April continued the trend that took hold in March, a shift from a seller’s market to a balanced market and in some sub-categories, for the first time in a long time, a buyer’s market. There is a saying that holds true in many scenarios,
“A Confused Mind Says No”
We’ve seen a shift in a number of different factors and many Buyers are taking some time to digest these changes before they make a buying decision. Interest rates have risen, more listings have come on the market, and more Buyers are slowing down their buying decision.
You may be confused by some of the headlines you read and that is because in a shifting market the statistics can be used to benefit the end goal of the writer. Compared to last year at this time, prices are up considerably. Compared to the peak numbers from January and February, we are down. So depending on what the article’s goal is, they can show it either way. Listening to a trusted source is important.
Ultimately, the proper way to identify how this impacts you is to have a conversation about what your goals are and to see if the current market benefits you.
“If You’re Indexed to the Market, You’re in Good Shape”
For instance, if you are looking to make a move and you already own in the market, you are what I called “indexed” to the market. Whatever you have lost on the sale of your home, you have likely gained on the purchase of your new (maybe more) so current conditions could actually work in your favour. What it would affect is how we plan out your move so that you can maximize your benefit from the current situation (re: Do we sell first, then buy? How do we market your home differently, etc…)
What are the stats? Well, the volume of sales is down 27% from March and 41% from a year ago. Remember what I said about Buyers taking longer to make a decision? This is the result. Prices were down slightly month-over-month, however, in most areas and most housing types the values are still higher than where they were in December 2021, so when looked at from above, not so bad.
“What to Expect Going Forward”
As we work through the inventory of Sellers who have a high need to sell (because they have already purchased a new home) we will see prices stabilize. This usually takes about 60 – 90 days. Once Buyers see this, they will be more willing to move forward which will further stabilize the market.
As always, if you have any questions feel free to reach out to me or my team directly. We’re a full-time real team, focused on the West GTA and we have experience in all market types. We know how to navigate this, and anything else that comes our way.
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