According to the REALTORS Association of Hamilton-Burlington, the local Hamilton mortgage and real estate markets continue to remain hot as we head further into spring!
This year has gotten off to an incredible start where home sales are concerned. The total number of reported residential property sales so far this year has exceeded the number of sales for the first two months of last year by over 17%. The RHAB reported 1,311 sales in February alone, which is the highest number of sales ever seen in February.
A shortage of listings appears to be growing which will further lead to a lack of supply. The current supply of only 1,496 active listings in the residential sector of the market is less than one month supply of available homes, meaning the shortage of homes is continuing to grow.
As the supply of homes decreases, demand for the homes that are left on the market will continue to increase, which push prices on those homes even higher. In February, Hamilton properties were taking less than a month on average to sell and were closing at prices that had increased nearly 23% in comparison to the same month a year earlier.
As a Hamilton mortgage broker, I’m excited to share this information with my clients that may be looking to refinance their mortgages, as their homes will most likely have appreciated in value significantly. This coupled with historically low interest rates makes it a perfect time to revisit mortgage options. Refinancing an existing mortgage can be a great way for current homeowners to take out equity on their home, or save money by securing a new loan at a lower rate. I also have several unadvertised promotions that help pay for possible closing costs.
If this news of a hot Hamilton market has you wondering about your mortgage options, give me a call today! I would love the opportunity to review your options with you, and save you money!