2009 holds opportunity for buyers

If there has been a time over my nine years working as a Realtor where the home buying public has had a financial advantage I can say with absolute certainty it is now and over the course of the next few months.

A snap shot of the Barrie area real estate market and the economy in this first week of 2009 shows us a higher number of greatly reduced property prices than at any time in the past ten years.

Many of the homes I see for sale have been listed for months and as shown in the examples below have continues to lower their prices every few weeks in the hopes of finding a willing purchaser.

Many are selling out of necessity over choice which for the buyer means their is additional room to negotiate prices down even further than the reduced list prices shown.

The efforts of our government to stimulate the economy has given us greatly reduced lending rates which right now are sitting lower than the average of the past ten years. This translates into lower monthly mortgage payments and a greater portion of your monthly payment going towards the principle that pays down the house.

2008 saw record numbers of resale homes listed for sale in Barrie, lower list vs. sale price ratios and longer list to sell times. Many homes that were pulled from the market in the weeks before Christmas will reemerge on the market over the next few months in what is traditionally the high volume time of year. In short we are likely to see even greater numbers of homes for sale in the Barrie area between now and the end of spring which will keep the balance of negotiating power in the hands of the buyers.

It is entertaining somehow to watch the hordes who will line up in sub zero temperatures to save $50 to $100 off of a TV or computer component at the Boxing day sales each year or will burn $2 worth of fuel while lined up to save 2 cents per litre on a tank of gas.

Right now the real estate climate is such that those people could effectivly save themselves many tens of thousands of dollars on a home right now. Translated into bargan hunder lingo, thats a savings of enough coin to buy a new flat screen tv and a full tank of gas every two or three months for the next twenty five years if they take advantage of the home buying opportunities available this year.

List price January 2008
$339900
Current list price
$299000

List price June 2008
$349000
Current list price
$299000

List price April 2008

$389900
Current list price
$312000

List price April 2008
$324900
Current list price
$259900

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