The brakes are being tapped on the Peterborough Real Estate Market in May-Brad Sinclair Flat Rate Realty

February, March and April in 2017 I seen  many sales numbers that were mind blowing. I would just utterly stare at the final sale number of a listing and think to myself, what would happen if I could get those numbers for my house? Then May happen.

In May 2017 it was noticed by many of us in the business that listings that we were holding offers on listings were only getting 1 or 2 offers instead of the 10-20 offers we were seeing a month prior. Sometimes no offers were coming in at all right away. What happen???? Sellers were asking why they are not getting $100,000 over asking like their neighbour did?

A few reasons why.

  1. Sellers were not getting the $100000 over asking because they were now asking $100,000 more then they would have asked last year
  2. Buyers are growing tired of the multiable offer situation and refuse to participate 
  3. The number one reason: INVENTORY!
 May 2017 had an explosion of inventory that cooled the market. Don’t get me wrong, buyers bought up the inventory in record numbers but they did with more caution.
So what does this all this mean? I have no idea. Honestly. It is going to go one of two ways. June will continue with a large amount of listings hitting the market continuing to cool things down OR inventory will dry up as May was an odd month of inventory and the market will rebound to the record sales value amount. 
If you want live updates and advice, please feel free to give me a call. 705-927-6236
Advertisements
Categories Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

%d bloggers like this:
search previous next tag category expand menu location phone mail time cart zoom edit close