Happy 2017 everyone... just a quick message as the website has had many visitors over the past two weeks and I don't want anyone to get discouraged. The listings have been few and far between over the holidays as most sellers are waiting for "normal" to return to the workplace and kids to be back at school etc. Today, TREB released the market stats for December 2016 and it showed continued rise in prices and the second consecutive "record breaking" year in real estate.So here is my advice, if you are looking to buy, stay on top of the listings you receive or if you see one and I didn't send it and want info, just ask me and I will find out what I can. I think we are going to have another crazy year as far as prices. I do not think the foreign market is going to affect Toronto or Durham like it did Vancouver, as a matter of fact, Toronto Real Estate Board took a poll with agents and only 5% felt the buyers were international. This is strictly lack of inventory.
Prices rose over 20% last year which is a phenomenal return on your investment... and for many it was beyond 20%, especially in Durham Region where our prices were the most affordable. So don't get discouraged, keep checking back and you will see more and more listings coming out over the next few weeks and by end of February, we will be in a FULL SWING OF THE BEGINNING of SPRING market. Most people buy to close end of June when kids finish school.. so keep that in mind. If you are more flexible in your closing, the better your odds of winning. We need good strong offers, with as little conditions (actually NO CONDITIONS) as possible so have your pre-approvals done in advance and I can give you a couple mortgage brokers to contact if you want that done... I find mortgage brokers USUALLY give you better rates than your bank 90% of the time.
As far as home inspections go, most offers will need to be firm but now that most sellers are holding offers, I do have inspectors that will do a quick walk through with you prior to putting in your offer, if you have concerns about anything and want to go in firm during the offer process, so that you can put your mind at ease. Just remember, buying is usually BEST OFFER wins and it can save you a lot of headaches if you have an experienced agent who is protecting YOUR best interests and not the sellers.... it's a lot of money - make sure you are represented at the table !
As always, I look forward to hearing from you and I will be at the Market Outlook on January 31st, with Chief Economists and CEO's from BILD and other real estate associations and will send you an update on what they predict. So for now, hang on and get ready for another crazy year.... You are in good hands and Happy House Hunting !
Your Friend in Real Estate.
