Lack of Inventory Creating Market Boom
Over the last month it has been extremely difficult to find good quality properties for sale. The influx of first time buyers to the market and lack of good inventory is driving the market to near boom like conditions. We are currently seeing multiple offers on homes and the quality of those left for sale is inferior to what today’s buyer is willing to pay.
mycondonetwork.com has experienced this over and over again.
This is not only happening in the Toronto Market Place but throughout the suburbs as well.
Some buyers are now saying they will wait for a week or two to see if prices drop.
But I’m not so sure this will happen with the risk of interest rates rising the best thing to do is don’t haggle for a lower price. Most sales today are being sold firm and way over the original asking price.
When you find your dream home, buy it because you may not find another for a long while and it will cost you much more.
