martin prince wrote:
I'm sure some of the local agents will see this thread and chime in. But I suspect people where holding on to their moving plans for the all famous "spring market" more than they were sensing any bubble that's about to pop. Its was an overnight influx of listings that hit that magically coincided with the beginning of April that cooled things.
The extra inventory has cooled things a bit - but I'm not convinced its because of an impending doom, at least not one Joe homeowner is going to predict en masse.
Knowing when to sell is the most important part of the process. This year people who jumped the spring market and listed in the winter were well rewarded.
The ones in the winter were indeed well rewarded, but missed out on the VERY peak - but I don't want to use the words 'missed out' because they were still MASSIVE year over year gains that really weren't sustainable when they started climbing 5% per month after that.
The single car garage makrket has cooled more than anything else -- why? because that's where the majority of the supply is. The million plus market of larger homes and homes with premium lots are still selling in Milton quite well, because they are more rare offerings and perhaps the buying community is more established. Will the 2300sqft home that got a million still get a million today? not a chance - again, supply.
Buyers are not buying in a panic anymore. Instead of feeling "If we don't buy this one, the next one will cost 20k more!", they know they don't have to overpay for any house since there are 10-20 more others just like it to choose from.
This is ALL over the GTA, not just Milton. Lots of realtors sharing pics of themselves at their dead open houses over the weekend (I thought is was a little unprofessional but I guess it was in a realtor only setting). While they were posting selfies I was drumming up new ad campagins to get people through - 2 hours of peace and quiet is a rare opportunity to get work done! Also I don't tan well, so....
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