Good Time to Buy, Good Time to Sell!

For those stats-junkies out there, here are some numbers for recent housing sales in Markham.

In August 2009, there were 298 home sales in N11* with the average sale price being $450k.

Compare this to 172 home sales in August 2008 with the average sale price being $465k.

At the same time, while the average sale price is slightly down, a higher percentage of homes are actually selling: In August 2008, only 25% of homes on the market sold in the month. Same period this year, almost 100% of homes are selling.

This is good news for both buyers and sellers…… Hear me out!

For Buyers, housing prices are cheaper. End of story.

For Sellers, while they might get less money for the home they sell today, they will also pay less money for the house they purchase next. And, a higher percentage of homes are selling. Last year in August, only 25% of homes on the market sold in the month. Same time this year, almost 100% of homes are selling.

Houses are selling quickly, of this there is no doubt. If you are thinking of selling, you are now in the fortunate position of not having to wonder “if” your home will sell, but “for how much” it will sell.

If you are going to sell your home in this climate, the important thing is to align yourself with a Real Estate Team that is going to get you the most money for your house. When interviewing Realtors, be sure to ask their plans for marketing and staging your property. Be comfortable that the Realtor you choose is going to invest significant effort and resources to showcase your home to its full potential.

Cornell
The real estate market in Cornell, Markham (east of Ninth Line, south of Bur Oak and North of Hwy 407) is something I personally follow closely because I live and work in the area. I’m pleased to see that selling prices of houses in Cornell are actually higher year-over-year. As well, the numbers of houses listed for sale vs. houses sold were comparable to the rest of the N11 district last month.





*the district of N11 encompasses the area between 19th Avenue to the north, York/Durham Line to the east, Hwy 407 to the South, and Hwy 404 to the west.