April 2014 was another very busy Real Estate month in and around Hamilton-Burlington. The average days on market decreased from 40 to 34 days in the Freehold market and from 42 to 35 days in the Condominium market. That means that the houses, homes and condo's being put up for sale, are not lasting very long. In fact, the Dundas, Ancaster, Burlington Markets are starting to see more MLS Listings come up for sale with a clause listed in the comments that they will not accept any offers to purchase for a pre-determined set of time. As an example, a property may become available for sale on a Wednesday, with showings available on Wednesday, Thursday, Friday, Saturday & Sunday, possibly an open house on the weekend, and then any Offers
To Purchase would be presented to the Sellers on Monday. One House that used this technique listed for$289,900 and sold for $315,000. Another home listed for $417,000 and sold for $417,000. Multiple Offers do not always mean a higher price, however the Buyer with the fewest amount of conditions, or a Firm Offer (no conditions) usually goes to the top of the list to be considered. This affects the strategy used for Buyers putting in Offers on these listings.
If there are Multiple Offers, the Sellers will be looking at more than just price to decide on which Offer/Buyer they should pick. They will look at a combination of best price, fewest conditions, what extra's the Buyers asked for that were not included already by the Sellers, and the closing date, to see which one matches best with the one they have in mind. Buyers more than ever need to have their finances in order before they start looking at houses, and especially before they put an Offer to Purchase on a house for sale. Overall, listings are down by 2.7% from the same time last year, and sales are 2.5% higher, and the average sale price is 7.9% higher so far in 2014 compared to 2013.
Note: Numbers of sales represents sales reported on properties listed on the Multiple Listing Service (MLS) of the REALTORS Association of Hamilton-Burlington. Average sale price is calculated by dividing the total dollar volume of sales (not shown) by the number of sales in that month.
Thinking of Selling your House?Get your FREE Report, "How to Sell Your House For Top Dollar - Fast! Get your FREE Copy --Email Me now!
Thinking of Buying a Home? Free Marketwatch Updates... If you're going to be moving to Hamilton in the next few months, or you just want to keep an eye on what properties are coming on the market, get your FREE Marketwatch Subscription and receive updates of all the new listings of homes, in any price range and area you choose --Click Here.