HOME PRICES CONTINUE TO INCREASE IN WATERLOO REGION
LACK OF SUPPLY AND HIGH DEMAND DRIVING PRICES UP
“The local spring market is off to a slower than usual start with half the number of new listings hitting the market than this time last year,”
“Waterloo Region remains a sellers’ market, and while prices have fallen in comparison to last year, we anticipate that home prices will continue to increase steadily,” says Bell. “Some stability in mortgage rates has brought about a return of buyer activity as we begin to observe a return of multiple offer scenarios, bidding wars, and a decrease in the number of days properties take to sell.”
While properties under 1.5 million continue to be a sellers market, luxury properties are making a shift towards a more balanced market. We may see the return of the 1 million dollar average home price in August to September of this year as we are only currently $75,000 away.
If you are thinking about selling now is the time as we approach that window to allow 60-90 days closing before school starts in September. A 90 day closing setups up an occupancy date of mid august.
If the first part of this month is any indication we are going to see the return of high prices and frantic bidding wars again. Properties I’ve been showing are down to often 7 days on the market and some as low as 2 with the resurgence of double digit bids and multiple hundreds of thousands over asking. However there are also properties that are sitting on the the market for months and experiencing price reductions as well. It’s extremely important to have a full time Realtor that is monitoring the market and property types you’re interested in to ensure you act appropriately based on the demand for that specific property.