Tag: milton real estate
01.26.23 | Media
Top Agent Magazine Feature
03.9.23 | For Buyers
Housing Market Insight February 2023
February 2023 – GTA Housing Market News
Here is our quick market update for the Toronto Real Estate Board and Milton area.
As you’ve probably heard, the Bank of Canada held the current interest rate at 4.5%, for the first time in a year. We will be watching to see how this impacts the Spring market in the coming weeks and months.
In February 2023, TREB saw 47% fewer sales, but market conditions remain tight as new listings are also down roughly 40%, keeping low inventory. The average sale price is $1,095,000 among all home types, which is down about 18% from this time last year but is an increase from January.
In Milton, the average sale price for all home types was $975,000, selling on average for 100% of the asking price and within 14 days on the market, which signals that we are still very much in a seller’s market. The average price for a detached home in Milton is $1,318,000 which is where prices were just before the spike in prices we saw last year. We are still seeing sale prices well ahead of where we were pre-pandemic.
Keep in mind, micro-markets vary quite a bit, so if you have any questions about the market or your home in particular, reach out anytime, we are here to help.
By: Jeannie Oropesa
Milton Real Estate Market
The average price in Milton $1,055,272
Burlington Real Estate Market
The average price in Burlington $1,047,829
Oakville Real Estate Market
The average price in Oakville $1,564,949
02.15.23 | For Buyers
Housing Market Insight January 2023
January 2023 – GTA Housing Market News
“What the heck is going on in the real estate market?!
I want to talk about what we are currently seeing in the real estate market but I think it’s important to first take a step back and look at the whole picture.
As we all know, a lot has changed over the past few years starting off with insane price growth throughout the pandemic followed by many interest rate hikes aka higher borrowing costs resulting in a drop in home prices.
And here we are.
As you can see prices have come down to where they were at the beginning of 2021 in Milton and at the beginning of 2020 in Burlington. Some call it a price correction.
Regardless, for anyone who has owned their home for 3+ years, their value is likely up.
Now let’s look at interest rates. Historically, we never saw interest rates as low as we did over the past few years. They are currently sitting where they were in 2008 and prior.
So if you were to purchase a home today, at a lower purchase price, in comparison to last year, you wouldn’t need as large of a downpayment and the land transfer tax would be less. Yes, interest rates aren’t at an all-time low but you’re spending less when purchasing.
Over the past few weeks, we have seen a pickup in showings & number of offers on desirable, well-priced homes.
At the end of the day, buy and sell when it makes sense for your particular situation.
If you have any questions, as always reach out. We are always happy to chat.”
Milton Real Estate Market
The average price in Milton $1,055,208
Burlington Real Estate Market
The average price in Burlington $936,547
Oakville Real Estate Market
The average price in Oakville $1,381,445
01.12.23 | For Buyers
Housing Market Insight December 2022
December 2022 – GTA Housing Market News
What is going on with the real estate market?
Here are the December stats:
- The average sale price in the GTA is $1,051,216
- Housing market experienced a marked adjustment in 2022 compared to record levels in 2021.
- Existing affordability issues brought about by a lack of housing supply were increased by the interest rate hikes by the Bank of Canada.
- Prices have leveled off in Milton, the average home prices in December is the same average price in June and July of 2022.
Milton Real Estate Market
The average price in Milton $1,069,068
Burlington Real Estate Market
The average price in Burlington $1,070,036
Oakville Real Estate Market
The average price in Oakville $1,449,722
12.8.22 | For Buyers
Housing Market Insight November 2022
November 2022 – GTA Housing Market News
What is going on with the real estate market?
Here are the November stats:
- The average sale price in the GTA is $1,079,395
- Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability
- The Bank of Canada has increased interest rates by another 50 basis points to 4.5%
Milton Real Estate Market
The average price in Milton $1,078,240
Burlington Real Estate Market
The average price in Burlington $964,939
Oakville Real Estate Market
The average price in Oakville $1,397,718
11.10.22 | For Buyers
Housing Market Insight October 2022
October 2022 – GTA Housing Market News
Real Estate stats worth noting
From September to October 2022 home prices & number of transactions fell flat (meaning we saw a 0% increase month over month).
Why?
Simply due to lack of inventory.
Where do home prices sit when looking at the last year? 2 years? 5 years? 10 years?
➡️ Year 6% decrease
➡️ 2 years 11% increase
➡️ 5 years 28% increase
➡️ 10 years 54% increase
This is why it’s important to look at the larger picture and not try to time the market.
Buy and sell when it makes sense for you and your particular situation.
Milton Real Estate Market
The average price in Milton $1,031,770
Burlington Real Estate Market
The average price in Burlington $1,223,189
Oakville Real Estate Market
The average price in Oakville $1,487,485
10.13.22 | For Buyers
Housing Market Insight September 2022
September 2022 – GTA Housing Market News
What is going on with the real estate market?
Here are the September stats:
- The average sale price in the GTA is $1,086,762
- New listings were also down on a year-over-year basis by 17%. This was the lowest number of new listings reported for the month of September since 2002.
- Sales for the month were down by 44.1 per cent compared to September 2021.
