February 2016 Monthly Market Report-Multiple Offers Again?
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1131 property sales through the RAHB Multiple Listing Service®(MLS) system in February which is a 5% increase compared to January 2015, and 9.8% higher than the 10 year average. Also, this was the highest number of sales recorded for the month of February since 2006! There was an increase from last year of 7.3% for the number of properties listed for sale with the number coming in at 1527 for February 2016, however, this is 9.8% lower than the 10 year average. So, looking at the 10 year average, Sales were up 9.8% and Listings were down 9.8%. It is this wide spread between Sales and Listings that is keeping Hamilton and the surrounding areas in a very strong Sellers Market.
Average days on the market decreased from 36 to 31 for freehold, and from 36 to 34 in the condo market compared to February 2015.
Keeping you SAFE....
...in this type of Market is extremely important! Here are some terms you will probably be seeing quite a bit if you are thinking of Buying or Selling a House or Condo in and around the Hamilton-Burlington Real Estate Market anytime soon. Multiple Offers, Holding Offers, Bully Offers, Listing Strategies, Buying Strategies, Please Allow 24/48/72 Hours Irrevocable On Offers, Bidding Frenzy, Bidding Wars, Seller reserves right to view &/or accept preemptive offers, to name a few. Now more than ever it is important for you to have guidance while trying to navigate the Selling or Buying Process so all of these terms and the ramifications of the terms will be fully explained to you.
...are being seen on quite a few listings. There is quite a bit of strategy involved in putting in an offer as a Buyer when you are going to be in competition. The Sellers will, of course, look at the Price, but that is not the only determining factor for whether they pick your Offer to Purchase. They will also look at other Terms of the Offer, such as the Deposit Amount (can you give them more than they are asking for?), Closing Date (can you give them their preferred date?), Chattels Included (are you asking for the fridge, stove, washer, dryer, and they have not offered them?), Conditions (financing, home inspection, insurance, sale of property, are just some of the possible conditions). You need to know what the risks are to you if you do decide to remove some of these conditions on any offer your are making.
For instance, if you do not make your Offer Conditional on Financing, and your Lender/Bank does an Appraisal of the Property and it does not meet the price you paid, there are some serious ramifications.
Best advice is to find yourself an experienced LOCAL Real Estate Agent (like me :) if you are in and around the Hamilton Area, and if not, I can help find you one in your area), and let us Guide and Protect you throughout this journey, and...Keep You SAFE!
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.
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