MARKET UPDATE - MID JUNE 2017 - WHERE DID ALL THE BUYERS GO?
I just wanted to give you a quick update. The market is saturated with listings. 1:10 ratio. So currently in Pickering, we are sitting with 232 Freehold Active Listings and in the past 7 days, 28 have sold. What does that tell you? Buyers choice !!! They can negotiate and they have so much choice they can be picky !!! This is where a good negotiator working on your side can save you thousands of dollars. The same scenario is happening in Ajax with 323 active listings and only 20 SOLD... and Whitbyhas a whooping 370 Active Listings and only 39 have SOLD.
Many of these people on the market right now have bought FIRM in March and beginning of April and are starting to panic. They NEED to sell in order to close on the purchase they made. Thank God I don't have any clients in this situation. I had a feeling this was going to happen and now it has. It is a desperate situation for many people out there... and it is unfortunate.
BUT if they do not sell, they will not CLOSE on their purchase and in turn that will result in lawsuits galore. The Sellers will sue the Buyers for not closing but it isn't just for the deposit, it will be for damages. Damages can include penalties and the difference in the sale price if they have to resell the property and it sells for considerably less. Unfortunately this is starting to happen now with June closing and many July closings where the homes are still on the market and not sold.
If you are thinking on buying an investment property or a first time buyer, this is the optimal time to find a good deal. If you are looking to move and sell and buy, I highly recommend you sell first as it may not sell at all... and if you were looking to just list to "cash in", although the prices are still high, the days of multiple offers and no conditions (financing or inspections) are gone... That ship has sailed in Durham Region for now. Let's see what the new stats say for Mid June when they are released.
And on a brighter side, I want to wish all the Dads out there, a Very Happy Father's Day and if you aren't a Dad, have a great day and enjoy the weekend. Take care and I will keep you posted. Remember, if you want to know a sold or have a question, reach out and if you know anyone looking to buy or sell, do your research. Use a Professional. Have a great evening !!!