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Sellers: List Price has NEVER been more important. The vast majority of homes sold in Hamilton January 2023, sold just under list price. It is extremely important to not over list your house, as it will sit on the market without selling for months. If you want your home to be sold fast, you need to know the market you are selling in, inside and out. I provide a FREE HOME EVALUATION and a FREE COMPARABLE MARKET ANALYSIS for my sellers to be ensured they are listing properly to sell fast and at a price that meets their needs.
Buyers: List Price means something now. Currently we are in a balanced market. Meaning, no longer are the days where a house is listed $300,000 under value and therefore you need pay $300,000 above list price. When you see a house listed, it is highly likely you can purchase that house for the list price! Let me know what type of home meets your needs and I can tell you how much that will cost!
February 2023 Hamilton Market Data
2022 was a major year for real estate. Hamilton saw dramatic decreases in price in every section of the City. The Bank of Canada (BOC) increased interest rates 7 consecutive times pushing some buyers out of the market as this made qualifying for a mortgage much harder. Also, buyers were hesitant to purchase a home as the market was unstable. At the same time, some sellers were put into a position where they needed to sell asap and with less buyers in the market they had to lower their expectations on sale price. 2023’s real estate market seems like it will be more stable. The BOC stated they will eventually stop rate increases as inflation is coming down, most likely in the second half of the year. Buyers are slowly going to come back as they will be getting more comfortable with the new mortgage rates.
