From the Mak Family…
The Holidays were a time when we could relax a bit and enjoy time with friends and family.
We had planned a ski trip over the break, but the 10-degree weather cancelled those plans.
Fortunately, we live nearby to Jack Darling Park and the Rattray Marsh Conservation Area in South Mississauga.
In between NTM playing video games, we were able to walk the boardwalk and skip stones into Lake Ontario.
I’m happy we could get out while the weather was still warm.
Dealing with Buyer’s Remorse
My job as a realtor is to guide the buyer from “The Spark” all the way to the happy “1 Year Homeowner” stage.
There’s a lot of emotional highs and lows in the buyer’s journey.
I’m grateful for the opportunity to explain the process in my first published article in Real Estate Magazine.
The Worst Year on Record?
In December 2023, the average home sold for $1,084,692. This is up +0.2% from last month and up +3.2% from 2022.
Overall, there were 65,982 homes sold in 2023, which is the lowest in 5 years and 55,730 fewer homes sold than the peak in 2021!
Rising interest rates and affordability played a large part in this.
With the recent announcement of a rate-hold, the fourth since July 2023, everyone seems optimistic that the interest rates will drop eventually.
Most experts are expecting interest rate cuts as soon as April or perhaps in June.
While affordability hasn’t changed much since the Summer of 2023, it seems that buyers are adjusting to the new “normal.” I have heard anecdotally that the market is starting to heat up with multiple offers.
What does this mean for Buyers?
I think you have a month, maybe two before things start to heat up.
“Date the rate, marry the house” has always been true. Eventually, the interest rates will change and you don’t want to be priced out of another real estate cycle to move to the next stage of your life.
What does this mean for Sellers?
If you don’t have to, you shouldn’t sell now. I would wait to see how the Bank of Canada reacts and see how the market plays out in the Spring.
Traditionally, after March Break is when things start to really heat up and time will tell if it’s the same again this year.
Is it time to sell?
Call me at (416) 276-4895.
This stunning 1 bedroom condo has plenty of natural light and a private balcony for you to enjoy your day. The kitchen is equipped with stainless steel appliances and a versatile island.
Conveniently located at Bathurst and Front, this condo is just a short walk to Farm Boy, restaurants, and public transportation.
The building offers many amenities such as an outdoor pool, a fully-equipped exercise gym and beautiful party rooms and meeting spaces.
Looking to invest?
Call me at (416) 276-4895