THE END OF BIDDING WARS
Bidding wars and crazy prices have come to a stop. It seems like the market changed overnight. This is good news for buyers. Now they can finally go view homes without learning the house has 10 offers on it already.
This is considered a normal market. It is normal for a house to take a few weeks to sell. It wasn’t normal for every house to get 10+ offers on it and sell $50,000 than the last sales from a week ago.
Here’s a quick breakdown of June 2017 as it compared to June 2016.
WHAT DOES IT ALL MEAN?
- Buyers are not as panicked to put crazy bids in because they know another listing will pop up next week
- Listings will take longer to sell
- There’s more inventory to choose from
- More inventory usually will result in lower prices
- Only homes that are in “tip top” shape will get great prices
- Not many homes will be sold with “firm offers”. Most offers are back to including conditions such as financing and a home inspection
- Sellers who are serious about selling will have to price their homes at today’s prices and not prices from 2 months ago
WHAT’S HAPPENED WITH THE PRICES?
This is a comparison of May 2017 vs June 2017
- Detached homes: prices dropped by approximately $70,000
- Semi-detached homes: down by about $20,000
- Condo townhouses: down by about $47,000
- Condo apartments: down by about $5,000
- Freehold townhouses: down by about $25,000
THINKING OF SELLING YOUR HOUSE?
Good homes are still selling. As long as you are not expecting prices from 2 months ago and hoping to get 10+ offers your house will still sell. Market has not crashed, it’s just returning to how a normal market behaves.
You can fill out the quick form below to get a free evaluation to see if it would be worth selling right now.
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June 2016 vs June 2017
Average Price Comparison (May 2017 vs June 2017)
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