Over the past month we have seen a real charge in the Brampton Real Estate market. Looking back at last year all we heard was negative towards the market. This has changed dramatically even turning from a buyers to a sellers market. Why has this happened as quickly as it has?
The first reason is that interest rates are at an all time low giving buyers an opportunity to upgrade or even purchasing their first home. Secondly, the conception that home prices are much lower than a year ago and that the market is on the rise so people are quickly trying to buy and lastly many buyers have sat and waited for the market to bottom out and have begun buying.
What does all this mean? We have seen the market over the past couple of months shift from a buyers to a sellers market. Looking back at July of 2008 we did see sales, we saw decent prices but we also saw high inventory. This has changed this past month.
In July of 2009 we saw sales rise between 10% and 22% in the different neighbourhoods. This is a huge increase over last year. Where people felt that prices were low we saw an increase of close to a percentage point in price of homes in Brampton.
Some of the shocking news that leads me to believe that this hot market will remain is that we have seen the inventory of homes in Brampton decrease by as much as 40% over this period last year. A low inventory creates a very strong sellers market. We, for the first time in years are now witnessing multiple offers and even bidding wars in some cases. We have seen the amount of time a home stays on the market has dropped by as much as 15% in Brampton.
What this means for sellers is that if you are considering selling your property get your home on the market now. There is a wave that you may ride something that we have not seen since 2007. This is not all bad news for buyers with the interest rates as low as they are you really are paying less for that dream home you are looking to find. The most important thing for buyers is make sure that you are working with a professional who knows and understands the market you are looking for. The days of sitting by your computer and surfing for homes are gone. You need daily updates of listings for the homes you want and the only way that you are able to receive this is from a Real Estate professional that gets this information hourly.
For more information on buying or selling a home in Brampton please contact Manoj Arora at 416-618-9753 or email manojarora@rogers.com.