The past few months in Hamilton’s real estate market has really started to soar, as if we thought it couldn’t get any hotter. You’ve seen the article in the Hamilton Spectator where, a first for Hamilton in the bidding war, an older home in downtown Hamilton sold for a whopping $100,000 over asking price (we are still buzzing around the office about this one)!
So what’s the secret behind getting an incredible deal on your home? A lot of it has to do with your REALTOR; they come in an assess your home, let you know what should be changed to get a higher value on your home, schedule open houses, advertise your home so potential buyers can see it, suggest staging if needed and the list could go on. In the case of the home that sold $100,000 over asking, the REALTOR held offers back in hopes that a bidding war would start, and to everyone’s surprise it really took off!
Prices are going up and because of the lack of inventory, especially in the entry level home market ($100,000-$300,000). When they do come on the market sellers are seeing their neighborhoods homes go for a great prices. Some “hot” neighbourhoods in Hamilton right now are ones with proximity to the 403, McMaster, Locke St, and Hamilton Mountain.
This is definitely a seller’s market! As for the buyers, it can be downright frustrating because there are a lot of agents that are under pricing the homes then holding offers to create a bidding war. The result is usually- the highest and cleanest offer wins. Unfortunately there are usually several unhappy buyers and agents that are disappointed and have to begin their home search again. Often the same buyers and agents are going up to bat several times by placing offers on homes only to get beat out by another stronger offer.
Let’s talk numbers, here’s a peek at the past three months of our market history. In February the average home price was $430,4831, March was $432,8632, and April was 431,1883. Here is what April of last year’s average home sales was at $397,124, which means this year’s prices have gone up 7.9%. According to RAHB CEO Ross Godsoe “the Greater Hamilton-Burlington real estate market has never seen this kind of activity.”3
What is the cause for all the activity?
- The new GO train station makes it easier for Torontonians to commute to work
- Torontonians coming into the Hamilton area to find their dream home at the fraction of the cost
- Hamilton is going through a gentrification phase, meaning that we are in the midst of urban renewal. Think about all the new condos going up downtown and you’ll see what we mean.
We want to leave you with this thought, leave us a comment with your thoughts: “With the changes to the real estate market many are viewing Hamilton as the next great suburb of Toronto”4
After reading all this information ask yourself, are you thinking about selling your home? Call the BUSH TEAM today and we will give you a FREE home evaluation!