Shawn DeLaat here with the Davids & DeLaat Real Estate Team with your October 2023 Market Update.
Well, Bank of Canada came out on October 25th with what I possibly think is the best news that we could hear that they are holding rates. They anticipate to hold rates through 2024 and a potential reprieve and maybe rates go down come summer.
So that’s some good news, but as far as it is for October, we are still in what I consider a buyer’s market. The reason for that is because inventory levels are through the roof! If you go on the MLS right now, you will see there are a ton of houses for sale.
Demand is a little lighter so therefore buyers have the power right now. They have lots of options to choose from. They’re kind of sitting back being cautious about their purchases. They have opportunities to wait and not to mention there are some people out there right now who really need to sell their house and buyers are picking up some pretty good deals.
That will maintain through the rest of 2023. 2024 will be a different story, and we will fill you in with that when the time comes. But right now I want to tell you about the high inventory levels and how pricing your house right now needs to be aggressive to the market.
WHAT DOES THIS MEAN FOR SELLERS?
So, if you’re selling or contemplating selling your home right now, I suggest – if you want to sell your home, hold off till next year. It will be a far better selling season for you.
But if you really need to sell, I’ll prepare you. You’re going to have to price your house very, very aggressively to the other homes on the market to achieve a sale because you are up against hundreds and hundreds of other houses.
WHERE ARE WE NOW? OCTOBER 2023 MARKET STATISTICS
WHERE OUR MARKET STANDS
So the bottom line is this: 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!
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.