You know it’s a crazy real estate market in the Belleville area right?
The stats are overwhelming:
The number of homes sold this March went up over 60% compared to March of last year.
Total dollar sales for all property increased by 102%.
Average sale price has increased by 27.4%. (More higher end homes sold)
Feeding the frenzy is an unprecedented lack of inventory. February saw 25% fewer listings than a year ago. This is very low going into the busy spring market. Listings taken has increased a bit in March, however, inventory is selling as quickly as it hits the market.
The supply and demand graph has tipped decidedly in favour of sellers. Hordes of buyers and fewer homes for them to buy.
Multiple offers. Lots of them these days.
Full price offers within hours of a property coming on the market. Buyers are hoping to freeze out the competition. Commonly known as a “bully” offer.
Anxiety. Hair pulling. Ranting. Frustration. A general demise of domestic bliss.
This is all business as usual in hot markets like Toronto. We have not seen this type of market in the Belleville area for….. well really…. ever.
Of course, it’s great news if you’re selling. Great news if you are going to rent or move elsewhere. Cash in and roll around in your money.
What if you have to buy here again! There’s the rub. You sell quickly and for over asking price! Now what? Let’s find you a house! Oops!
We’re not implying you shouldn’t sell in this market. We are suggesting that you have a clear and effective strategy to optimize the results. It means taking a bit more time to make a successful move for your family.
We’re all adjusting to a new reality in the Belleville area real estate market. Buyers, sellers and especially Realtors need to tweak their approach. Get educated and tap into locally focused knowledge. Don’t rely on the stats from Toronto or on what your parents did 15-20 years ago.