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Is our local real estate market slowing?
Today I'm breaking down where we're
headed during the rest of 2021.
Hi I’m Frank Polsinello Owner and Broker of
Record at RE/MAX Hallmark Polsinello
Group.
If you've been watching the real
estate market at all this year you know
that it's produced a red hot sellers
market the likes of which we've never
seen before!
Homes have been selling for all-timerecord high prices while only being on
the market for a few days but is that
going to change soon?
Having helped hundreds of local families
either buy or sell a home so far this year
my team and I are extremely tuned into
the market and here's what we see happening.
The market will likely level off as
we move into fall and winter and to be
clear this doesn't mean that we'll be
shifting from a seller's market to a
buyer's market far from it in fact it
just means we won't continue to see
those record sales prices month after
month after month.
At some point the market has to start
levelling off and I believe we're right
about at that tipping point now.
But, what does that mean in practical
terms well houses will take a bit longer to
sell inventory will slow and expand though
not by much and bidding wars they'll still
be around but they just won't be as frenzied
as they have been especially in the 1.5 million
range and above.
The data already shows that this is happening
as we move into the second half of summer a
great way to gauge future market performance is by
looking at recent past history and how
many homes have been selling and in the
GTA.
11,951 homes sold during the month
of May, in June that number dropped to
under 9400 homes do you see the
levelling off that's taking place here?
Now the sky's not falling for home
sellers though it's important to
remember that interest rates are still
extremely low and even with a slight
increase in inventory there's still a
local housing shortage.
This means that home sellers can expect
to be in a strong position throughout
the end of the year particularly those
that have leveraged themselves with the
most effective selling strategies and
realtors.
In August we had the privilege of helpingdozens of clients buy and sell homes
and we made sure that they maximized the
opportunities that were presented by
this market our clients Evelyn and Louis
sold their beautiful country property on
McCowan Road for $3.8 million dollars and
I have to tell you that they were
thrilled to get two hundred thousand
dollars over what they thought their
home was worth.
Oh, and by the way we brought
them our own buyer.
John and April's beautiful home onPortaway Avenue sold at 1.75 million
also well above expectations our clients
Paul and Tanya purchased their dream
home on Brimson drive in Newmarket for
below the asking price of $1,599,888.
And, lastly our clients Rachel and andrewsold their home on Kennedy road for
and that was $125 000 over the asking
price.
To be frank in a seller's market
like this homes are likely to sell for
over the asking price but there's a
difference between selling your house
for more than you expected and selling
your home for the absolute maximum.
This is a huge risk sellers face in our
current market and that is leaving money
on the table because they didn't
leverage the optimal pricing marketing
and negotiation strategies.
We make sure that our clients takeevery advantage possible so their home
sells for the highest price and they don't have to
wonder if they ever left any money on
the table.
In addition to helping so many families
sell their homes this year we have
helped just as many families purchase a
home in this highly competitive market
again it comes down to the right
strategies that are working in this
unique market and true expertise.
If you'd like to enjoy the best possible
results in your upcoming home sale or
purchase i invite you to reach out to me
Frank Polsinello at polsinello.ca or
call or text me at 905-830-9111.
Thank you and I hope you have an
incredible day.
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