November 2012 Real Estate Market update

Newmarket Real Estate Data

Average Price
November 2012
Average Price: $439,470
Active Listing: 182
Sales/Month: 100
Sales/Active Listings: 54.95%
Sales/Year (to-date): 1,425





Volume of Sales

November 2011
Average Price: $427,706
Active Listings: 109

Sales/Month: 106
Sales/Active Listings: 97.24%
Sales/Year (to-date): 1,336






Prices are still historically high, but the concern is going to be whether the market will bear the high prices with stricter lending policies put in place by the federal government.

If there are more Buyers than Sellers, the market is good for Sellers and prices increase. But if Buyers are having a tougher time qualifying for financing, the Buyer pool becomes smaller than the Seller pool and simple economic, supply and demand law, will dictate that prices should decrease.

So, long and the short of it is this: The government is trying to curb consumer debt by making lending policies stricter, which should also put the brakes on housing prices continue to soar. I'm not saying the market is going to crash, especially since we are located in a great geographical location and have amazing services at our finger tips (thus creating an outside demand for our area), but Sellers need to understand that they might not sell their home for more than their neighbour did this year... the market is changing!

Let me know your thoughts!
Darcy Toombs

Mortgage Pre-Approvals... Not what they used to be.

I received an interesting email today from a Mortgage Broker, Darlene Hinton. Usually I disregard the bombardment of emails I get from Mortgage Brokers, but the first line really caught my attention since I have one property which I have now sold three times because the Buyers financing on the first two deals fell apart before the removal of the financing condition.

Mortgage Pre-approvals are not what they used to be. In times past, a client could depend on a bank's word when they gave them preapproval to start shopping. That's just not the case anymore. I see it all the time. . . clients happily shopping (and putting in an offer to purchase) confident they were golden with their bank. . . only to find there was some glitch. There are too many to list, but it could be something as inane as the address of the property the client wants to buy or an issue with the source of a client's downpayment. Maybe the clients credit rating drops between Pre-approval and Offer to Purchase. It could be anything.

Many of these issues can be avoided by using a Broker who takes the time to establish a personal relationship with their client. I try to gather every fact I can so as to avoid unneccesary stress and disappointment. But perhaps even more importantly. . . I have access to a plethora of Lenders that would be happy to step in should a Lender get cold feet.

Do you want to save both yourself and your client precious time? Call me for your homebuyers financng. . .and let's close more deals. . faster and more efficiently.    :)

Call me. I can help.

--

DARLENE HINTON
 

Mortgage Agent

Touch Residential Capital

note2darlene@gmail.com

License #M10001367

Phone: 705-331-6774

Fax: 1-866-716-7038