With the release today of the February stats from the Toronto Real Estate board we are challenged to comprehend what the next few months are about to bring to us. Yes we are hearing some concerns about the market and what direction it is heading. Myself I think we are looking at a very good year. The Current statistics show that the number of sales is down from February 2012 by a substantial amount, upwards of 15 percent. Still the average price is at 2% over last years February numbers. Even with this the Toronto Board’s president claims that the number of high priced homes in the GTA is down making the real average higher due to the mix of homes being sold.
So if the number of sales are down, and RE/MAX reports claiming that there will be more “move up “ buyers there for sales how do I think this will make for a good Real Estate year. My indicators are this, last week we went on an offer presentation, in Brampton, on a home that is currently listed in the $550,000 range that had, count em, 31 offers. In another situation we have a Caledon property listed where the number of showings through agent showings, folks joining us for open houses etc has been well in excess of 50 visits.
It’s my opinion that although the start to the year may be a little slower, once we get a kick off it will become very active. With some exceptions a lot of economists are predicting 3-4 % increases this year in prices, I challenge that in the fact that we are still seeing 5 year interest rates under 3% and we are seeing a stronger economy in the USA which should give us more confidence and my connections at the car industry are still seeing great numbers. Will it be a record year? Not likely but if we have well marketed homes, that are priced right, being purchased by Buyers who have had time to review the market and make good choices, then we have that best market we could ask for.
Our Marketing system along with the RE/MAX programs and exposure will certainly put us in the place we want to be. Helping our clients take their home ownership experience to the next level.