It’s been quite a year for real estate in Markham thus far. We’ve seen record breaking prices and an abundance of activity. As of late, the market has showed signs of slowing down a bit and I can safely say we are approaching a more balanced environment. The average days on market currently sits at around 22 days and will likely continue to rise as we approach the holiday season. If you live in Markham then you know that it is a great place to live and that your investment is fairly safe. No one can predict the future with 100% certainty but home prices are expected to continue to rise in 2012, only not as fast as we’ve seen over the past couple of years.
I’ve come across many buyers over the past year who were hesitant to buy their first home because they thought prices were going to drop. Unfortunately, you can’t believe everything you hear on the news. Even though prices in Markham and Unionville may seem high, there are many willing buyers and prices sit well within overall affordability indicators. On top of it, mortgage rates continue to stay at all time lows and are expected to remain low for the majority of 2012.
If you happen to be thinking about buying a home in Markham and you are either a first-time homebuyer or moving from another town, I would recommend the next few months as being an ideal time. The market has slowed down just enough to give you a little more time to make a decision and most sellers who place their home on the market around this time are highly motivated.
If you are thinking about making a move and you would be staying within Markham, then I would recommend keeping a close eye on the market and ideally listing your home before the busy spring market hits. Possibly during the first few weeks of February so you won’t have too much competition and when you look to buy you should have more choice during the spring. Either way, you should have your real estate agent keep close tabs on market conditions to help you decide what would work best for you.