Milton Real Estate Market
The average price in Milton $1,060,886
Burlington Real Estate Market
The average price in Burlington $1,059,736
Oakville Real Estate Market
The average price in Oakville $1,534,810
09.9.22 | For Buyers
Housing Market Insight August 2022
August 2022 – GTA Housing Market News
What is going on with the real estate market?
Here are the August stats:
- The average sale price in the GTA is $1,079,500
- The average selling price was up slightly month-over-month
- The Bank of Canada has increased the interest rate again this week by 75 basis points.
Milton Real Estate Market
The average price in Milton $1,002,514
Burlington Real Estate Market
The average price in Burlington $1,070,005
Oakville Real Estate Market
The average price in Oakville $1,587,619
08.22.22 | Milton
Why You Need An Experienced Real Estate Team More Than Ever
Navigating the real estate market can be a challenge at the best of times. Moving is complicated and buying or selling a property involves a myriad of negotiations, paperwork and legal contracts. When the market shifts, things can get even more challenging. These two sentences sum up the current market perfectly:
- Sellers are nervous about the value of their home and how long it will take to sell.
- Buyers can get cold feet, and many are holding off to see what happens next.
If you’re thinking of buying or selling a home in Milton, a local real estate expert is more important than ever. The last two years have been hectic, to say the least. For a while, new agents felt like they could do no wrong. Every listing had multiple buyers lined up as far as the eye could see. They could almost always be sure of a fast and easy sale, usually far above the asking price, as bidding wars and low supply pushed up the cost of housing. Now everything is changing, and we are no longer in a seller’s market. Inexperienced agents have never had to work through different conditions, and many don’t know how to deal with it.
For the best results, you need someone who has developed negotiation skills and the finely-tuned instinct that comes from working in every type of market imaginable.
How An Experienced Agent Helps Sellers
Many homeowners are struggling right now. The new reality is confusing. It can be discouraging, especially on the heels of such a fast-paced market that we saw earlier in the year. New real estate agents are also struggling to price and market homes strategically to attract the attention of potential buyers.
The initial listing price is critical. This factor, more than anything, can often mean the difference between the house sitting on the market or selling quickly. How do you know the perfect range where buyers are intrigued, but you still earn the maximum value for your home? An appraisal is an excellent place to start. It will take into account any recent updates you’ve performed on the house, as well as the square footage, lot size, number of bedrooms and bathrooms.
However, an experienced agent will go much further. They will dig deep into the micro-market of your neighbourhood, finding out how many houses have sold in the past few months and for how much.
Want more information about how to enjoy a successful sale? These tips should help:
- The Barnett Seller’s Guide: Free Download
- How To Sell A Home On Behalf Of Your Elderly Parents
- Is Now A Good Time To Sell An Investment Property?
It’s important to have realistic expectations when setting your listing price. You may not earn as much by selling now, but you’re still in an excellent position. Finding your new home after you sell has become less competitive. Plus, any equity you have built up over the years can now be applied to your new property, which will also cost less.
The Importance Of Effective Marketing
A targeted and comprehensive promotion strategy becomes even more critical when the market shifts. It didn’t matter as much when the market was on fire. Back then, a simple listing on the MLS was often all it took for buyers to find your home.
Now that there are more options to choose from, you need to work harder to get your listing out there. Your real estate agent should be well-versed in social media advertising, print marketing, and online promotions. However, a network of other agents might be the most valuable resource of all, especially with fewer people in the market. A network provides access to a hidden pool of potential buyers but is something an agent only has after years of experience in the area.
Why Buyers Need A Local Real Estate Expert
On the one hand, the market is more favourable to buyers than it has been in a long time. Prices have decreased, and more “For Sale” signs are popping up every day. You no longer have to get caught up in emotional bidding wars. You can just move on to the next listing. More homes available means you never have to settle for something unsuitable just to break into the market.
We’ve reached a balanced market, a condition we haven’t seen in quite some time. That’s the good news.
The challenge now is that higher interest rates can offset any savings you might enjoy as the market settles. Depending on where rates land, you might end up paying more over time even though the house costs less. A mortgage broker can help you find the best rate possible. If you know you’re going to buy in the next few months, getting pre-approved and a rate hold now will protect you from any further rate hikes.
Why buy a house in Milton? It’s a great place to live with many fun activities to enjoy with your family. Like these:
A local real estate agent is essential to prevent you from overpaying for your next house. Many homeowners are still trying to command the high prices from the market peak back in February, and it can be hard to know which ones are listed at a fair value. Your agent will help you sort through all of the listings and negotiate for a suitable home at the right price.
Do you want to make your next decision based on facts and logic so you get the best possible terms? The Barnett Real Estate Team has served the Milton area for over 30 years, and we are happy to guide you through the current market. Reach out to us today to chat about your goals.
08.10.22 | For Buyers
Housing Market Insight July 2022
July 2022 – GTA Housing Market News
What is going on with the real estate market?
Here are the July stats:
- The average sale price in the GTA is $1,074,754
- The average selling price was up by 1.2 per cent compared to July 2021
- Market conditions remained much more balanced
Milton Real Estate Market
The average price in Milton $1,082,214
Burlington Real Estate Market
The average price in Burlington $1,135,359
Oakville Real Estate Market
The average price in Oakville $1,524,237
