Shawn DeLaat here with the Davids & DeLaat Real Estate Team with your February 2023 Market Update.
What a February we had! It almost seems like spring is in the air, but I cautiously remind you that it is still early in the year. Although properties are starting to move, we are noticing that demand from out-of-town buyers is starting to slowly enter our Niagara market. Whereas last year in 2022, we had the interest rate “kerfuffle” where the prices got pushed down and we saw very low sales and very low demand, but we knew that demand would start to pick up. There were a lot of people who wanted to do business last year that just timed out because of the interest rates, and now they are definitely looking at Niagara as an area they want to move for affordability.
WHAT DOES THIS MEAN FOR SELLERS?
Sellers, if your house is priced right and shows well, you’re going to get a good offer and you’re going to sell your house relatively quickly. The days on market for homes is shrinking. Last year, houses were on the market for as long as 100 to 200 days. This year we’re noticing if a house comes out on the market and it’s priced right, it will sell within 1 – 30 days. So, sellers, get out there and get your home prepared for spring when it’s going to look it’s best and you can make your move.
WHERE ARE WE NOW? FEBRUARY 2023 MARKET STATISTICS
BUYERS, GET PRE-APPROVED!
Buyers, get out there and get pre-approved! Your time to buy is now if you want to jump ahead of this demand before it starts to increase even more. We are anticipating something to happen with interest rates in March, we don’t know 100% what they’re going to do because they may increase rates, or they may leave them alone. Either way, experts do not anticipate too much of an effect on our market.
WHAT TO EXPECT IN SPRING
The interest rates have kind of “done what they’ve done”, and pushed the prices of homes to where they are now. The prices are once again attractive to people because we have finally found a place that’s affordable where the new interest rates are and that means we are looking forward to a fantastic March/Spring! So, buyers and sellers, get out there and do what you got to do!
Take advantage of the opportunity to purchase at a more affordable price! 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.