Well it was an interesting year for Sarnia real estate in 2013. The first 3 months of the year seemed the usual; low inventory and few buyers. Everyone was waiting for the BIG spring kick off come the nice weather. But April came and it seemed there were a ton of buyers but just not enough homes coming on the market, in a variety of price points. I saw and experienced the most multiple offers since the last peak of the market in 2008/2009. It was Crazy! Lots of buyers over paid for properties in 2013 and just like in 2008/2009, they'll have a hard time selling them any time soon for the same value. Buyers were frustrated and as a realtor I was frustrated, that it seemed I couldn't even get clients into the houses quick enough. (Even on DAY 1! ) There seemed to be multiple offers on properties the very evening they were listed. Even if we did get there, my buyers loved it, the next issue always seemed there that the houses were over priced! Tough decisions for buyers.
Another Trend we saw between April-September was that there were no Conditional offers based on someone needing to sell their home. No sellers were accepting them because they didn't need to. There were so many cash buyers under $280,000 that anyone who needed to sell their homes didn't stand a chance in multiple offers or submitting an offer in general. I had numerous frustrated clients in this position. I found myself sympathetically advising people to wait or ride out the market. I also had numerous 1st timers not want to over pay and decide to wait it out until the fall or 2014. And I had to agree, that seemed like the best answer. Although cautionary 1st timers and buyers with homes to sell had a hard time, it was a great time to sell your home. Top dollar in most area! If you sold your home first, you had to be comfortable with the challenge of buying your next home in a very aggressive market. I had a few sellers break sales records for their neighbourhoods this year. September still had low inventory but we started to see a few Conditional sales towards the end of the month.
I also noticed that some sellers that listed in October/November missed the 'Hot' market & price advantages. December was the usual slowness we always see. I ended up being #2 sales agent at EXIT Realty Twin Bridges this year and had some very happy clients with beautiful new homes. 2013 had positives and negatives and its unclear how 2014 will be. But if its anything like last year perhaps this post will give you some insight and tips on how to go about buying and selling this year. And of course it starts with a hard working, caring realtor, that's always trying to look out for your best interests. Don't hesitate to contact me this winter to discuss your real estate goals. - Shana