Real Estate Market at Boiling Point

Published: February 26th 2010

real estate
Pic: wikimedia commons
Guy Scheiner

While buyers are taking advantage of favourable conditions, sellers too are reaping the rewards. Competing bids are a factor in the marketplace once again, with well-priced listings-especially at the entry-level price point-experiencing multiple offers. Properties priced at fair-market value will likely sell quickly for top dollar. The overall pressure on sales and price is significant across the board - and it's not likely to subside unless more inventory comes on-stream.


Recent revisions to lending criteria will add fuel to the fire in the short term. Buyers considering a variable rate mortgage will step up their plans for homeownership in the next month or so just to get in under the wire. In the longer term, buyers will adjust, but move forward. Compromise has long been a reality-particularly in the larger centres. This simply means they may go smaller or further in their pursuits.


"From a buyers point of view, I advise to do a good search in the market for a good opportunity with your agent, only if you find one for a reasonable price, though it is a seller's market, get the deal, from the sellers side- more then yesterday this is your game," Scheiner advised.   


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