Feb 16, 2023 -Aggressive interest rate hikes have invaded our territory and many people are looking for more affortable housing to offset the higher borrowing costs. At the same time, many have decided to sit back and watch as the uncertainity of the war in Ukraine unfolds and raging inflation continues to change our world as we know it.
In many areas in Ontario, it has created a scarcity of supply of homes. We have been seeing a return of muliple offers where inventory is still low and buyers in the market who are in need of a house especially those that have pre-approval rates that have secured a lower interest rate and need to purchase before their low interest rate expires.
Its speculated that the first quarter of 2023 will be strong for Sellers because the competition will be very minimal in many areas. As for the 2nd quarter of 2023, you will start to see the dynamics change as more inventory will come onto the market and Buyers will have their choice of homes to pick from. They expect Inventory to outspace Sales creating what we call a Buyer’s Market.
Final thought, if you are thinking of selling to get the most money, it is suggested that doing it during the first quarter of this year will net you a higher price. It’s the simple concept of ‘Supply and Demand’.
Let us know if you have any questions or have a concern. We are here to help!