The Quinte area real estate market has risen by approximately 11.5 % to the end of July of this year compared to the same time period in 2006.
There is a shortage of listings and many properties are receiving multiple offers on the day they are listed or the day they are open to offers.
I am seeing more and more properties coming on the market with 'no showings or offers allowed until such and such a date' on them.
This is very frustrating to my buyers and I feel it does a disservice to the seller of the property. There may be numerous buyers who will go elsewhere and buy something else rather than wait on a property only to be in competition with numerous other buyers the day the showings finally start. I never recommend this for any of my sellers.
A two or three day 'no showing' period may be somewhat
beneficial, however I would say that allowing showings immediately and stating that there will be no offers viewed until perhaps two to three days into the listing, would serve the purposes of the seller (to get the most amount of money in the shortest time possible ) to a much greater degree.
To the end of July of this year, 2,469 property units have sold in the Quinte board. I also noticed that we did not experience our usual lull in market activity this July like we normally do, so I was not surprised when I read the stats released by the Quinte and District Real Estate Board stating that 339 units sold in July 2007 compared to 285 units in July '06.
We are having one of the most active markets in all of Ontario and are only slightly behind Parry Sound, Clarington, Newcastle area and Bowmanville.
The main reasons we are seeing such a booming market in our area are
1. numerous retirees from other regions, particularly cities, choosing our area to retire in.
2. The expansion of CFB Trenton bringing with it a great amount of new postings to the Quinte area.
3. Excellent employment prospects with new industry such as Kelloggs choosing to locate here.
4. An influx of people moving here from other countries due to the culture, natural beauty, community facilities, tourism exposure, etc.
6. We are still one of the most reasonably priced markets in southern Ontario. The average purchase price for a home here has risen to $195,115 as compared to the average being $180,816 in 2006. This is particularly attractive for young families, first-time buyers, retirees and single people .
I am currently searching for numerous properties for my buyers and having a difficult time finding suitable listings. If you have a property you are considering selling, please don't hesitate to contact me via email or by phone. You just may have a property one of my buyers is looking for !
Jo-Anne Smith, Sales Representative
Royal Lepage Proalliance Realty, Brokerage