HOUSE PRICES IN QUINTE WEST & THE REAL ESTATE MARKET!
Drive around Quinte West and you will see plenty of FOR SALE signs on the "overlly" green lawns of our fine city. Signs that seem to be up forever. What's going on? Does it have to do with the housing market in the U.S ? or maybe it's just the weather....
This year has truly been a roller coaster ride. In past years we have seen a "seller's" market, yet this year there has been a turn and we are experiencing a "Buyer's" market.
Seller's need to seriously think about their asking price, and not over price their property if they want to get SOLD in today's market.
Most buyer's have researched and gathered the information needed to make an informed decision when it comes to an offer, and their not going to look at over priced properties when there are so many others to view who want to get SOLD.
Military postings have also played an important part in this years market. It seems to me we have had more military seller's leaving Trenton & Quinte West, then military buyers coming in. Buyer's therefore have more selection and competitive and stable prices.
One can only wonder how the expansion of CFB 8 Wing Trenton is going to affect 2009's market.
With the fall of the U.S housing market, starting October 15th our Canadian government will be putting a stop to 40 year mortgages and buyer's will have to have at least 5% of the homes value as down payment. Gone are the days of 0% financing. This move will keep our Canadian market strong and reduce the risk of what happened in the U.S. It will make it tougher and harder for renters and first time homebuyers to save their downpayment, but there is still time to get into the housing market before the 15th of October.
The following data is taken from the Quinte Real Estate Board Statistics from Jan 2008 to Present:
AVERAGE LIST PRICE AVERAGE SOLD PRICE AVERAGE MARKET TIME
TRENTON WARD $182,679 $179,982 51 days
SIDNEY WARD $194,779 $188,762 49 days
MURRAY WARD $232,156 $224,946 51 days
FRANKFORD WARD $203,546 $202,574 71 days
If you would like to know what's going in your neighbourhood, drop me a line at
hireagent99@yahoo.ca and I will be glad to forward you the information.