Source: Hannif Highclass
Publish:MY BLOG: Toronto Real Estate: Oct 19, 2011
Many sellers want to wait until the spring before putting their home on the market. This might be for any of several reasons:
In a normal real estate market, this may make sense. However, this market has been anything but normal. This spring will also see some abnormalities. The biggest difference will be the direction prices will take.
In years past, the spring market would favor the seller because increased demand would outpace any increase in supply: the number of houses coming onto the market would not be as great as the number of buyers newly entering the market. In most situations, when demand is greater than supply, prices increase.
The reason this spring will be different is that the supply of homes coming to the market will be dramatically impacted by foreclosure properties being released by the banks. Many believe this increase in inventory will far outweigh buyer demand. In situations where supply is greater than demand, prices decrease.
Will This Actually Happen?
• Toronto, Winnipeg and Halifax outperforming their U.S. “twins” Chicago, Minneapolis-St. Paul, and Boston
• Ottawa, Vancouver and Calgary have similar price trends to their U.S. “twins” Washington, D.C., Seattle and Houston
Major Canadian and American cities with similar economies and geographies are experiencing variable price trends very Spring(2010 / 2011) — with three Canadian cities outperforming their United States “twins” and three other Canadian cities having similar price trends to their U.S. “twins”
“When you compare Canadian and American cities with similar economies and geographies — so-called “twin cities” — you see some dramatic differences,” said Lawby. (President of CENTURY 21 Canada) Canadian cities are doing much better than their American twins.”
This will impact prices.
What Do Experts Believe the Impact Will Be?
Here are the pricing projections by
CMHC’s housing market
The seasonally adjusted annual rate1of housing starts was 205,900 units in September, according to Canada Mortgage and Housing Corporation (CMHC). This is up from 191,900 units in August 2011.
September’s seasonally adjusted annual rate of urban starts increased by 47.0 per cent in the Atlantic region, 32.0 per cent in Quebec and by 18.6 per cent in British Columbia, while urban starts decreased by 3.5 per cent in Ontario and by 12.1 per cent in the Prairie region.
The Canadian Real Estate Association (CREA)
According to statistics[1] released today by The Canadian Real Estate Association (CREA), national resale housing activity picked up in September 2011.Highlights:
- Sales activity rose 2.7 per cent in September from the previous month.
- Holding in line with the ten-year average, activity during the first nine months of this year pulled ahead of sales over the same period last year.
- The number of newly listed homes held steady when compared to the previous month.
- The national housing market tightened in September from the month before, but remains firmly entrenched in balanced territory.
- The national average price posted the smallest year-over-year increase since January.
You may pay a hefty price for the convenience of not having your property on the market right now.
Disclaimer: This blog covers the national housing market as a whole. Please check with a local real estate professional to discover how the following information will impact your region. GenieSABRE
REMEMBER: Real EstateHome Owners: If, you already own a home – good for you! May you be blessed with
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Almost a year since this video and the Sky hasn't fallen!!! Let us hope and pray that things can hold together for as long as possible, because when the next wave of the economic collapse happens it may be really, really messy.
Good luck with this idea. There are a number of isuess with this idea. The rest of the US is not OHIO and in general over 95% of for sale by owners hire and agent for a reason!One of which is that many sellers hire an attorney which can in fact be as expensive or even more expensive than the agent who if you pick a good one will work his ass off.