HAVE YOU NOTICED THAT THE REAL ESTATE MARKET IN BARRIE IS NUTS?? Of course you have! The lack of inventory and the high demand for housing in our city has pushed sale prices to unprecedented levels, never seen before.
Obviously, this is wonderful news for Sellers, or is it?? It's also fabulous for real estate agents too, or is it??
We are seeing bidding wars, which in the past have happened on the odd occasion with a property selling slightly above listing price, but never $100,000 over list! Sounds wonderful doesn't it? Well, if you're the Sellers, you've just made a ton of money, but now where to you go? If you're downsizing, expect fierce bidding wars with sometimes 19 or 20 offers in competition with yours. If you're "up" sizing, be prepared to pay more for your dream home than you would have 6 months ago! It's all relative. Hopeful Buyers are submitting offers well over list price and scratching inspection and financing clauses - WE DO NOT recommend this, but in this market we do understand it. For first time home buyers, the dream of home ownership in the city of Barrie is almost out of sight.
We don't like this market. It's frustrating for us and for our clients. When we price a home for prospective Sellers, we use comparable past sales, along with other data, to arrive at a listing price. With these "new" sales coming in to play, and who knows for how long this will last, the listing price we suggest has almost just become a starting point!
We're not sure what started this trend, but it is a trend. Eventually the market will level off but at this point in time, we have no idea when. We definitely have seen a HUGE increase in Buyers and Investors from the GTA as the prices there have become totally out of reach for most.
In short, if you are thinking of selling and moving farther north, perhaps to a recreational property, there's never been a better time to sell. If you're a first time buyer, there are options. Give us a call and let us help!