How was August different this year? Will home prices drop this Fall? How many offers are sellers getting on their properties? What do I do if I’m trying to buy a property in this market?
Watch this just-over-a-minute video to find out my views on these questions, or read the script below.
Hi, it’s Miia here with your market update for September.
In a normal year we’d see prices drop a bit in August, but, generally speaking, that wasn’t the case this year. Urbanation Inc. says that we could even see a FURTHER jolt in the next couple months. I would say that we should certainly not be expecting prices to drop over this Fall season.
My first-hand experiences over the past few months with assisting clients in both buying and selling real estate in the Whitby and Oshawa area involved multiple offers of on average 20 offers per property, ranging anywhere from$550,000 to $1,050,000, from condo townhouses to detached houses.
Clearly if you are planning to buy a home in the near future, you’ll need to know what to expect. It’s normal for people to submit offers on several homes and, for the first few times, to NOT be one of those 20 bidders to win the bid. But as you get comfortable and understand what’s happening in the market and perhaps even get creative with your strategy, you CAN and WILL be the 1 in 20 who wins that bidding war. Just keep moving forward.
That’s my update for this month. Bye for now.