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MARKET INSIGHTS EVERY SELLER SHOULD KNOW ABOUT

Monday, February 12, 2024   /   by Ameil Gill

MARKET INSIGHTS EVERY SELLER SHOULD KNOW ABOUT

MARKET INSIGHTS EVERY SELLER SHOULD KNOW ABOUT


Over the past year, the real estate market has undergone a noticeable shift, marked by record-high interest rates and rising inflation, which has resulted in affordability challenges for home buyers.


Consequently, it’s become evident that buyers are being far more deliberate and picky in their home buying decisions compared to previous years.


So, if you’re considering selling this year, it’s crucial to gain a clear understanding of the current market dynamics in order to position yourself for a successful sale.


Here are 3 market insights every seller should know about:


 


1.Home staging, prep, and presentation are crucial.


With the highest interest rates in decades, buyers are more price-conscious (and therefore pickier) than everBuyers are significantly stretching their budgets and, therefore, aren’t willing to compromise on their non-negotiables.


2.Your home might not sell in 2 days.


The amount of time active listings are staying on the market is getting longer — with the median days on the market at around 23 days.


That’s about a 10-day increase from last year (but still lower than pre-pandemic averages).


Affordability concerns have caused many buyers to step back, and fewer buyers mean homes are sitting a little bit longer.


3.You might not get the price your neighbor got 6 months ago


Higher interest rates, coupled with the rapid price appreciation we have seen in recent years, have significantly impacted affordability… and while buyers may have been stretching their budgets when they were just higher prices, now many simply can’t afford the current market with the 6-7% interest rates.


The 1.5% increase in the interest rate (from 5% – 6.5%) increases the monthly payment on a $400,000 home by over $300 / month.


Buyers simply can’t afford today what they could when your neighbor sold their home 6 months ago when rates were around 5%.


Your home must look its best from the moment it hits the market. So, invest in repairs, decluttering, updating, and staging to help create the best possible first impression and allow buyers to visualize themselves in your home.

REMAX Realty One Inc. - The Gill Team
Ameil Gill
50 Burnhamthorpe Road West Sussex Centre Ste #102
Mississauga, ON L5B 3C2
416-884-1359

Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated July 13, 2024
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