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Spring Sales

As the snow melts and flowers bloom "Spring Fever" come around again. In Ontario we are on the receiving end of four very different seasons, so it is common for the strategic home Seller to seek a new home while inventories are high in Winter, then try to sell their home in spring and summers hot market. The rejuvenation of spring sees many homes go on the market and many home buyers seeking homes to move into during the more pleasant summer months when kids are out of school and the weather is fairer.

Home prices are affected by more than the weather though and if your looking to sell or buy make sure you understand the larger picture in your area.  Regardless of seasons and markets, Old North and the UWO area still has a very strong sellers market as homes receive multiple offers quickly. While new home areas like Kilworth, Komoka and Hyde Park are more cyclical and are currently balanced due to low interest rates depleting inventory. Overall, over the last couple years we have seen a strong sellers market in the London, Middlesex area. This latest year however has seen a more balanced market as the economy struggles.

Here's some terms to help out the first time buyer: 

 Buyers Market: Small inventory of homes with many buyers. Homes sell quickly with higher prices. Buying decisions must be made quickly and conditional offers may be rejected.

Sellers Market: Large inventory of homes with few buyers compared to availability. Homes usually stay on the market longer and prices are stale or low. Buyers spend more time looking for a home, and when they negotiate, they usually have more leverage.

Buying or Selling a home is always a complicated procedure and articles like these barely scratch the surface. In our hurried modern society its almost impossible to have the free time to learn everything. That's why it's important that you work with an Agent who understands your area, the market and is working with you to get the best prices.

 

 

Published Tuesday, March 26, 2013 10:31 AM by Jim Straughan

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