DURHAM REGION, February 7, 2011 – The Durham Region Association of REALTORS® reported that the average price of a home in Durham Region in January was $302,326, a 4.5% increase from $289,195 in January, 2010. The gain from December 2010’s average of $294,305 was smaller at 2.7%.
A total of 505 transactions took place in Durham Region area through the MLS® System in January up 9.5% from December’s 461 but down 5% from sales last January of 532. The 5 year average is around 510 in January so 2011’s statistic is reasonable.
Even though there were 1074 new listings in January, an increase of 128% from 471 in December, the total actives remain low at 1415 with the average of total listings on the market over the past 5 years being in the 2,000 range.
President of the Association, Dierdre Mullen commented that “The resale housing market is off to a reasonable start for 2011 and seems to be moving into seller’s market territory. We don’t expect that the second round of mortgage lending guidelines released by the Federal Government recently will affect the market severely and are optimistic that a slow and steady growth pattern will emerge for 2011.”
If you are buying a home, then, before you decide on whether this home is your dream home, the following checklist will help you look at prospective homes with a critical eye. We suggest printing this page and putting it on a clipboard. When you find a home that really interests you, mark the features you see and note their general condition on this list.
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition. Experienced sales people know that you only have one shot at impressing potential buyers, so take some time to prepare your home for showings. You will be rewarded with a faster sale and a higher offer.
A very accurate saying is that "Any home will sell once you get the price right." Of course, this is usually said from the perspective of dropping a price until it's too attractive to pass up. Actually, the accurate pricing of your home prior to listing is as much an art as it is a science.
Whether buying or selling a home, one activity will be part of the process in all cases and for all involved. Let’s look at the offer to purchase contract and negotiation process from both sides
