The only thing consistent in the real estate market right now is the inconsistency!
February saw home sales dip —down 28.5% from January—as many buyers hit pause, waiting to see what happens with interest rates and the economy. It's projected that the next Bank of Canada rate announcement will see a .50 basis point drop amid the uncertainty, which will likely boost home sales and help the 1.2 million people who are renewing mortgages this year.
But what does that mean for you?
- If you are considering a purchase: Fewer buyers in the market could mean less competition and better deals—if you know where to look.
- If you are considering selling? Pricing and strategy are everything in a market like this. The right approach can still get you top dollar in your time frame. Working with an experienced agent who has gone through several challenging markets ( me !) is a non negotiable right now. Gone are the days of pricing your home low and letting the market drive up the price, strategy is everything.
Bottom line? Knowledge is power. The best decisions come from understanding your options. If you’ve been wondering how all of this affects your plans, let’s chat! Give me a call, and we’ll go over what makes the most sense for your situation.
If you would like to read more about what is happening in the market click the link below.