If you are looking at Barrie real estate for sale and considering purchasing a home, you have probably heard terms like “buyer’s market” and “seller’s market” being tossed around. You may be wondering what those terms mean, and how they apply to you. The real estate market is always changing, and being aware of the current market trends can help to make you a more savvy real estate shopper. Here’s the scoop on current market trends as they apply to Barrie real estate for sale.
What Kind of Market Are We In?
For at least five years, the economy was in a slump, and real estate was suffering. As everyone has heard, housing prices dropped, in some cases quite drastically. The one advantage to this was that mortgage rates dropped, as well. People who had the money to purchase a house were likely to get a great bargain – a low price on the home of their dreams, coupled with a low mortgage interest rate. For many buyers, this meant that they were able to afford more home than they would have been able to purchase under typical conditions. This was a buyer’s market. Many sellers were desperate to unload their house, and prices were falling continuously.
However, in the last year, that situation has changed dramatically. House prices are finally going back up, and mortgage interest rates are going up again, too. In 2013, more homes have been sold in the first eight months of the year than in any other year in history. An interesting addition to the game is the recent shortage of homes on the market. There are actually fewer homes for sale than there are buyers who are trying to purchase a home. This means that when homes go on the real estate market, they are being sold very quickly. They are also being sold at higher prices. In order to get the home that they want, buyers are making full price or nearly full price offers. In some cases, buyers are even willing to offer more than the list price in order to get the home of their dreams.
If you are looking for Barrie real estate for sale, there are several steps that you can take to help you secure the home that you want. The market is tight, but it is not impossible to find the perfect home for you. Use these tips to optimize your chances of finding the perfect home and having your offer accepted.
Get your financing in order. Houses are being snapped up quickly, and if buyers have to wait for you to get financing together, you may miss your chance. Before you even start looking at a home, get pre-approved. Make sure that you know how much money you have available for a down payment, what price point you can afford, and what your payments would be at that price point.
Consider how you can optimize your offer. If your offer will come with any contingencies, do whatever you can to remove them. Sellers may receive multiple offers very soon after their listing their home on the Barrie real estate market, so you need to make your offer as attractive as possible.
If you really want to make sure that your offer is accepted, you can offer to pay the seller’s closing costs. Another option is to write a personal letter to the seller.
When you are looking for Barrie real estate for sale, contact Barrie and Area Real Estate. We are the experts on Barrie real estate, and we will help you to get the jump on the market.