Ok, so interest rates have held…now what? If you are one of the thousands of buyers out there waiting for the rates to drop, be careful. If the rates drop in Q1 or Q2 of 2024, there will be a storm of buyers returning to the market with less inventory and intense competition.
These high rates have definitely affected first time homebuyers and those with mortgages that are unsustainable but the fact remains the same…..this GTA West market is so resilient.
Sales and Inventory
Year over year, home prices are doing better than 2022 & in some areas between 7%-9%. We did notice that Hamilton was down in the Condo market due to more inventory vs 2022. Here’s some helpful tips: 1. Focus on your financing 2. Know the value of your home 3. Have a plan B & C & 4. Don’t wait too long!
Rent or Buy?
If you have been renting for a while and afraid that you cannot afford a home, there are always options in the short term but may take you outside of your current neighbourhood but at least you may be a homeowner. It’s ok to be on the fence but just get the right advice while you look at all possible options.
Advice for Buyers
If you are a buyer, maybe search for properties that have been on the market a little longer than 20 days for a better price and avoid those move in ready stunning homes….unless your budget allows it.
The key takeaway here whether you are a buyer or seller is to be one step ahead of your competition and find ways to avoid competition, as this will be the norm in 2024!