Home sales in Hamilton have smashed record after record, with June reaching new peaks in the number of home sales and the average home price. To give you a better understanding of the current state of the very dynamic Hamilton real estate market, we turned to April Almeida, one of the city’s top real estate experts.
1. Registering a new home sales record in the number of transactions in June, Hamilton is a very hot real estate market right now. What are the main factors contributing to this?
Main facts contributing to our hot real estate market, I believe, are continued low interest rates, coupled with a lack of inventory which has created a strong seller market. Buyers are quite literally fighting over hot properties, and many are selling at asking price or over. Add to this the continued development downtown, constant media attention regarding investing here affordably, new GO station. And we are seeing buyers flocking in droves from all over, specifically Toronto.
2. What are the advantages of buying versus renting in Hamilton, in the current market?
Current advantages buying vs renting: getting into the market, putting your money into best investment, a home. Rents have increased, sometimes purchasing is more affordable monthly than average rent costs.
3. Home prices have increased by 9% year-over-year in June. How much do you think they are going to increase in 2015?
I don’t have a crystal ball, Hamilton is experiencing a boom like never before, it’s very exciting.
4. What is your advice for a first-time home buyer in Hamilton?
Get pre approved from lender or bank before you start browsing properties. Call your mortgage broker asap. Be prepared to make an offer at or above asking. If possible no conditions, do your inspection during showing, have financing set prior. Don’t search for properties over, or even near, your budget. Lower price point means you can make a strong offer. Be prepared to compromise. What you think you want vs what you actually need.
5. Any other insights that you’d like to share?
Be honest with your realtor. Always. You can’t offend us. We need to know what you’re thinking and we need your trust. If we’re all on same page, your journey to your new home will be that much faster and easier.
About April Almeida
With me, you are a priority.
I became a REALTOR® to treat others how I expect to be treated. With fairness, honesty, compassion and full service. I started this business to take care of my own family and friends, and to be able to offer more to everyone I assist.
I truly love helping others, and am known as the “odd” Real Estate Agent, as one of my recent clients named me. I am one who listens..hears…and figures out what you need. Your needs come first. Always.