The Globe and Mail printed an article on December 17, describing the recent boom in the Newfoundland Real Estate market. Dubbed “The Danny Williams Effect” after the recent Hebron offshore oil project, homes in St. John’s and surrounding areas (including Mount Pearl, Paradise, CBS, and Torbay) surged 68% from October to November. While it hasn’t been classified as a sellers market yet, the activity noticed from reduced inventory, multiple offers on homes and at times over asking prices in recent weeks, are clearly pointing in this direction. Inventory is down with pre-existing homes which leads buyers to the decision of building. The new construction market, which once had a 3 - 4 month start-to-finish time frame are booming and are quoting 6 - 8 months for a move in date.
For buyers, this means paying close attention to the market. (Email me and I will send you daily listings as they appear on the market) and make sure you get to a bank or financial institution of your choice and get pre-approved. Having both these tasks completed and working with an experienced Realtor will certainly help you in the 2008 real estate market.
Read Lori McLeod’s article in the Globe and Mail here
Let Fraser and Stephen Winters help you with buying or selling your home in 2008.
Call us today - 709-682-9245 or 709-682-9045
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