A Seller’s Market in Markham Ontario – Home Prices on the Rise – Are Buyers Paying Too Much?

The residential real estate market in Markham Ontario and surrounding areas including Unionville and Toronto is on fire. Homes are selling quickly and for top dollar. Detailed statistics are provided and local professional service is available.
By: Martin MacFarlane
 
March 31, 2011 - PRLog -- The real estate market in Markham Ontario has been heating up and the spring market is in full effect.  Many home buyers have been under a false impression that they were in a “bubble” that would soon pop and deflate home prices.  Well they couldn’t have been more wrong.

While home prices certainly aren’t expected to increase at the same record pace of 2010, home values are still on the rise and there isn’t much inventory to choose from.  Buyers who are currently in the market shouldn’t expect any home to wait around for them while they shop around.  “We need more listings, I’ve got a handful of buyers and nothing to show them” one Realtor said from Sutton Group Heritage Realty.

Most homes that are fairly priced and presented properly are almost guaranteed to be sold in multiple offers.  The same can be said for neighbouring areas such as Unionville, Richmond Hill and Toronto.  The one major difference between this year’s spring market and last year is that the overall volume of sales is down.  In March of 2010 in Markham and Unionville, there were 452 active listings of which 368 resulted in firm sales.  In March of this year, there have been only 350 active listings and 305 firm sales, down over 17% from last year.  

Despite lower volume, home values remain quite healthy.  “Market conditions remain quite tight in the GTA.  There is enough competition between home buyers to promote continued price growth” said Jason Mercer, the Toronto Real Estate Board’s senior manager of market analysis.  A townhouse in Markham sold a few days ago for $40,000 over the list prices in only 3 days.  In March of 2010, the average price of a home was $539,976 and the year-to-date average was $520,790 according to the TREB statistics.  The current average sold price for the month sits at $557,782 and the year-to-date average is $546,909.  The year-to-date average price represents a 5% increase over the same timeframe of 2010.

Buyers who are trying their luck without the help of a professional real estate agent are taking chances and losing out.  Most quality listings are sold before they ever hit the public MLS and by then most Realtors and their clients have already picked through them.  Unrepresented buyers merely get all the leftovers.  Most of them mistakenly think that they are getting a better deal by going directly to the listing agent.  They fail to realize that the listing agent is legally bound to represent the seller’s higher interest and get them as much money as they can.  Buying a home without professional representation is like going to court without a lawyer.  

Martin MacFarlane, a Realtor at Sutton Group Heritage Realty in Markham Ontario has developed a counselling session for buyers to better understand their rights and their options when it comes to purchasing a home.  His session will prepare buyers for the process ahead and position them for a more successful sale.  “Too many buyers don’t even realize what they’re missing” says Martin.  The best part is that it doesn’t even cost them a penny out of pocket.  All professional fees are funded by the proceeds of the sale.  For details visit http://www.yourmarkhamrealestate.com/Buying-homes-in-Mark...

The point is that the real estate market in Markham and surrounding areas is on fire.  Prices are continuing to grow and there is no sign of that slowing down anytime soon.  Homes are selling very quickly and buyers are being forced to make quick decisions.   Thousands of dollars can be won or lost in any negotiation and it is important for buyers to know their rights and their options and to familiarize themselves with the home buying process and local market values.

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Martin MacFarlane is a real estate agent in Markham Ontario and surrounding areas including Stouffville, Unionville, Toronto and Richmond Hill. He provides professional services to buyers and sellers in the residential real estate market. http://www.YourMarkhamRealEstate.com
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Source:Martin MacFarlane
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Tags:Markham, Richmond Hill, Toronto, Homes, Real Estate, Sellers, Buyers, Prices, Houses, Real Estate Agents
Industry:Real Estate
Location:Markham - Ontario - Canada
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