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Are Home Prices Falling in Hamilton? Is Now A Good Time to Buy Real Estate?

Yes! Now is a great time to purchase in Hamilton. We are seeing a dip in the market, home prices are levelling out, the areas that are triple A - home prices are holding their value, areas that are up and coming are selling price accordingly and the homes that require work are finally selling for what they should be - with room for spread to do the renovations required to bring it up to market value. Days on Market (a homes list date to firm sale date) is averaging at 34 days. WE ARE NORMALIZING! What we have experienced for the last 2.5 years HAS NOT BEEN NORMAL! In the history of the last ten years the average time to sell a home has been anywhere from 45-60 days depending on your home and it's location. We are still below that number! What does this mean for you as a buyer? 1) You have time to find the right property. 2) You now have choice as there are for more homes on the market than what is selling 3) You can now put conditions in your offer and have it accepted 4) You now have the ability to negotiate! All of these things have been next to impossible over the last 2.5 years. What does this mean for you as a seller? 1) You quite possibly will have to negotiate 2) You may have to do some repairs as part of the negotiation 3) You more than likely will not see 50 viewings, more like 10-14 and they may take a lot longer to get there in the first place as there are more listings to compete with now 4) Very important that your house is priced properly 5) You may receive fewer offers than you would have back in February. Does this mean your house will sell for $300k below asking - probably not! A good agent will price your home according to current market value. We monitor everything closely during a pre-list and will determine the final price with you right up until the second it's listed. A shifting market means that what it lists for next week might be different than what it would have listed for a month earlier. Always remember, real estate is a long term investment, if you are trying to get rich quick go buy lottery tickets! Good homes with solid bones in great neighbourhoods always hold their value! What you were seeing for sale prices in February March were not realistic and could not be sustained long term. Don't be afraid to buy now, lock in your interest rates before they go up again! Call or dm me if you have any questions!