View Single Post
Old 02-08-2017, 08:37 AM   #14
Imranm
Draft Pick
 
Join Date: Sep 2015
Default

My take on the market moving:

I live on the West Side, and watch the market quite actively. The number of stale listed $1mm + properties in the area was insane. During XMAS a lot of these home got taken off the market. Some of them have been relisted at the same price or just slightly lower and I am seeing them now starting to show up as conditionally sold/sold.

In my neighbourhood, many of the original buyers (2-3 years ago) all paid $1.1-$1.3mm, the same houses are now selling for ~$1mm. So there are "deals to be had" especially in the higher end market. I think that coupled with builders starting to build <$1mm on the West Side is really helping the market move in my area.

I used to live in Royal Oak (1.5 years ago) and sold my 2300sqft house for over $600k, looking at the market there now and prices have remained fairly stable.

My take is if you are looking to upgrade, its a very good time to dip your feet in. The $400-$600 market didn't see a huge dip, the >$1mm market looks like it had a good correction. Coupled with low interest rates, and the "feeling" of better days, things should start to pickup.

Just my two cents!
Imranm is offline