November Real Estate Market Update
The Etobicoke real estate has transitioned into a more balanced state, opening new opportunities for buyers and sellers.
Recent Trends in Our Market:
- The Bank of Canada has once again decided to maintain current interest rates, a move
that was expected and encouraging for potential buyers and those seeking to renew their mortgages.
- The number of new listings has experienced a significant uptick of 32% from September. This surge of inventory offers buyers a wealth of choices, fulfilling a long-awaited demand.
- In October, the number of homes sold saw a 27% decline compared to September, as buyers maintained a cautious wait and see approach.
- Home prices in October exhibited a decrease from September but remained stable when compared to the previous year.
- Homes are taking longer to sell compared to the brisk pace seen in early spring. In October the average time to sell was just over 30 days.
Are you looking for more insights into the Etobicoke real estate market? A few of our related posts will help:
- What Is Going On In The Etobicoke Real Estate Market Today?
- Can You Still Buy A House In Etobicoke For Under $1 Million?
- Know the Real Estate Cycles and Hack the Market
- First-time buyers with secured financing now have a chance to purchase homes at lower prices, with a broader selection available.
- Investors can capitalize on the increased inventory levels and high rental yields.
- Upsizing homeowners have a favourable opportunity as the gap between their existing property and their dream home has narrowed.
- It’s always advisable to buy and sell within the same market. With the current market conditions, there is an opportunity to sell first, knowing there is a diverse range of options for your next purchase.
Implications for Sellers
- Properly preparing your home for the market is critical; a decluttered, staged, and impeccably clean property will separate it from other similar homes on the market.
- Sharp pricing for today’s market is imperative; cautious buyers are seeking the best value and won’t overpay for your home.
- Consistent promotion and strong marketing plan is essential to ensure maximum exposure to potential buyers.
Gain even more tips for selling during a challenging market in the posts below:
- Can You Earn More Money By Staging Your Home?
- What to Look For in a Real Estate Agent When Selling Your Home
Insights for Buyers
- Secure a mortgage pre-approval before embarking on your house-hunting journey.
- Seize this opportunity to buy with a larger inventory, lower prices and the possibility of negotiating on price and terms.
Discover more buying insights in the posts below:
We’re Here to Guide You
Do you have questions about navigating the changing market landscape? Curious about how these shifts impact the sale of your home or how or your buying opportunity? Reach out to us, and we’ll provide you with the professional insights and guidance you deserve.