Real estate market in Durham advantageous for sellers during coronavirus pandemic – Durham

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Industry leaders are reporting a resurgence of the real estate market in Durham after the region was initially affected in the early stages of the coronavirus pandemic.According to Vicki Sweeney, president of the Association of Realtors of Durham Region, if you’re looking to sell your Durham home, now is the time.

“The pandemic has hit and obviously our numbers have gone down,” Sweeney said. “But now we are seeing unprecedented numbers for a summer market.”

According to housing reports released by the association, in July 1,583 homes were sold for a record average of $ 709,640.

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This is a notable difference from April sales, when only 513 homes were sold for an average of $ 612,563. In addition, in July, properties only lasted 16 days on the market on average, compared to 23 days at this time last year.

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Sweeney says the competition for buyers is fierce at the moment, with sellers receiving multiple offers. She says the sudden increase in sales could be due to a number of factors.

“I think there’s also another trend that’s happening right now, where before living in downtown (Toronto) was important to avoid long commutes,” she says.

“Since COVID, we’ve had to adapt to online platforms, and people have realized that if they can work from home, they don’t have to live downtown.”

Mortgage brokers say another reason for rising interest on homes in Durham is a steep drop in mortgage rates, which currently hover around 2%.

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Mortgage broker Craig Howie says that while the current state of the market has posed a challenge for first-time homebuyers, it has proven to be even more difficult for the self-employed.

“Previously, lenders would look at a two-year average and look at their self-employment income,” Howie said.

“Now they’re looking at whether the job will be doable or not, if it’s going to last for the next couple of years because of everything that’s going on with the pandemic.

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Howie adds that with the increase in home values, there have also been difficulties with appraisals.

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“When a lender, for example, lends 95% of the value of that house, there is concern that the value may not be there and that some appraisals are not what we need.”

Durham realtors say Clarington is currently the area’s biggest hotspot for home buying.

© 2020 Global News, a division of Corus Entertainment Inc.



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