By Staff
May 19th, 2016
BURLINGTON, ON
A local real estate firm reports that the month of April brought with it a number of firsts in Burlington.
The first property to sell in the Orchard for over $1.475 million, the first property to sell anywhere in Burlington for $210,000+ over the asking price and the first time that just under half of the sales in Burlington sold for the asking price or more.
Six properties sold for more than $80,000 over the asking price – two in the southeast, one in Brant Hills, one in Headon Forest, one in Millcroft and one in the Orchard. At the same time, 24 properties experienced price reductions before they sold and 25 properties were on the market for more than 30 days before they sold.
What does all of this mean? In short, there are still too many buyers and not enough sellers (there were actually 10% more sales in April, year over year).
Finally, notwithstanding the fact that we are experiencing the hottest market we have seen in history, an incorrectly priced house will very likely result in disappointment. Strategy is very important when pricing your home in an over-heated market.
The realtor asked: Wondering what to do once your home sells? Many people are hesitant about capitalizing on this seller’s market because they will need to purchase a new home. They suggest there are more options available than you might think.
These homes were advertised and sold in March of 2012.
Are these prices sustainable? Are we in the middle of a market bubble with a downside out there somewhere? Is there a market correction in the works?
Is there a market correction in the works?
There is no “market” what you have is the Provincial government implementing “places to grow” in such a way that can only lead to every increasing prices on the types of houses people typically prefer. Single family homes will end up being 1 million plus, apartments 700k kids will have no place to make a start.