Is Fall 2024 going to be a busy real estate Market?
This a question we have been fielding from many of our clients and friends. In a time that is in such turmoil not only at home but around the world it is a very difficult question to answer but we’ll give it our best try.
It appears that the Bank of Canada as well as the Federal Reserve in the U.S. are very likely to lower interest rates again in early September and that may not be the last of it. We are confident that this will stir the market and get some buyers off the fence and make the commitment to buy a home.
Then there are the sellers. Prices and sales are definitely down compared to the last couple of years. Those that have owned a home for a while (5 + years) are still seeing a substantial increase in value over what they paid back then. Those who have bought less than 5 yers ago are either seeing a modest increase in values or a break even point. So, depending on the situation, we may see more homes on the market.
That being said, the homes on the market now are for the most part, not moving quickly. Patients are required from sellers in today’s market. Good marketing strategies are required and adapting to the pulse of the market is critical. We have seen homes come on the market and by the look and description should sell relatively quickly but then they do not. Why? Generally pricing. Starting too high because the last few homes sold in a brisk seller’s market is a common mistake sellers and some agents make. Then not adjusting price to meet the market is a very critical mistake. We have seen homes on the market for over 120 days and not change the asking price. This is either a seller who doesn’t really care to sell and just wants to see if any fish will bite or poor advise from those that the seller relies on to guide them.
So, buying and selling you must be knowledgeable, flexible and attentive to what is going on around the market today. After over 30 years of selling real estate, we know and watch the market everyday.
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