It’s a buyers market:
For the first time in many years our market has shifted from a sellers market to a buyers market. While some will see this as a great negative, others will this as a great opportunity. A buyers market is one in which there are too many homes on the market for the number of buyers. Homes take longer to sell and prices fall. It’s simple economics….supply now out-weights demand….and as a result, buyer’s in 2009 will be rewarded with more choice and great savings.
Why buy in 2009?
We have a large inventory of home owners who are forced to sell. This inventory of homes will not last forever. This current supply of homes and condos is a result of people who have lost their jobs, investors who are absentee owners sitting with a second property, a builder or home-flipper who couldn’t finish the project before the shift in the market. It’s within this group of home owners that you will see the greatest movement in price.
Once these homes and condos have been sold ~ you will find a normal real estate market emerge. Most real estate practitioners consider a typical market to be one in which homes take an average of six months to sell. That’s right…..SIX MONTHS…..Not the 1 day on the market with multiple offers. If you are a buyer, you want to time the market and purchase while you can find a home or condo from the ‘forced to sell category’ before we shift again into a normal market.
I just wanted to point out that while it’s always difficult to forecast the housing market, all the main indicators suggest that the market will pick back up again…….As it always does. So if you want some solid market information as well as sincere advice and effective help searching for the right home, please call or email me any time.
If you have an interest in Buying or Selling in the Toronto area and would like to discuss the current market, please fill out this contact form or call me directly at (416) 457-1722.