Over 100 days on the market with no offers, expired listings and price reductions...is the market crashing?

No, but it is changing!

With more houses on the market than we have seen in years...selling your home has become more challenging. The bottom line is that homes have to be priced right to attract buyers and receive offers. Location, condition and the number of similar homes for sale in your area, will all impact your listing price...when selling your home take all of these factors into consideration.

Currently, there are more than 500 homes for sale in Barrie, which means buyers have the ability to shop around for the best deals and negotiate more favourable terms. As the long-term projections for the housing market in Barrie remain strong, this is a great time to purchase a home.

Whether you are thinking about buying or selling knowing the most important sales numbers will better prepare you to take action!

The following market update is easy to understand and highlights everything you need to know about local real estate trends.

According to the Barrie & District Association of REALTORS®, Within the City of Barrie, detached residential properties posted an average selling price for the month of August 2017 of $515,922 an increase of 14% over August 2016.

Residential townhouse, link, and semi‐detached homes in the City of Barrie posted an average selling price of $380,862 in August 2017, an 11% increase over August 2016.

Condominium sales average for the City of Barrie for the month of August 2017 was $330,942, a 5% increase compared to August 2016.

 Each neighbourhood and home is impacted differently by this shift, so it is always best to contact your REALTOR® if you want to learn more about the how the current market has impacted the value of your home.

Here to help,

Geoff Morgan, Your Real Estate Specialist 

Sales Representative

Sutton Group Incentive Realty

Direct: 705-790-0830

Website: geoffmorgan.ca