Buyer Fatigue: Should You Give Up On This Real Estate Market?

Look Familiar? :(

No question, it's a tough time to be a buyer right now! But what's the alternative?

Wait until rates rise? It's predicted that we will continue to have minor fluctuations over the next year or two but that there's not a huge rate hike looming in our foreseeable future.

Wait until the market crashes? There have been buyers waiting for many years for this to happen & they've gotten priced right out of the market. Hindsight is a cruel b$tch!

Keep renting & build somebody else's equity? Or stay in your current home that doesn't meet your family's needs?

None of those sound like particularly attractive options, right? But I get how frustrating & discouraging it can be for my clients to be on this rollercoaster ride of low inventory & multiple offers that is the current real estate market, because I'm right there with them! I work for free every single day, for every single client, until we successfully buy or sell a home so I've got skin in the game too!

Everything Is Overpriced.

Until It's Not.

So says the super-smart, ever-inciteful Seth Godin in his most recent blog post... and which I think sums up the Spring Market we've just had, perfectly.

                                      (Image: Rhett Maxwell)

We've seen a tremendous jump in home prices in the first half of 2015, and only time will tell where we'll finish up at, come the end of the year. 

From the June/15 Bulletin of the Durham Region Association of REALTORS® (DRAR):

" The average price of a detached home in Durham

Region reached $502,079 in May 2015. In May

2014, detached homes sold for an average of

$428,914, which demonstrates a year-over-year

increase of over 17 per cent. The average price

for all home types in Durham was $449,837 last

month, an increase of 15.1 per cent compared to

the same period last year. "

The general consensus seems to be that this is the
"new normal" here in the Durham region.