This seems to be the question most Seller’s and Buyer’s are asking in 2022. The real estate markets have been unstoppable in just about every city across Canada…..but there maybe hope on the horizon for buyer’s.
According to the Toronto Real Estate Board the city is showing early signs of decline! With fewer buyer’s shopping for homes. Our local real estate board in Halton is showing the same results. Certain homes BUT not all have been showing price adjustments.
The issues realtors are having now is educating their sellers that market conditions are changing, and they may need to take this into consideration when the property hasn’t produced an offer. This will take time for the sellers to realize the market has changed. This is when its critical to have a seasoned real estate agent representing your interests.
Team Hilson has been providing real estate services in the Halton areas for over 35 years and prides themselves on educating their clientele on market conditions. The past few years have proven easy for home sellers to unload their properties. A huge shortage in inventory alongside record low interest rates has created the perfect storm.
Interest rates have risen although not drastically this will cause buyers to pull back and rethink their strategy, and we have seen this already in today’s market. Hiring a real estate team that can achieve results in any market is the team you want in your corner. Team Hilson can guide you to make the right decisions at the correct time in any real estate market.
Sellers typically have been listing their properties below market value which has been extremely frustrating for buyers. This tactic allows the seller to attract more buyers and sell for a higher price, typically 5-20% over list price. But what we are seeing now is homes not generating offers that the seller finds acceptable and, relisting the home at a higher price. This tactic sometimes works but certainly puts a bad taste in a buyer’s mouth. In February roughly 5% of the homes with offer presentation dates set never sold.
The combination of buyer fatigue, higher interest rates will probably cause the market to slow. So buyer’s don’t give up! Let a real estate professional take the reins and guide you into that perfect place you will call home. Call Team Hilson a family of realtors that strives on separating themselves from the real estate masses
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