Shawn DeLaat here with the Davids & DeLaat Real Estate Team with your May 2023 Market Update.
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 that 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.
WHAT DOES THIS MEAN FOR SELLERS?
If you have a house and you’re contemplating selling, you are likely to be in pretty good shape moving forward as demand increases and supply decreases. It does put you in a good position to get a good dollar for your home. What you need to know is that you need to price your house appropriately to the market. There is no stretching of the market right now.
WHERE ARE WE NOW? MAY 2023 MARKET STATISTICS
WHAT DOES THIS MEAN FOR BUYERS?
What you need to do as a buyer is to get pre-approved, get educated on the market, and start buying homes. We are noticing our luxury market performing very well ($1 Million + Homes). If those houses are priced right, there are a lot of buyers that are not affected by the rates that are either looking to upgrade their current homes or out-of-town buyers looking to move their families here.
WHAT DOES THE MARKET LOOK LIKE?
We are noticing some challenges in the price range from $700,000-$1,000,000. There does seem to be quite a bit of supply. In that category, pricing does seem to be a little bit all over the place, not to mention that is a price range that’s strongly affected by the rates as that lower range is affordable for investors and first-time home buyers, and it’s very active.
WHERE WE STAND & WHAT TO EXPECT THE REST OF 2023
What we’re noticing is that the properties that are priced right to the market are selling fairly quickly and sales are definitely increasing. More good news for our region right now is that inventory has increased as well. We do have good demand and a solid inventory, meaning that it is a little balanced for buyers and sellers right now within our region. But as I mentioned earlier, that wave from Toronto is going to come and that will push those buyers to our region for affordability as they get priced out of those out-of-town markets.
Right now, looking at a balanced market is great for sellers getting good dollars on their homes, but there are also still opportunities for buyers. If you’re patient and you’re smart, you can get in without the multiple offers. For those who think rates are going down, they will not be going down. We may see an increase which could put a little pause on the market, but we will keep you updated in our June market update.
Contact us to discuss a selling strategy that’s custom fit for your home. Visit us on Youtube to learn more about these changes or schedule your free home evaluation to find out what your home could sell for in today’s market.