Underlying Factors

Hi there everyone, over the last couple of months we’ve seen the real estate prices of homes in Milton reach new highs. What is the reason for this? Home prices are always driven by supply and demand levels. Back in March, we were already on track to set new levels for prices, due to the huge pent-up demand for homes, but then COVID19 hit, and none of us were prepared as to how to handle this situation. This was temporary though, as real estate industry put into place safeguard measures to protect the clients, like limiting the number of people attending showings, making the wearing of masks and gloves mandatory, sanitizing hands and few other things. Along with these measures, record level low interest rates, brought the buyers back into the market, but there were not enough homes available to meet this demand, which resulted in homes selling in multiple offers and at record level prices. You see selling and buying of homes is one facet of life that you cannot completely stop. With all of us getting used to this new reality and the demand for homes remaining high, I feel as long as the economy remains stable, the prices are going to remain steady.