You can take the very same floor plans for London Ontario Homes For Sale and put them into various destinations, and they will have totally different prices attached to them. A very popular big city or resort area will demand a much higher price than a small suburban community or a farm area because of the total difference in surroundings, the community amenities and advantages, and the nearby attractions and activities that a resident can take advantage of.
Market Conditions Report
The HouseHunt Housing Market Conditions Report of August 2, 2016, for the second quarter of 2016 shows this year continuing to be a very impressive real estate market with prices of London Ontario Homes For Sale continuing to rise. Homes are generally selling fast because a tight supply of homes makes purchasers make up their minds quicker and make offers, the availability of extraordinarily low interest rates, and noteworthy numbers of first-time buyers that are entering the market. The beginning of 2015 had seen first time home buyers at a near all time low, and 82 percent of the home purchases were primarily by investors and repeat buyers.
This data is from a survey of HouseHunt real estate agents with territories all across America. It was also reported that 84 percent of all markets surveyed showed an increase of 9 percent in buyer activity over the previous quarter. The second quarter also found an 18 percent increase in seller activity. Two-thirds of the surveyed markets reported that unsold housing inventory is still very tight.
Homes that were priced well were receiving over 95 percent of their asking prices, and 90 percent regularly saw multiple offers on their listings, which made for happy sellers.
The National Association of Realtors released their June 2016 statistics showing a 4.6 month supply of inventory and sales prices which showed an increase of 4.8 percent from June of 2015. A six month supply of inventory is generally considered a balanced market, so tight supply and low mortgage rates are continuing to keep this a seller’s market. Interest rates continue to stay at an incredible low with the average fixed rate on a 30-year mortgage running at about 3.6 percent and the possibility that interest rates may go even lower.
The increased seller and buyer activity points to a continued healthy real estate market for the rest of 2016. The annual rate of existing home sales is expected to be 5.51 million homes compared to 2015’s 5.41 million homes, according to the National Association of Realtors.