The current climate, marked by high borrowing costs and economic uncertainty, has led to a noticeable slowdown in house sales. Many sellers opt to delay their plans, looking towards next year as a more opportune time to sell. However, it’s important to note that the Niagara region is experiencing its highest number of listings since the fall of 2014, with approximately 2,800 properties on the market.
It is a buyers market, buyers take advantage of the next few months because this is here now and will be gone by next year. Sellers, be patient, you time is coming again, and we’ll keep you updated!
Known as the ‘SOP Offer’, they are often far more complicated than people think. The market conditions will determine how much you see them and here towards the end of 2023, we are knee-deep in SOP!
A slow moving real estate market requires a change in the mental approach of both the seller or buyer as well as the Realtors involved. Here in the molasses market of October 2023, the mental wear & tear is real. So, let’s talk about it.
Our market is still grappling with the consequences of the June and July rate hikes, driving market activity downwards. Additionally, there’s speculation about another rate increase by the end of October.
We had a little summer break so its time to get caught up on all things Niagara real estate. From prices to over ambitious sellers, mortgage rates and mental health…it’s all up for discussion on this one.
In another episode where we discover how much we don’t know, Eric Cleary, Realtor, joins us to talk about rentals, landlord tenancy, conversions, density intensification, and all things real estate. This is a great one whether you’re a landlord or thinking about getting into real estate investing.
The average sale price in Niagara reached $715,000 by April, experienced a minor dip in May, then recovered slightly in June to $712,000. As we moved into August, this number decreased to $680,000, a clear indication of how the rising interest rates have weighed on the market.
Right now, in July/August I have to remind sellers, please don’t go to the MLS to price your house. Buyers have more information at their fingertips through the MLS, through the photos, videos, and apps that let them know what your house has sold for. So if you’re trying to stretch the market, you’re not pulling the wool over the buyers eyes.
Neil Thornton always brings a trunk load of insight & big picture ideas to any conversation so we were thrilled we could trick him into spending an hour with us in the podcast studio.
Demand is picking up and prices are increasing in the GTA due to lack of supply. This is something I’ve been discussing for the past little bit because here in Niagara, what you need to know and understand is this is most likely coming our way. We are starting to experience that in certain price ranges and in certain locations in our region, as supply is now low and demand is high.
QUICK SHOT! In this episode, Statrick has a dig into the restaurant analogy and how it relates to running any business. Are you a transactional business or relational? The choice really is yours and the results will vary.
