It is clear that the real estate market has nationally shifted to a "Buyers' Market" a long overdue relief for many buyers who are looking to enter into the home ownership club.

While news releases are usually too generic in nature, it is most important that you analyze the specific market that you are considering to participate in.

Having primarily served the Burlington and surrounding area since 1989, at Hearth & Home we believe that for you to know where the market is going it is important to know where it is now and where it has been.

We have been monitoring the real estate market activity on a monthly basis over the last 20 years, and we are able to show you a snap shot of the trends in the charts and the graphs hyperlinked from this article showing the average sale prices, annual average number of unit sales per month, and the reported monthly sales charts in Burlington in the years 2008 and 2007.

Among some of the interesting observations in those charts and graphs, are the significant changes that took place, in the market activity starting in October 2008. An increase in the inventory available, coupled with a decrease in the number of unit sales had a correlating impact on the average median as well as sale price averages, the number of days on the market increases and lastly the percentage ratio of selling versus asking price had widened to 92% from the running average 96-98% earlier in the year.

Looking ahead towards the real estate market in 2009, predictions appear to vary depending on the source, some may come across as self-serving, others driven strongly by media hype; appear to be driving that self-fulfilling prophecy of the "sky is falling".

As we continue to list and sell homes during these changing economic times, the primary observations and the realities are;

• There is ample inventory on the market
• Sellers are being more realistic
• Buyers are more aggressive and are placing offers substantially well below the asking prices
• Bargain hunters are focusing on real estate as serious and smart buyers recognize that the best time to buy is when it is a buyers' market
• Interest rates continue to be at an all time low and are still dropping making affordability well within reach of many consumers, particularly with the adjusting market values
• Investors are looking for alternative options that are not as vulnerable and shaky, due to external influences that are beyond their control

Based on its historical performance, real estate has proven to be the safest long term investment vehicle compared to any other investment options.  Now you can shop with ease, such was not the case in the past 6-7 years of booming real estate environment.

Tamer Fahmi, President

Hearth & Home Realty Inc.

Source: REALTORS^® Association of Hamilton - Burlington monthly MLS^® stats.