2022 Summer Solstice Update
The bank rate increases have certainly had a cooling effect on the housing market. We are seeing fewer frenzied bidding wars and some homes sitting on the market for a while longer.
Buyers are sitting back waiting to see how the next bank rate hike will affect the market.
More available inventory has provided buyers with more choice. This is a good time to buy.
This is the more balanced market that frustrated buyers have longed for, yet they are reluctant to make the move, perhaps because they fear that they will not be able to sell their current home at an acceptable price.
The key is for everyone to have realistic goals and make educated choices. A balanced market means just that - equal opportunity for everyone. Buyers will be less likely to overpay for a home and sellers will learn to accept current market value for their home. It’s a win win.
Real estate is key to a vibrant economy. Not only are jobs created when new homes and condos are built, but spending ripples throughout the entire home buying process. Painters, contractors, stagers and photographers are employed to prepare and sell properties. Also, homeowners traditionally spend money on new furnishings, minor fixes or larger renovations. This continuing cycle drives the housing market’s overall impact on the economy.
The Takeaway
Buyers have more choice and more time to get pre-approved for a mortgage to know exactly what they can afford and more time for home inspections to know what they are purchasing.
Home prices, although down from the February 2022 peak, are still on average higher than this time last year. Sellers can still get a good fair price for their home when it is priced correctly and presented in good shape to discerning buyers.
Housing is still one of the best investments you will ever make!
Please contact us for more information about market trends.
Free Home Evaluations and Staging Consultations are available.
Nancy 416-985-1486
Dave 416-894-4079