Looking for House & Home Values, House Prices & Current MLS Listings For Sale
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1079 property sales processed through the RAHB Multiple Listing Service® (MLS® ) system in February, which is a 13.9% increase in sales compared to last February. 1450 properties were listed in February, which increased 2.6% from last year. End-of-month listing inventory was 11.3 per cent lower than last February.
We are only a few days into March and I am noticing the amount of listings coming on the market is increasing. There is still a great shortage of good quality homes, houses and condo's for sale in and around Hamilton. This is creating more and more Multiple Offers. There are a couple of things you can do to help give you an edge in a Multiple Offer.
First, do your homework! Sit down with your Realtor and find out what the sales have been in the area. Don't wait till just before you do an offer, do it as soon as you have a good idea of the area you want to buy in. This will help you be prepared and know if a property is being listed below market value, in order to get lots of Offers which will hopefully drive the price up and over the asking price.
Another thing to have ready is your deposit. If the listing is only asking for $10,000, maybe offer to give $15,000 or $20,000. This shows the sellers that you are putting forth a strong offer and are backing it up with a strong deposit. Remember, this needs to be delivered to the Listing Office no more than 24 hrs after the acceptance of the Offer otherwise the Offer is Null and Void, so make sure the money can be placed into your chequing account quickly! The deposit is then cashed and held in trust by the Listing Brokerage and forms part of your Down Payment.
Is your Offer still going to be conditional on financing? Home Inspection? Insurance? Have you already been pre-approved?
Make sure you have a talk with your Real Estate Agent well before the time to put in an Offer so they can help make sure you have everything ready so you can make your best possible Offer.
If you have more questions about Multiple Offers, Click Here, and I will get back to you with an answer!
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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