Current market conditions can make a big difference to the selling and buying process, so understanding how the market can change prices and demand is key to having a stress-free buying process.
Understanding the market can also help you get the best value on your previous house while helping you find bargains when buying a new home.
Moving is one of the most stressful events a person can experience but cracking the code between buying and selling a house is critical to remaining calm and collected while you find your next perfect home.
A big part of taking the stress away is having an experienced and local REALTOR® help you navigate the turbulent market, advising you on the best course of action depending on the current housing climate. That’s where Davids & DeLaat can help you!
We’ve put together this guide to bridging the gap between buying and selling your home so you can transition between houses with total clarity. We’ll discuss the current real estate market in the Niagara Region, including some of the best tips for selling your home in the current climate.
Today’s Real Estate Market In Niagara Region
It’s no secret that the last two years have proved to be pretty turbulent for the housing market, with the pandemic sending house prices soaring by over 34%. While this was a shock, this was to be expected as economies across the globe succumbed to the tightening grip of COVID-19. This meant that first-time buyers took a blow and sellers faced a lack of demand for their homes.
We are now beginning to see a more balanced market with much more inventory and demand from buyers; that means sellers are finally starting to see some parties interested in buying their homes.
The market in the Niagara Region still overwhelmingly supports sellers over buyers, and while things have slowed down and cooled off since the height of the pandemic, we’re still seeing a 26.8% increased average house price and a decrease in the amount of time that homes are on the market in Niagara.
There is still a demand for nicer properties, and they are selling well. However, the overall demand has still diminished exponentially, with buyers seeking homes in smaller towns and cities to find better deals beyond the Niagara Region.
So what are buyers looking for now? Well, buyers are typically gravitating toward newer or recently renovated properties in prime locations with access to more amenities; that means there’s a lot more competition lurking for sellers who fit the bill.
Sell First Or Buy First?
The eternal question: sell or buy first? Well, everyone’s situation is different, so it’s important to consult with an experienced local REALTOR® like Davids & DeLaat who can assess your situation and advise you accordingly.
However, our rule of thumb would be to sell first.
Now, we know that this can be daunting, especially if you have nothing secured to move into after your home sells, but as the market is still favouring the seller instead of the buyer, you’re bound to have more success in securing a decent offer that can then contribute to a home with more amenities in a better location.
Once you’ve sold your home and secured a profit, you can choose from the many options available. You can use the opportunity to look for a new home after your property has been listed and you’ve consulted with a REALTOR® who can advise you on the market value of your home.
Why You Should Sell First
If you’re not convinced about why you should sell your home first, here are some reasons why you should consider selling before buying:
By selling your home before buying, you’ll have greater clarity on how much you’ll receive for the price of your house, meaning you’ll know exactly what you’ll be able to spend on a new home.
You can ask for an extended 90-day close on the sale of your home, giving you more time to explore the market and find a new home. Buyers on the market also benefit from a wider selection of inventory and a lot less competition, so you can feel confident in putting an offer down on your dream home.
Stronger Negotiation Power
If you sell before you buy, you’re in a much stronger negotiation position than your competition. This is because you’ll understand exactly how much you can minimize the conditions of your offer, including reducing financing and other aids; when you understand that, you will have more confidence putting an offer on your home.
You need to get pre-approved as soon as you start selling your home. Getting pre-approved can help you lock an interest rate for 90 days, protecting you from soaring interest rates as a result of inflation; this helps maintain a much more stable buying process.
Tips For Selling Your Home On Today’s Market
We know that selling your home in the current climate can feel daunting. However, fear not, for we’ve created some expert tips for selling your home, so that you can benefit from a stress-free process:
- Prepare your home for sale now: As demand has diminished, you’ll need to make sure you conduct any repairs or renovations that may increase the competition. The demand for snapping up a house is no longer there, so doing this can increase your chances of securing a buyer.
- Make sure your house doesn’t look worn out: The amount of showings to a house has also decreased, meaning people will turn away from a house if it looks a little weakened.
- Curb appeal: You’ll need to make sure that your property has got the ‘wow factor’ before a viewer has even entered the property. To give your property the ‘wow factor’, you’ll have to be willing to complete tasks such as painting and staging. The more you invest in making your home look good, the more you’ll get out of it.
- Make your house ‘ready to move in’: With interest rates at eye-watering levels, people will want to ensure that their new home costs as little as possible to fix. By making sure there are little to no improvements for your home, the buyer will be motivated to put in an offer.
Need a quick refresher of what we’ve covered so far? No problem! Here’s a summary of what you’ve learned about buying and selling a home and real estate in Niagara:
- The gap between selling and buying is closing
- The current market is stabilizing
- High inventory means you should focus on selling first instead of buying
- You need to invest more to make your home more profitable
- Update and renovate now before selling
If you’re in an area with low inventory where the demand is super high, then you need to flip the logic. You’ll want to buy a home before selling. This is because buying in an area with low inventory is much more challenging than selling where there is huge competition.
Looking To Sell Or Buy A Home In The Niagara Region? Call Davids & DeLaat Today!
Are you looking to sell or buy a home in the Niagara Region? Then you’re in the right place! Davids & Delaat’s team of experienced and professional REALTORS® can help you navigate the maze that is the housing market, helping you maximize your selling price and helping you buy your dream home. Contact us now to find out how we can help you!