As we head into Summer, many buyers and sellers are not thinking about real estate! That being said, there are great opportunities for those in a position to buy! So if you're ready, DIVE ON IN!
Inventory and Days On Market...
Inventory is extremely high which is up is around 65%! This impacts Days on Market and also provides some negotiations and below-market-value prices. We are definitely in a Buyer's market and Sellers need to be prepared so they have realistic expectations when listing.
Sales...
Sales in 2024 are down around 24% vs 2023 which is also alarming but mainly because of the interest rates and affordability reasons. There are fewer buyers in this market and lots of listings also because of investors off-loading and trying to cash out and stop the bleeding, especially as we head into Mortgage renewals.
Prices...
The positive news for Sellers in this market is that although Sales are down nearly 50% vs the hype of the market in 2021/22, Prices are only down between 4% to 10% which is nice to see given how unrealistic those prices were.
Advice to Sellers and Buyers...
The biggest takeaway here is that if you are a seller, please think it through before listing your home and ensure you have all scenarios covered in case your home takes longer to sell. It is a good idea to sell first, buy after and ask for a longer closing date so you have ample time to find your dream home! If you are a Buyer, take advantage of the opportunities out there and don't be afraid to negotiate and make a deal....this is your time to shine!
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