Are we done with the market "hangover"?
Similar to the day after excessive festivities, the real estate market has been a source of headaches
Trying to figure out what to do requires serious questioning about your priorities and your long term goals. It can get very confusing if you listen to everyone's interpretation and especially what the media choose to put forward to get your attention. The reality is often more nuanced.
It is far more frightening going blind into a new room than going in knowing the obstacles we will be facing and having someone guiding you through them.
Some are proclaiming that it is now a buyers market which is not quite the case based on statistics and on what we encounter in the field. This is a more balanced market and in my experience that means that some segments are still very competitive for buyers, and other segments will see more complex and longer negotiations.
Indeed the market changed drastically; in terms of units sold, the numbers are plummeting; in September 2018 and 2019, we sold on average 209 homes in Barrie with an inventory of 597 homes. This past September, we sold 121 homes with an inventory of 222 homes which represents a decline in units sold of 43% and smaller inventory by 34%. However, the average price of $755,643 this September was 2.6% higher than September 2022. Average Prices have been floating in the 700-800k range since August 2022 after an historical peak at 965k in February 2022.
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The key is to be prepared as a seller or as a buyer; do your homework, be realistic with expectations and timelines, get professional advice and ask lots of questions. It is far more frightening going blind into a new room than going in knowing the obstacles we will be facing and having someone guiding you through them.
Please reach out with any questions or concerns, it is always a pleasure to share my expertise and get to learn more about your projects.
I would like to take the opportunity to wish a Happy Thanksgiving to you and your loved ones.
All the best and talk soon!
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Pascal