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 REALTOR®'s 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.
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 weekly updates of all the new listings of homes, houses and condos, in every price range and Hamilton Neighborhood.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.
The listing content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals. Any other
reproduction, distribution or use of the content, in whole or in part, is specifically forbidden. The prohibited uses include commercial use, "screen scraping",
"database scraping", and any other activity intended to collect, store, reorganize or manipulate data on the pages produced by or displayed on this website.
The information contained on this site is based in whole or in part on information provided by members of The Canadian Real Estate Association, who are responsible for
its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy.
This website is operated by a brokerage or sales person who is a member of The Canadian Real Estate Association.
REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real
Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA's By-Laws, Rules and the
REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are
members of CREA.
The trademarks MLS®, Multiple Listing Service®, and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the
purchase, sale and lease of real estate as part of a cooperative selling system. Canadian Real Estate Association Last Updated: 6/24/2019 02:14:00 PM