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March 2018 continues to be a Buyers Market in Durham Region!

Listings year over year are up. On March 1, 2017 there were 398 listings and this year at the first of March there are 1381 Residential listings in Durham Region which is an increase of 247%. This is a similar inventory as 2014!
Sales for March 1, 2017 were 833 residential properties and March 1, 2018 had 604 properties sold, which is a decrease in sales by 29%. Again this reflects sales similar to 2014.

Based on my daily observations this is definitely a Buyers market at this time in Durham Region. However we seem to be consistently at 2014 levels of listings and sales and in the past that was a good market. I have seen stability in the first time Buyers price range which is important to stop the decline in prices. The homes selling now are the ones that are newer or with the best updates or priced well below the competition.
So what does this mean for Sellers:
1. If you are selling and your home price has dropped it is an opportunity for you to move into a higher priced home and get a buy that offsets what you think you maybe losing because your home price is down. 2. So buy a home conditional on selling your home where possible. 3. Look at lots of homes before you buy so you know what a good deal really is. Prices are all over the place right now and doing research and viewing homes is your best chance of getting the most for your sale and the best on a purchase. 4. If you are selling a home that is in the first time Buyer market make sure your home is priced properly; could even attract multiple offers if handled properly.

For Buyers:
1. Take your time and look at lots of homes. 2. Make sure your REALTORR is watching the price drops in the market. The best deals are gone quickly. 3. Go see homes the day they list to avoid having to compete and getting the best price and home. 4. Make sure you are properly preapproved and have a certificate from your Lender confirming that. Rates are going up so get rates locked in for 90 days or more and if the word comes out that we will be getting a Bank Rate increase go get reapproved for 90 days down the road before the rate increase takes effect. 5. Don’t get caught up in the hype if you find a home and there is a bidding war. There is always another house that will fit the bill at the right price in a Buyers Market. 6. Hire a great REALTORR who will show you homes right away, and as many as you want to see!

These stats are based on the major markets in the Durham Region which include: Pickering, Ajax, Whitby, Brooklin, Port Perry, Scugog, Oshawa, Courtice, Bowmanville, Newcastle

Tony Slavin Broker
Real Estate Agent since 1988
Mortgage Broker #M08005434
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Accredited GreenbrokerTM
Former Bank Manager
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