2020 Durham Region Real Estate & The Spring Market 

As we gear up for the spring market, affordability and supply continue to be hot topics in the Durham Region real estate market. Overall, the RE/MAX 2020 Housing Market Outlook Report predicts that we’ll see a balanced market in 2020 with an average of a 3% pricing increase.

 

Impacts On Affordability 

Its proximity and accessibility to the downtown core have made Durham Region appealing to many. This desirability coupled with demand has seen prices, and competition, soar over the past few years. While a balanced market is predicted for 2020, we might see steeper price increases should the supply of homes fall short.

 

Real Estate Trends

What are the trends for 2020? For the location, Bowmanville and Newcastle are forecasted to be the most sought after areas. More importantly, the market will be driven by first time home buyers. Durham Region is rapidly growing with many cities and towns seeing unprecedented levels of new home construction. But that doesn’t mean the Region has lost its diversity. From historic homes to modern condos, Durham has a wide range of inventory to fit what you’re looking for. 

 

Spring Market 2020

We’re on the cusp of the notoriously hot spring market. With everyone looking to make moves as the warmer weather sets in, you’re not too late to get in on the action. For buyers, your first priority will be getting pre-approved for a mortgage. This will enable you and your agent to zero in on the homes that fit your budget. It also allows you to act fast on submitting an offer should a shortage in supply drive competition. If you’re on the seller side, working to get your home polished and ready for presentation is prime. Check out our checklist for getting prepared for the spring market for all the things you need to consider as a seller.

 

Ready to make your next move? Contact Asim today.