Hamilton Resale Housing Market Stabilizing

As an agent, I could see it happening.

Now, the President of the Realtors Association of Hamilton & Burlington makes it official:

"The summer resale market demonstrated how different the various area communities are; while lower Hamilton saw price increases, the average price on Hamilton Mountain was down two per cent year over year,"said Ann Cosens, RAHB President in the recent edition of the Board's newsletter. "Ancaster, Waterdown and Grimsby also saw a decline in average price, illustrating that the market is beginning to adjust to the increased number of properties for sale."

"With the market stabilizing, there has never been a better time to be looking for a home,"added Cosens. "With 5,200 properties currently on the market, consumers have more properties to choose from and less pressure to make a quick decision."

That's good news for Buyers as Sellers are more apt to consider offers that are reasonable put perhaps not as close to listing price as in previous months this year. If Sellers are motivated to sell (for various reasons), the Buyer can prepare an aggressive offer that will be accepted if it takes into account the Seller is not about to willingly "give away the store".

Though Sellers realize this isn't a market in their favour, they still want close to their asking price. They are assuming--and rightfully so--that their agent has researched the market and the neighbourhood and suggested an appropriate price. If that is the case, then an aggressive (but not ridiculous) offer should be seriously considered. There's simply too much competition not to be open to a close offer.

If, on the other hand, the Seller is simply asking for the price they "need" for whatever reason, it may not be realistic in the current marketplace. An aggressive offer, therefore, may not be welcomed. But if the Seller's agent has a good relationship with the client, and agrees with the Buyer's agent that the aggressive offer is reasonable, a deal should still be possible.