The Fall 2023 real estate market is here. If you’re considering selling your property this year you may find yourself confused or even nervous about whether it is the right time to do so or not. After numerous interest rate changes and real estate market fluctuations, it is only sensible that you would feel this way.
On top of that, news coverage about real estate in Ontario is varied but does seem to carry one similar theme – the shift from a seller’s market to a buyer’s market. Unfamiliar territory for many sellers.
It is important, for those of you that are selling, to know that regardless of this shift many in the industry are forecasting that the average sale price will still end up being higher than it was in 2022. Royal LePage adjusted its earlier projections — the firm now expects fourth-quarter home prices to be seven percent higher than in 2022. Lower than the 8.5 percent they had originally forecast, but still higher than 2022.
Phil Soper, CEO of Royal LePage, stated, “Looking back over the past half century, today’s mortgage rates are in a normal range, and well below the double-digit lending rates of the 1980s,” he said. “It is the large gap between Canadians’ hyper-low, pandemic period mortgages and today’s rates that have stifled activity. As with the introduction of the mortgage stress test, the market will adjust. It just takes time.”
Soper goes on to say, “While activity has softened in recent months and inventory is rising, we strongly expect that home prices will hold firm through the remainder of the year, with modest increases in some markets,”
So, what does that mean for you if you are considering selling?
Now, more than ever, it is integral for you to market you home carefully. With some uncertainty among buyers and options for them to buy, you need to position your home to be the one they fall in love with!
Check out some tips that I always recommend for my clients but are particularly important this year. If you’re considering selling, please reach out and let me know if you have any questions. I’m always happy to help!
Fall 2023: Tips for Marketing Your Home
- This year’s market has seen its fair share of interest rate hikes and inflation is high. In this type of market, buyers are more price-sensitive than ever before. It is important to price your property competitively to attract buyers.
- As much as possible, be flexible with your closing date. Buyers may be more willing to buy your property if you are flexible with your closing date.
- Do your best to have your home available to show at moments notice. With increasing options, potential buyers will be less inclined to reschedule at your convenience.
- Staging your property and highlighting its unique features to make it look its’ best and to appeal to potential buyers. Don’t forget the outside of your home as well – curb appeal is part of staging!
- Good photography and virtual tours are essential for marketing your property properly, both online and in print.
- Patience. It may take longer to sell your property in a market where buyers have more options. Don’t get discouraged if your property doesn’t sell immediately.
