Housing Market Value: Rising or Falling?

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From last year, the real estate market have finally cooled down and according to a real estate broker, the number of for sale housing have increased due to some adamant sellers who are offering their properties at 2017 price ranges.

The president of the Realosophy Realty Incorporation- John Pasalis- believes that the drop in the house costs led to the increase of vacant houses in the market.

As Pasalis reviewed the data, he found out that 28 percent of GTA estates which are for sale on MLS are advertised as vacant houses. This number of properties is 17% higher than last year. Plus, the actual number of vacant houses, according to Pasalis, is probably much higher.

It is definitely a fact that no matter what season we are at, there will always be vacant properties in the market. However, this large increase in the number of for sale vacant houses is due to some real estate sellers who have moved out of their past residences but are holding out their properties for they are still hoping that housing values will hike up back to the prices in 2017.

Pasalis said that when property values dropped last year, there are a lot of house owners who were caught off guard and many of them are trying to hold it all out until prices will reach the peak. The good thing is that despite these circumstances in the market, they are still able to see a lot of sales and there are still a lot of sellers who have a more realistic vision on their properties’ future market value.

Pasalis was not expecting of a brisk spike in the market values of houses when the housing market picked up in the fall. But, he said that in the GTA, it is still a seller’s market.

Andrew Ipekian believes that although the housing market is slowest during winter and summer seasons, sales rise up during spring and fall. And sellers will have a lot of options since by that time, all buyers are active in the real estate market.

However, compared to last year’s market status, it is much more stable now and many properties are sold out very quickly.

In addition, both buyers and sellers of the real estate will have better and easier access to the market info, since the Supreme Court have released last week the decision to decline the appeal from the Toronto Real Estate Board who have been requesting the Competition Bureau to prevent online release of home sales data concerning privacy and copyright.

But according to Pasalis, having the selling price information and the home sales data in a single click of the mouse, can help buyers make better buying decisions provided that they have sufficient information about the property you are selling.

He believes that the more transparent is the seller to his buyer, the higher the sales he can acquire.

 

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