Understanding the real estate market can be a challenging task these days. The real estate market is changing so drastically, and looking at the MLS is no longer an accurate representation of what is on the market. To help you understand the market better, keep reading or jump to the video below! This is the Davids & DeLaat State of Real Estate – our take on the Niagara Real Estate Market based on what our buyers, sellers and agents experience… and a quick heads up that your fall market update is looking pretty wild.
What we experienced during the summer months was lower demand and lower inventory as buyers and sellers tapped out of the market. As summer came to an end and school returned in September we experienced a surge of inventory as well as a surge of demand. This is because, as Canadians, we often hold off on selling until Spring when our homes present better.
Now that we’ve turned the corner into the fall you can expect to see low inventory on the market with strong buyer demand building up over the next few months as investors and first-time home buyers look to take advantage of the lower interest rates while they stand.
In October 2021 it was announced that interest rates will remain the same for the remainder of the 2021 year and we can anticipate hikes in the Spring of 2022. In this article posted by CTV News, Robert Hogue, a senior economist with the Royal Bank of Canada, advises new homebuyers facing these increases: start by speaking to a specialist.
TIPS TO TAKEAWAY
Demand for homes under 800k is incredibly strong, making this a great time to sell due to the volume of buyers shopping within that budget.
If you have a luxury or higher priced property, one potential strategy may be to wait for spring / summer market. Alternatively, you can consult your real estate sales representative to devise a custom strategy that would work best for you.
The MLS data is not always an accurate snapshot of market value right now due to homes being priced lower than they should be. This is causing some confusion with buyers, not understanding why homes are selling for significantly more than listing price.
If you have more questions about selling your home or buying a home in the Niagara Region make sure you connect with us at Davids & DeLaat. We promise you Real Honesty, Real Friendly, Real Estate assistance because that’s the Davids & DeLaat difference.