The State of Real Estate in Niagara – Market Update September 2022

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Hello Niagara!

 

Shawn DeLaat here with the Davids & DeLaat Real Estate Team with your September 2022 market update. 

We continue to ride this roller coaster that is the 2022 real estate market. The summer months welcomed a BUYER’S MARKET that has remained strong in September as inventory increases. This buyer’s market continues to offer various unique opportunities and suggests now is as favourable a time as ever for potential buyers to purchase their dream home or investment property.

HOME BUYERS IN NIAGARA

As much as the media is putting out doom and gloom regarding interest rate hikes, it is important to remember these hikes have created ample opportunity to buy a home. There are a lot of sellers out there whose house is exponentially overpriced, while others are coming out and pricing very, very aggressively, in-turn creating incredible opportunities to buy! The time is now to book a consultation with your mortgage broker to best understand how this market can work in your favour.

WHAT TO DO AS A SELLER IN 2022:

Sellers, if you’re thinking of selling your house and want to make the biggest bang for your buck, I would recommend you hold off until 2023. However, if you are looking to sell now it is important to keep this in mind:

  • You Can’t Stretch This Market – With inventory levels this high, you cannot expect to sell your house well-over market value. The market is currently filled with a lot of homes that are overpriced, cluttering the market and creating confusion among the ones that are priced appropriately.
  • Custom Pricing Strategy – There is no one size fits all approach. The prices we once saw in early 2022 are now gone. It is important that your home is priced right to avoid being lost in all the inventory that is currently sitting on the market.

WHERE ARE WE NOW? SEPTEMBER MARKET STATISTICS 

We are about six months into what we’re calling Rate-A-Gated. We saw the exponential spike at the very beginning of the year, we thought the Bank of Canada was going to raise interest rates and they have done so. The latest interest rate hike was on September 7th and we are anticipating another one, October 26th; but we’ll have to wait until that day to find out. But what does that mean? Well for you buyers, get out there and purchase a home!

THE FUTURE OF THE NIAGARA MARKET

As we enter the latter part of 2022 and winter begins, demand will grow, but inventory levels will remain very high and we will likely be anticipating a little bit more of a balanced market. 

With so much discussion around our current market, it is easy to get lost in all the noise. We encourage everyone reading this to be pragmatic about any decisions! Talk to a David’s and DeLaat representative about the steps you can take toward your next real estate purchase.

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. 

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