REAL ESTATE NEWS
This year the statistics show a larger percentage of buyers were either buyers moving to larger homes and/or out-of-town buyers. Additionally, unsurprisingly, buyers under 35 years of age are realizing they want more space.
When buying property, one of the biggest misconceptions buyers make is that sellers have to disclose everything that’s wrong with the house. In Ontario, the reality is the exact opposite. We operate by the “buyer beware” doctrine. This means that the burden is on the buyer to ensure they inspect and investigate the property before agreeing to buy it. This can even apply to issues that the seller is aware of.
There continues to be conflicting reports in the industry as to what this HOT MARKET means in the long run and if we are in for a down turn. I’m not so sure that consumers are focused on this today but there appears to an uptick in searches for this term. I pulled search terms “Real Estate Market” in BLUE and ” Real Estate Bubble” in RED from GOOGLE. Here is what it shows.
As this year progresses, the real estate market remains unpredictable and crazy. As the COVID cases rise we may see a downward shift in sales activity this winter. I am personally seeing a bit of what I call “OFFER FATIGUE” from buyers. Some feeling a bit of hopelessness. Who would have thought it would be so hard to purchase a home.