Brampton has a lot of great things that make people want to live here like a steady economy, great location, beautiful scenery, and friendly people. In fact, the word has got out, and it is such a great place to live, that it seems everyone wants to have a piece of real estate in our city. In recent years, our market has been exploding, and tens of thousands of people have come here to get in on the action, but this last year was bigger than ever. Brampton’s real estate market is growing exponentially, and here are some facts that show that now is the time to pounce.
More homes have been bought
In a comparison done month to month of this year against last year, there have been more home sales. The increase is around 7% in total homes bought in comparison. This means that more and more people are seeing the benefits of buying a home here, and both sellers and buyers are benefitting from the influx of more people out of Toronto, and into our city.
Homes are spending fewer days on the market
In a comparison of January of 2015 vs the same time in 2014, homes spent on average, many fewer days on the open market this year than last year. In fact, it is around 33% less time! Last year, the average time on the market was 37 days, whereas the sample from this year showed that it only took 26 days for a home to go from open to close. Pretty staggering difference. This not only means the time is ripe for sellers, but it also shows that buyers are finding plenty of options.
Homes are increasing in sale price
The more people that come here to buy, the higher that the prices get. This is purely economics. The supply is shrinking, and the demand is increasing. A comparison of sample sizes showed an 11.5% increase in sale price from this year to last year. This means for buyers that you want to get in now while the homes are still affordable. For sellers, it gets a little more complex. It may seem like you should wait, and allow your home to appreciate, but it is important to realize that right now is that sweet spot. Your home is worth a lot of money, but still very affordable to the demographic. Eventually your home might become too expensive to be bought, and you won’t get it sold.
Life in Brampton is great. In fact, it is so awesome that everyone wants to come and experience it. The influx of people out of the city, and into our suburb means that our market is booming. You should strike while the iron is still hot. These statistics only further prove that Brampton’s real estate is growing exponentially, and why now is the time to get in on the action. Don’t go it alone, though. Get the pros to help you make sense of everything!