Real estate trends in the summer months are as changeable as the weather. They can be hot, stormy or downright flat & cold.
This summer, Canada’s property market remained stable, leaning towards a buyer’s market. This means there were more people looking to sell their properties than those willing or able to buy them. There was more choice for buyers with a flood of properties for sale, but the real estate market like most things, is always subject to change.
The global economy has inched forward slightly towards confidence but don’t expect a real estate boom anytime soon. Globally, and more specifically here in Canada, caution is still in favour and that is probably best for everyone, even if that means it might take a little longer to sell your home.
The number of properties on the market so this summer was quite high in most areas. This means it will continue to be a buyer’s market for the next few months until inventory starts to take a dip which is around the late fall.
Mortgage rates remain low but they will not stay there forever and there are already some indicators that they are on the rise. They will inevitably go back up with interest rates. If having a lower mortgage rate is one of your deciding factors, now is the time to take advantage and to look at buying.
The limited number of buyers out there right now means that the competition is strong if you want to sell your home. You will need to be creative with your marketing strategies – always ask your real estate agent what new ideas they have to entice buyers to your neighbourhood and house – and make sure your home is the best looking one on the street! A willing buyer is a precious resource so you have to make the outside and inside of your home look better, offer more improvements where necessary, and really work with your agent to make sure your property gets the offer ahead of your competition.
You have plenty of choice as the seasons are changing. So make sure you have a great real estate agent to guide and assist you when choosing the next property you will call home. Be sure to get your pre-approval in place before you start looking and bring your wish list to each home. Make note of all the things you like about the house, do not like and what improvements have to be done. Finally, have your potential new home inspected before you sign on the dotted line. You want to make sure you know as much about the new purchase as possible.
Different Canadian cities are still facing different strengths and weaknesses of the market. Whether it is city, suburban or rural living, you will want to talk to a real estate agent about how to make the most of the opportunities as a seller, or how best to compete as a buyer.
Summer, as we all know, is fleeting. So whatever trends you might see for types of homes or values of homes on the market, we’ll soon be into autumn and winter. Always look to the future because if you aren’t buying or selling now, you might decide to later and that is the trend you need to look towards.