I’m sitting in my dining room sipping on a glass of red wine and wrapping over 100 bars of soap {with a label that I made that says *Wash Away 2020*} In preparation for my door drop to connect with my clients both past, present and potential. I'm also reflecting on all that has happened this past year.
I can say for certain “Happy New Year” has taken on a very new definition for all of us. No one will ever forget the year of Corona and we can all agree that we are happy to Wash Away any remnants of it.
We all went through many changes, especially related to how and where we work. The real estate industry adjusted to these changes and transactions were handled very differently last year however that did not slow down the market one bit, in fact it accelerated it. So what does 2021 have in store for the real estate market in Hamilton? It is sure to be just as competitive for buyers for the foreseeable future and here’s why.
Hamilton homes continue to be in hot demand do in significant part to pandemic-related factors. While office towers in downtown Toronto remain mostly empty, companies have been mandated to have their employees work from home. A vast majority of regular commuters that live outside the city limits are now rethinking returning to a lengthy commute to work when the pandemic is over. Travel restrictions meant that travel budgets were now being spent on upgrading their home. Pool companies have never had a better year of business! People have settled into a routine and are now comfortable working from home and prefer to spend their previous commuting time enjoying their upgraded properties. Working from home seems to be working well, at least for now.
Others who had sacrificed square footage to live closer to their work started to desire more space. This “work from home” change has dramatically expanded the buyer pool for properties to people from all over the Greater Toronto Area. With the average home price being $1,022,138 in Toronto compared to the average home price of $729,853 in Hamilton combined with lower interest rates, and the possibility of working from home indefinitely, buyers now can afford their dream home outside the GTA without the added worry of the lengthy commute.
This all makes for a very challenging situation for buyers. With limited supply, people who own homes already in the Hammer are staying put. And with an increase in the buyer pool, this will make for a very competitive buying season as it continues to drive the value of homes up with multiple offers occurring regularly as new properties hit the market. Buyers will need to be prepared with a mortgage pre-approval, all their financing lined up and a strategy for buying in a bidding war.
If you were planning to purchase a home in the near future, you might be questioning whether you should put that idea on pause. It does appear that the housing market in Hamilton and surrounding area will continue to be in high demand in 2021 especially if there continues to be a short supply of inventory which will also continue to drive up the prices. Because of these factors, you will need the advice and expertise of a Real Estate Professional that is knowledgable in the Hamilton area and can help navigate you through your purchase.
If you want to know more about the Hamilton, Waterdown, Burlington area and what’s available on the market that fits your criteria, please reach out, I’d love to connect with you!
Happy New Year!
