Dear Friend,
My prediction of the sales activity was right on last month. I predicted 8,500 homes sold in June and in fact 8,442 homes sold! With approximately 25,500 homes for sale, that means that 2 out of 3 homes did not sell in June!
July's sales statistics will be similar. As we head into the heat of the Summer, the number of homes sold and homes available for sale will decrease. I expect approximately 7,500 homes out of the listed 24,000 homes to sell in July; again about 2 out of 3 homes will not sell.
Prices will remain stable as this level of availability continues. I believe this balanced market of stable prices will continue until the Spring of 2011. While it's easy to make a prediction, it's another thing to be right (the weatherman for instance). Many factors influence buyers into or out of the market (lower interest rates, abundance of economical rental properties, being two examples) and that would mean another change in prices.
A stable market is the best time to buy a home. There is a variety to choose from, there is no hurry, and there will be many offers conditional on getting the existing home sold and the opportunity to negotiate for a better price. It's a different market that requires skill, knowledge and experience. When only 1 out of 3 homes sell, you must get a full time, professional realtor on your side if you want to be the 1 that sells!
There is an old expression that says," make hay when the sun shines". It's a great time to buy a home or upgrade your home. Call me if you have any questions, I would be happy to talk.
If your mortgage is coming up for renewal, do not automatically renew with your current mortgage company, I can generally get a lower rate for you and save you a lot of money!
Have a great July!
SunnyBatraYour Friend in Real Estate
Hot Investment
Triple "A" Real Estate in Toronto's most affluent downtown neighborhood
Just West of Spadina and steps to all the star studded hot spots of King West Village.
Prices: Around $500/sq.ft
Comparable project: Thompson Residences at around $700/sq.ft
Tentative Occupancy: March 2012
On these new release units sales have not started to the broker community or anyone officially yet, but if you are interested in Lofts 399, please contact me because I have an exclusivity to sell units to my clients at substantial discounts from what prices will be when they launch to the broker community.
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