Posted 8.1.12 @ 11:5
It’s almost crazy when you realize that half the year of 2012 has flown by already! So far this year has been all about a growing market, but in July things began to slow down. This is typical of the Oakville real estate market (and the real estate market in general) in the summer. If you’re trying to sell your home during the summer months, you’re going to have to work to find buyers. But in general, the market is strong and inventory (homes for sale) versus sales is going pretty well.
If Home Sales Have Slowed, Does that Mean the Boom is Over?
Home sales usually slow in the summer, but slowing doesn’t mean stopping. It’s also important to remember that condos for sale, for example, have been steady over the last 8 years. People love to prognosticate doom and gloom, but don’t believe everything you read. Interest rates are going to stay low through at least early 2014, so there is plenty of time for you to find the right Oakville real estate that fits your needs. Inventory remains high and prices are still going up.
What is Inventory?
Inventory is homes that are on the market right now. If 9,000 homes are on the market, and 2,000 homes are sold that month, that’s a good thing! It’s extremely rare that homes are all bought up before more inventory comes on the market. The good thing about this is that listings are constantly increasing, meaning that you’ll be able to find an abundance of Oakville real estate for sale. The more homes that are on the market, the easier it will be to find a new home. If you’re selling on the other hand, you may have some competition to get your home off the market.
Are Higher Prices Bad?
Month on month there have been price rises, and they’re only predicted to keep going until the end of the year. This is good news though! If you’re trying to sell your home now, you’ll be able to get the most for your Oakville real estate. If you’re a Baby Boomer that’s trying to downsize and put money away for retirement, now is the time to do it. With the “Echo Boomers” moving out of their parents’ homes in droves there is a great need for homes right now. Even with the market cooling for July, people are still buying and selling at a good pace.
Is it Time to Buy?
If you want to buy a home, there’s no better time than summer. Spring is the most popular time to buy, and you’ll be able to find a lot of summer deals from people who want to sell quickly. Ask if they need to have the house closed by a certain date to see if you can work with them, and also offer to pay some of the closing costs if you want to survive a multiple bidding situations.
Click here for our listings of great Oakville luxury homes for sale.