Last month, we wrote a blog on our market predictions for this autumn market. We were mostly correct, but we need to make one significant amendment.
We predicted that we’d be in a buyer’s market and that “There will be more listings than buyers so that buyers will have choice and time.”
Buyers are out in droves. They’re pounding the pavement and looking for deals. We recently had a listing in Seaton Village with fifty-eight showings and eighty groups through the open house. Folks, buyers are looking for their next home. They’re not scared off by the interest rates. However, higher interest rates are working to keep the prices in check. Homes often sell slightly below what they would have sold for in the spring, even in multiple offer situations.
This market still favours buyers because there are many listings. However, buyers don’t have the leisure of time in the way they do in an average buyers market. Houses are still selling quickly and without conditions. However, they’re not selling for crazy amounts of money. Here’s how to survive this market
If you’re a seller, have reasonable expectations. Many homeowners see the number of showings they get and expect high offers, too. This isn’t happening in this market because interest rates increase the monthly costs. Be patient. Not everything is selling super quickly. If your house isn’t a three-bedroom starter home with parking near transit, it may still sit on the market for a few weeks.
If you’re a buyer, be quick! Don’t rest because this is a buyer’s market. You can buy a home for a reasonable price, but you will still need to offer quickly and without conditions. Make sure you work with an agent who knows the neighbourhood you want to buy in. In a downward-trending market, it is extra important to do your due diligence. An upward market hides a lot of mistakes, and even rough houses on bad streets rise in value. These nuances become very important when the market is on the way down.
You can be successful in this market as a buyer or a seller, but you must have the right strategy. Good luck!
