September 2015 Statistics for Real Estate In Hamilton,
Ancaster, Dundas, Stoney Creek, Burlington
Condos, Homes & Houses Values Prices & MLS Listings!
September 2015 Statistics are in, and Yes...Another Record Set!
September 2015 Stats from the Hamilton - Burlington Real Estate Board (RAHB - Realtors Association of Hamilton Burlington) which covers many areas including Dundas, Ancaster, Stoney Creek, Glanbrook, Caledonia, Waterdown, Grimsby Ontario, to name a few, report 1387 property sales, which is 8.2 percent increase in sales compared to September of last year, and 25.2 percent higher than the 10 year average! 2134 Properties were listed for sale in September, a 4.9 percent increase over last September.
The average days on the market decreased from 38 to 33 days in the Freehold Real Estate Market and from 39 to 38 days in the Condominium Market over the same month last year.
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Multiple Offers Are Becoming More And More Common.
We are in a Sellers Market, which means there are more Buyers than there are Properties (houses and condominiums) for sale. It is becoming very common to have Multiple Offers (when 2 or more Purchasers put in an Offer on the same property) on the homes that are priced right. Some people call this a Bidding War, however that does not really describe what actually happens. Typically, the Sellers and their Real Estate Agent will invite all the Buyers Real Estate Agents that have an Offer to the Sellers house (or the Realtors Office). The buyer's agents will take turns presenting their clients Offer to Purchase to the Sellers. The Sellers are expecting everyone to bring their best Offer.
Sellers will consider a few things when picking which Offer is the best for them. Obviously PRICE, however just as important is the CLOSING DATE, amount of DEPOSIT, and CONDITIONS included in the Offer. Two of the usual Conditions include a clause allowing the Buyers to ensure they can get FINANCING on the property, and that the Buyers can pay to have an INSPECTION done on the property. These conditions are for the protection of the Buyer, and if they get out of the Offer because they cannot get financing (could be due to a low appraisal of the property, or maybe the Buyer was not fully pre-approved and a glitch on their credit prevents them from getting a mortgage), OR if they get out for an unsatisfactory Home Inspection (maybe there is mould in the attic, a leaky foundation, asbestos, etc) then the conditions state that the Buyer will receive their Deposit back and be released from the Offer. Again, these are just two of the many conditions that may be used in an Offer to Purchase.
The Sellers will want to accept the Offer with the Most Money, the highest Deposit, the Best Closing Date, and the Fewest Conditions. A FIRM Offer is when there are NO Conditions, and the SOLD sign can go on right away. No conditions are best for the Sellers, however, it can be very risky for the Buyers. If a Buyer decides NOT to put in any conditions, they have no way out of the Offer. For instance, if the appraised value of the property comes in lower than the Purchase Price, and the Buyer does not have any extra funds set aside to cover this situation, and therefore cannot complete the transaction (does not CLOSE), then they have put themselves in a situation where they can be sued by the Sellers.
Buyers Tips -Make sure before you do an Offer to Purchase you are Pre-approved, have asked your Mortgage Consultant whether you can go FIRM, have had your Credit checked to make sure there are no glitches, and always ask your Real Estate Agent to give you all the recent SOLDS in the area where you are planning to buy.
Sellers Tips -Make sure to pick an agent that will give you the best exposure, and someone that will help guide you in the Pre-Listing Process (getting your house ready for sale, fixing some of the things home inspectors will point out to Buyers, a current analysis of the market to help you pick the best listing price to name a few).
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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