An unpredictable housing market

Tuesday, June 13, 2017 Written by Emmanuelle in News

  • Some Buyers wonder if they did the right thing if they have recently bought in March or April, I even heard that most panicked buyers are trying to back out of deals. May I remind you that an agreement to purchase is legally binding and that a seller may pursue legal action.
  • In March and April we were having outrageous bidding contests and I am very proud to share with you that none of my clients entered in an unreasonable buying offer, we kept our head cool. I am always advising my clients to stay in a market price range, no emotions.
  • What if you have bought first? Every situation is different. Call me if you need help.
  • Also, I heard that some lenders are not willing to cover the difference between market price and offered price.
  • The average price in the GTA has dipped about 6 per cent in May from April.

The good news is :

  • Buyers are still willing to step up when they find the right property.
  • Looking into June and July, I expect to see another couple of months of high numbers of new listings.
  • I expect buyers and sellers to adjust and I am optimistic that the current anxiety is temporary.
  • Remember that no matter what we are facing a lack of supply, and when buyers will come back to confidence they will buy again.

I am looking forward to a more balanced market with prices appreciating by five to seven per cent annually and where no one will fear anymore a crash of the real estate market.