Monday, February 09, 2009

Shortage of supply? and Little competition? You're kidding!

People are asking me when I make comments such as there is a "Shortage of supply? and Little competition?" and this is the truth in many areas of Mississauga.

That's exactly what we are finding. I know it's not intuitively correct, but many of the properties currently on the market have been there for some time, are tired and not updated.
There is a serious shortage of good homes on the market, especially in some higher demand areas of Churchill Meadows. I've sold two homes in Churchill Meadows, both sold in less than 10 days because they showed very well and were priced right.
Credit Pointe is also an area that is in good demand and you live on one of the nicer streets, so if your home shows well and is priced right, it will sell.
It's not catastrophe out in our Mississauga marketplace, just a slower paced market, there are still hundreds of homes selling each month.
I feel we are about near the bottom, we many stay here for 2 to 6 months, but I don't see prices falling too much more. I may be wrong, but there is much pent up demand out there, many people with cash waiting to hear the news that the market has turned and by then it will be too late.
At any rate, just wanted to clarify and post here on my blog for all to see my comments!
Thank you,

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