Real Estate listings are going down and the prices are going up as we finish up the year and those who speculate believe this trend will continue into 2020. Overall November was up 5.6% to a whopping $591,344 average for a residential home in Hamilton. This is an opportune time to list your home to take advantage of the changing market.
Single family homes are at an average of $575,284, townhouses are at an average of $477,738 and condos were at $325,139. Condos jumped a whopping 23.2% from last year and that is pretty impressive if you bought a condo in the last few years but even better if you bought a pre–construction property. If you’ve listened to me writing this article for years you would have made a 23.3% increase in your investment which would be over 40 grand on an average unit. This will make resales pretty easy for anyone who pre–bought their unit that is nearing completion since there will be a good amount of profit just for pre–buying a unit.
Certain areas are showing good growth in and around Hamilton such as Burlington, Stoney Creek and Grimsby. An average home in Burlington came in at $787,957 for the highest average sales. Hamilton Central area had the lowest average sales at $401,147 which in my book is still a pretty big number. These numbers show that the market is strong but with low listings it makes it a strong sellers market. Hopefully these high numbers will entice sellers to list their properties but where will these buyers go as another latest poll shows baby boomers are not selling their homes but rather staying in their homes. The good thing is that they are in good health, financially healthy and this bucks the trend of downsizing. The ability to borrow against your home will keep baby boomers in their homes longer but hopefully they do not do reverse mortgages or they will find themselves without much left in their twilight years but that is another article in itself.
This may all tie into slower condo sales even though the prices keep going up — one should consider buying a unit that will increase in value while you wait to downsize. If you were to purchase a condo and rent it until you are ready to downsize you can take advantage of the market before you will be priced out of it or be forced into a less desirable condo project. There are certain projects that will appeal to the baby boomers but all the new ones are geared to the first time buyer. Buy the perfect unit today and even if you decide to stay in your home while renting the unit you will be “doubling” your investments in both properties. Later in life you can either move in or just sell the condo for a tidy profit. V
Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at email@example.com.