Updated: Nov 13
So, how do you stay calm in this market and positive when…sales are down, less buyers, rates are still high, homes are taken longer to sell, rent is insane & higher inventory? Where is the good news or silver lining in all of this?
Luckily, when you work with professionals, they know what they are doing and can explain this daunting market.
Appreciation Since 2020
The good news for homeowners is that if you’ve owned your home since 2020, the equity should be positive as the values are still strong…for example Detached homes in Oakville, Burlington & Hamilton are UP around 10% per year. The townhouses are UP 9% - 14% & condos are UP 7% - 10%.
If you are a Buyer in this market, more inventory & less buyers is perfect for you as it means….less competition. When talking about Real Estate, you have to look at it from all angles and not just one perspective (aka the media). Every market is different and keeps changing on a daily basis.
In fact, as much as I don’t like “bidding wars”, they still are happening in some areas and its mainly because some lazy Realtors are not sure or confident about the suggested list price and just slap on a below market value price. This is very frustrating for buyers, sellers and us Realtors who actually take pride in listing properties at a fair and accurate price after hours of analyzing the property.
I get it, no one has a crystal ball in terms of where homes will end up selling but we can provide a realistic range so clients are not disappointed with unrealistic expectations. Working with a Realtor that understands their local market, stats, competition & communicates at the highest level will yield you the best results while making real estate….REAL!