Durham Real Estate Forecast – 20 November 2017

20 November 2017

Average Selling Price (City): $615,599 (Whitby/Brooklin)*

Active Listings:  1824

With inventory on the rise from both earlier this year and this time last year the housing market is slowly on it’s way to becoming a more balanced market for buyers and sellers. While technically it is still a sellers market it has become a lot more fair out there for buyers than it was earlier this year making it a great time to shop for a new home.

Advice for Sellers: 

The days of putting a sign on the lawn and watching the buyers line up are gone, at least for now; however, this is still a good time to sell (especially if you need to buy in Durham). While sellers may not be getting the insane increase in value that they were seeing earlier this year, the average selling price is still up from what it was this time last year. Currently there has to be a greater focus on making your house stand out from others through things like staging, updating, and most importantly taking advantage of the unique and magical marketing system of mikezwicker.com.

Advice for Buyers:

Get your financing in order and get out there! For those of you that have been shopping, or were considering buying, since the spring the light at the end of the tunnel is finally upon us. The days of multiple offer situations and competing with a dozen other offers are all but gone, for now, so don’t wait until the spring to potentially do it all over again. Strike while the inventory iron is hot!

Next Week:

Inventory isn’t the only thing affecting the current market trend with interest rates and the Bank of Canada being a large influence that I’ll discuss next week. Be sure to check it out!

*Based on total October 2017 sales