Summer & Fall 2020 Real Estate Market Trends in Oakville
The real estate market this summer was crazy busy – the busiest I have seen in a long time!
Foreign buyer interest has slowed down significantly. Most buyers these days are local. They already live in or nearby communities they are interested in and are simply looking to find that perfect home that checks off all their needs and wants. These buyers are working with local real estate agents who are trusted advisors and have knowledge and understanding of local neighbourhoods.
With many people still working from home and homeschooling their kids, there is a big move towards renovating living spaces to suit these new work-from-home lifestyles. Home improvement businesses across the board are overwhelmed with jobs. Outdoor furniture, kids’ playsets, and recreational equipment is in high demand. Garden centres have never been busier. People are investing in things that will make their lives more comfortable at home. Even finding a pet has become difficult – the waitlists for getting a puppy are shockingly long, I hear! Money that would have been spent on vacations and social outings is undoubtedly being spent on the home.
With home prices and the number of sales reaching record highs this summer, there is a definite urgency in the market to sell, buy, and get settled in as soon as possible – especially with the uncertainty of what will happen this fall/winter with Covid-19. Those who were planning on making a move in the next couple of years are doing it now.
As a result, I anticipate a continued steady and strong fall real estate market. If you have been thinking about making a move, there is no better time than now while the market is hot. Timing is an important ingredient to a successful sale or purchase.
Always happy to help answer your real estate questions!