We at Robert Floris’s Hamilton Mortgage Architects office we really try to impress upon what the market trends are to protect our clients.
We believe the Hamilton real estate market has changed the landscape and we want to warn our clients. February, March and April were months that I have never seen in my 25 year career. We had several clients put in offers of over $100,000 over the asking price and NOT get the homes they had pursued.
That red hot market is over. The market is still hot but now we are comfortable enough to jump in the water.
> Do we still have multiple offers? Yes
> Are we still getting outlandish prices over list? No
There are still many multiple offers in the Hamilton Real Estate Board but it has certainly cooled.
The market has changed; even the speculators appear to be priced out the market. They are realizing they cannot get what they thought they could. Many more listings have come on the Real Estate Board and this will help in leveling off the price. A good real estate agent is so valuable in this market to help gauge saleability.
Thankfully Canadian mortgage rates have remained stable which has helped temper the market. But be careful to enact a plan before the water goes cold.