller’s market.
As realtors, we’re seeing a ton of traffic at every single open house these days. Even on the nice days, when people should be enjoying the weather, open houses are packed with serious buyers.
4. Some Houses Just Suck
No point in dancing around this fact. It’s a reality that both buyers and Realtors face. Some listings are just plain rubbish.
Some houses just simply aren’t as well kept as others. Or maybe they have undesirable features like close proximity to power lines, or they’re next to a noisy road. In any case, one viewing leaves you with an immediate impression of “Hell no.”
But unfortunately, given the state of things, even those sellers are asking for too much. Even those people are pricing their homes high, because everyone has heard the market can withstand overpricing.
If you’re sick and tired of disappointing outcomes, let us help you. Work with a team of realtors that focuses entirely on matching people with homes in Burlington. Your Burlington Neighbourhoods Team knows what it takes to win a bidding war in this crazy market.
We can help you find a home anywhere in Burlington. And, as experts in the area, we can show you which neighbourhoods are the best to buy in right now.