Hot market now cooling off

If you’re looking to buy a home in the Hamilton-Burlington market, now may be the time. A combination of a seasonal slowdown and a record number of new listings in May have resulted in fewer bidding wars and more homes being sold below asking.

Lou Piriano, the President of the Realtors Association of Hamilton says their upcoming June report will reveal a slight decrease in house prices by about $50 000 – $60 000. May saw over 3 200 listings, a record in the area. Coupled with a traditionally slower summer buying market, some sellers in June were left waiting up to a month for a deal or accepting lower offers than expected.

Piriano is suggesting for those eager to sell now, don’t overestimate the value of your property.

“If you price it properly our days on the market is still about 16 days which is really quick for sales. What it tells me that with listings being up and sales being level that the ones that are really good are still selling really well and the others will be out there for a while.”

For those who are unsure about the market now, Piriano suggests that it should pick-up come September.