SOLDS FROM JANUARY 1ST TO APRIL 30
2016: Number of homes sold over asking price: 41%
2017: Number of homes sold over asking price: 77%
SOME GOOD NEWS FOR BUYERS
#1: There are over 1,100 homes for sale right now in Brampton. More supply means buyers will not need to be as aggressive in a bidding war situation because something new is likely to now pop up in a few days.
#2: As the crazy bidding wars have less buyers competing for the same house chances are homes will not be selling $100,000 over asking.
#3: Will prices come down? That’s difficult to predict. I haven’t noticed a price drop in a long time. What it does mean is that the rate that prices were going up at will “calm down” a bit.
#4: I’m personally noticing fewer listings are holding back on offers and the Days On Market seems to be climbing a little bit.
In summary, buyers can now relax just a little bit as there are homes to choose from and they can actually take some time to shop around.