The August 2015 figures are showing increases in the number of sales and price, however at the same time the number of properties actually listed was down. The average price from last August to this August is up over 10%. Good news if you are selling but not so much if you're buying.
With a shortage of listings, buyers must have all their ducks in a row: financing, building inspections and deposits so that they can compete in multiple offers situations. I suggest that buyers have a list of must haves and try to make sure that whatever they are looking at ticks all the boxes.
This past week I was interviewed on a radio show about an unliveable 2 storey property that sold for over 1,000,000 in the Beaches area. I looked at the news article and the MLS listing. It was a detached house, south of Queen Street, steps from the Beach, had a private drive and was next to a much larger 3 storey house. For many people, including me, that property ticks a lot of boxes...especially with a private drive (in an area that lacks parking).
As a buyer you must always know what your goals are and make sure that your agent is well aware of them. If you cannot trust your agent with your secrets, you need to look for a different agent. Under Buyer representation our fiduciary duty is to you alone, the more you share the better the result can be.
In a tough seller’s market make sure that you have a strong team.
We are here, happy to help and are just a call or an email away.
Title photo by Allen Lai