Is it time to jump in?????
The Toronto Real Estate board is off to a "Good Start to 2011". The board reported 4,337 transactions through the TorontoMLS® system in January 2011. This result was 13 per cent lower than the record result reported in January 2010.
(TRANSLATED.... THE OVERALL MARKET IS NOT AS BUSY AS WERE LAST YEAR BUT DEFINATELY GETTING BUSIER.)
"While off the record pace experienced a year ago, the GTA resale market has started the year on a solid footing. Home buyers in Toronto and surrounding areas continue to benefit from a diversity of housing types for sale at many different price points," said TREB President.
( TRANSLATED.. " THERE ARE FEWER PROPERTIES SELLING AND THERE ARE LESS HOMES FOR SALE... INVENTORY OF CHOICE.. LOW!)
The average selling price for January 2011 sales was $427,037, representing an increase of over four per cent compared to the average of $409,058 reported in January 2010. "The average selling price is expected to grow at a moderate pace in 2011. Growth rates in the three to five per cent range will be sustainable from an affordability perspective," said Jason Mercer, TREB's Senior Manager of Market Analysis. In January, the median price was $360,000, from the $350,000 recorded during January of 2010.
( TRANSLATED..."THE PRICES ARE UP FROM LAST YEAR AND EXPECTED TO MODERATELY CONTINUE TO RISE ).. AKA..RECOVERING ECONOMY AND PRICES ARE HEADING UP .
We in the industry stare at our computers like a woman in front of a semi full closet declaring "I have nothing to wear!" We as agents are imploring anxious buyers to be a bit patient because the inventory is low. Intelligently priced homes are selling literally in days and we are beginning to see multiple offers again. Certainly not the bidding wars of months gone by but if you see a property that you like.. don't take two weeks to decide. Chances are it will be gone.
SO age old question ... " IS THIS A GOOD TIME TO SELL...
IS THIS A GOOD TIME TO BUY?"
Seldom is the spring market quiet and the law of supply and demand is a good indicator. If you are waiting for prices to continue downward.... monthly stats revel that prices are up 4 percent from last year. The number of active listings is at a four year low.. and interest rates still hovering a record low rates. Have there been some belt tightening adjustments definitely. IS THIS A GOOD TIME TO SELL.........YES... but.. and there is always a but.... Take a long enough closing or you will be in the anxious position of looking for that right property! First time buyers.... jump in... the water is warming.. and so is the market. Interest rates historically are held lower pre rsp deadlines ... so JUMP IN... carefully cautiously..and with a little help from your friends.
