Above photo is a screen capture of Hamilton Real Estate Boards seven day activity. You'll notice 51 price reductions in the past week. That is a lot. Add to that nine expired listings and thirty cancellations, a lot can be deduced from this. We started the year off at such a neck breaking speed that buying real estate was stressful for all parties involved; the sellers, the buyers and the realtors.
Beginning of summer saw the stock replenished, more listings came on the market and things tarted to slowly settle down, to a more balanced market.
The reductions above are likely result of over ambitious sellers believing the market has no ceiling and that anything will sell. In some cases, this is true, but a "market" is simply created by a balance, or lack of balance in the supply and demand ratio.
The balance seems to be corrected, buyers have choices and things appear more stable.
Affordability and amenities in certain areas have played a big factor as well. North End was super buoyant at the beginning of the year but even there listings are on the market two or three weeks as opposed to 2-3 hours.
The ceiling seems to be around the 400K mark. Above that, other markets, such as Gage Park, Crown Point, Davis Creek offer more house for the buck.
As far as the "bubble" goes, real estate markets are really microscopic and so much influences them; local economy and unemployment, ongoing municipal issues and so forth and no two are really alike.
Hamilton is a very unique market, dormant for over 20 years, it has soared over the past three four years but seems to be reigned in lately. My thoughts are we will see annual increases continue, around the 5% mark, with a good supply of listings and a good supply of buyers. The economic migrants coming down the QEW either to buy/move to Hamilton or Invest in Hamilton will continue. Toronto investment market is barely making the 3% mark in returns while in Hamilton even 8% is still a possibility, but more likely hover around the six percent mark.
It is (Hamilton"s Market) a solid market, with a great diversity of neighbourhoods.
Four X gross income still buys a great home.
This is not the case in over saturated, overbuilt and over inflated markets such as Vancouver (huge influx of foreign buyers dumping money and driving prices) and Toronto Real Estate Market with an over saturation of down town condo developments.
Hamilton Real Estate Market Average Prices
With down town revitalization, multiple new condo projects in the works, bus loads of out of town buyers, migrants and investors, Hamilton Real Estate Prices have been steadily climbing over the past five years.
Has the market topped out? For investors seeking a minimum of a six percent return on their hard earned cash, most likely it is near a peak.
The rise in prices has also shell shocked locals. Although many would like to move up, or move down, and even though their homes have increased in price, the increase will be reflected in their purchase, so many are choosing to stay put.
Hence a really dry supply of listing throughout 2016 and a difficult market for entry level buyers.
Hamilton still remains affordable, and connected to all major centers and transportation routes, indicators of prosperity in years to come.
My crystal ball says the market will continue to gain in value but the frenzy of low inventory and high demand will slow down by the end of the year.
I certainly look forward to it!
How much should I list for?
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I've been selling real estate for 25 years and I know the Hamilton Area Real Estate Market, because I am in it, daily.
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I've been selling real estate in Hamilton for about 24 years and I know Hamilton inside and out. One of my favorite spots to stop and chill out for a minute or two is James Street North. James Street North was once affectionately regarded as Hamilton's Little Italy or Little Portugal due to the predominately Portuguese, Italian, Eastern European and Latin American immigrants who made the area their home and you can see their influences everywhere, in the gardens of nearby homes, the fish shops, grocery stores and restaurants.
The area is quirky and artsy. It's now the hub of the Art Scene in Hamilton. It is an Art Lovers paradise with galleries and boutiques lining the streen. The Art Scene is so large that even the Art Gallery of Hamilton has got on board and is opening a store on James Street North. And there are great restaurants and cafes leading up the the beautiful West Harbour water front. Stroll to galleries, to great restaurants, cafes and live a life just a little more relaxed. Walk to the West Harbour, hike, bike, canoe and fish on the lake.
I seldom miss the Art Crawl, held second Friday of the month. The street closes down, galleries open their doors late into the night, the atmosphere is just so electric, it reminds me of New York's West Village. For more info check out Hamilton Artists Inc. or James North Art Collective
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To make the best remodel or move decision, it is important to understand all the reasons that you have to remodel and all the reasons that you have to move. This article reviews common reasons to move.
One thing is for sure; we all know that we need a roof over our head.