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Keeping it Real with Rina – A Market Review for February 2020

126 homes sold in the last 2 weeks in Oakville. 59% of those homes sold at or above the asking price. Out of those 126 properties, 65 were listed below $1,000,000. 78% of the properties listed under $1,000,000 have sold at or above asking price. It’s a crazy, hot market out there – especially for properties listed in the $800K-$1.2 million rage. Read below for Rina’s best advice for buyers and sellers looking to maximize their success.

Best advice for buyers in this market?
Just because the market is hot, don’t feel the pressure to buy just anything. Always remember location and investment value. Is it a good investment? Are you buying the right product? In a situation where there are multiple offers, it’s good to remember that paying a premium is not going to change your life – 10 or 20 thousand more is not going to impact your mortgage. You have to look at the investment over the long term.

Best advice for sellers?
Price it correctly. Stage it. Find the right person who will give you the best advice and have your back. When the market is hot, you have to make sure you’re protected. You need the best consultant looking out for you.

Is this a good time to list?
100%, yes. It’s a small window. Don’t miss it.
Stats above gathered from the The Oakville, Milton and District Real Estate Board for sales reported from February 12 – February 26.

As an agent what are you seeing in the market?
The feeling of 2017 coming back. Lots of buyer pressure, low inventory, a lot of competing offers under the $1.2 million mark. Showing activity at $1.5 million and above is not as crazy.

In the last few months, what has been the biggest shift or change?
Buyer confidence is better. The lowering of interest rates and the loosening of mortgage qualification rules is giving new confidence to buyers. Sometimes there’s no rhyme or reason as to what’s happening in the market – often it’s purely emotional decisions driving prices upwards.

Any comments on current inventory?
Low. A lot of people are listing soon. A lot of people are getting their homes ready, hoping to hit the market in March.

Buy first or sell first?
I always tend to be more conservative – I say sell first. The market can change on the dime.

Can you comment on the buyer and seller sentiment about the market? What’s the general feeling out there?
The downsizing market is very active and very competitive. There are more bidding wars. Demand is high for homes in the $800-1.2 million range. Those listings are climbing in value and moving much faster than homes listed at $1.5 and above.

What are your market predictions for the next few weeks?
Crazy busy! See you in July!

Note: Stats above were gathered from the The Oakville, Milton and District Real Estate Board for sales reported from February 12 – February 26.