It’s a seller’s market. Many homes are bringing asking price and then some. My recent experience helping a client find a home is a good example.
After 7 months of looking diligently for a home, my client had very particular requirements for location, lot size and quality of home. The home had to be move-in ready but also have great potential for expansion and/or a new build in a few years.
Since July, the market moved considerably. Patience and perseverance paid off when the right home came on the market this week—we were the first ones to tour the property and submitted an offer within the hour. This led to 3 offers Day 1 on the market and us securing this property with a firm commitment by midnight.
Over the course of 7 months, we toured over 100 homes in $1.2-$1.5M range and offered on a dozen. Between July to February inventory dropped by 50%, which had my client looking outside of her preferred area. In the end, this home was perfect—one of the best locations in Coronation Park with huge potential for expansion and/or new build in a few years. Another very happy client!
So what does this mean for the real estate market in Bronte and Oakville right now?
- Seller’s are getting close to asking price
- Inventory is down
- Buyer’s are offering with no conditions
- Deals are quick and often same day
TREB released their January 2020 Market Watch for the GTA on February 6th, 2020. Read my January 2020 Report, find out more directly on TREB or CALL ME for a more in depth discussion of what the numbers mean for Oakville.