Before you begin the Hamilton mortgage application process, it is important to be familiar with your finances and know what type of home loan you can afford. This is especially important since housing rates are constantly fluctuating.
Purchasing a home may be the biggest expense you have ever, therefore, it is important to not only be organized with your finances but to also be familiar with the current residential market trends. Comparing past housing prices to current ones can help give you a better idea of where market prices might head in the near future.
So, to provide some assistance, our team at Mission35 Mortgages have listed the most current market update for the Hamilton area.
According to the Realtors Associate of Hamilton-Burlington, the market trends in Hamilton have been drastically changing over the past year. In July 2018, the number of listings for residential homes was 1,009 units, which is a 6.9% decrease from the July 2017 amount of 1,078 units. The number of sales (617 units), however, increased by 1.8% compared to the previous year’s sales (606 units).
The average sale price for residential homes in Hamilton is $509,639, which is a 7.6% markup from the previous year’s average sale price of $473,684. The median sale price also increased from the July 2017 price of $429,400 to $480,000. This increase in average and median sale price suggests that the housing prices are going to continue to get more expensive, which means now would be an excellent time to lock in a rate for a Hamilton mortgage before they get more expensive.
For the number of times homes are listed for, the average days on the market in July 2017 was 24 days and increased by 25% the following year to 30 days. The median days on the market for July 2017 was 20 days and jumped an additional 10% to 22 days by July 2018. This suggests that home buyers are taking more time to consider their options before they make a decision to close on a home.
If you would like to know more information on the current market trends or learn about different Hamilton home loans available, please contact the Mission35 Mortgages team 905-574-5255.