With Thanksgiving coming up this weekend I just wanted to wish everyone a happy Thanksgiving and I hope you are all able to celebrate the abundance with family and friends.
I often get asked what the best time to sell a house is and as we all know the Real Estate Market has been up and down like a roller coaster the last few years. In recent times, we have witnessed the emergence of several factors that have brought about significant changes in the industry. From the impact of high interest rates and recently the increase in inventory plus the prevailing economic uncertainty, both buyers and sellers are facing new challenges and opportunities.
New listings were up strongly in October and that gives buyers more choices. With buyers having a wider range of options this can lead to a more competitive environment, as Sellers must work harder to attract potential buyers. Pricing strategies and property condition become crucial in order to stand out in a crowded market. On the flip side, buyers have an opportunity to negotiate better deals and find their ideal home with move choices.
According to the October 2023 Market Watch Report “The short and medium-term outlooks for the GTA housing market are very different. In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower. This suggests that we should start to see a marked uptick in demand for ownership housing in the second half of next year, as lower rates and record population growth spur an increase in buyers,” said TRREB President Paul Baron.
While the changing real estate market brings its fair share of challenges, it also presents exciting prospects for both buyers and sellers. High interest rates, increased inventory, and economic uncertainty require careful consideration and strategic planning. For buyers, it's important to explore various financing options and be patient in finding the right property. Sellers must focus on effective marketing and pricing strategies to make their homes stand out. Ultimately, adaptability and proactive decisions are key to thriving in this evolving real estate landscape.
Happy Thanksgiving everyone and please don't hesitate to reach out if you would like a comprehensive report on your property value or if you are thinking of buying and we can discuss the best strategy for you in today's market.
The next Bank of Canada rate decisions will be on Tuesday, October 23.
- Jill Renshaw, Broker