Buyers' market?!?

The market is RIPE with opportunities for qualified buyers right now. There are a lot of motivated sellers, a good amount of inventory and really low demand: most buyers are holding off because of high interest rates, an unstable economy, and all of this uncertainty. 

Here’s what I’m seeing in the market right now. Agents are working a lot harder to sell properties for their clients. Sellers are becoming more realistic about price and are increasingly willing to negotiate.  Interest rates have been held for a couple of consecutive announcements, which is a good sign. I feel like we're coming towards the end of that intensity of rate hike cycles. Maybe we'll see a bit more, maybe not. It’s hard to say. There's still so much uncertainty in the world – not just with interest rates and inflation but with everything – so most people are stuck in “wait and see” mode.

So while this is certainly a tough market for a lot of buyers and sellers, for first-timers or upsizers who can qualify to buy at current rates, the market is your oyster. Here's why.

Prices are lower

Let's say you're looking for a bigger home but you couldn't afford what you wanted when prices were higher. You might be able to afford it now. The discount you get on a larger place will outweigh the lower price you'll get for your current place. So maybe you'll be able to get into that two-bedroom condo or that three-bedroom house. 

There’s less pressure

Another good reason to buy right now? You can take a bit more time and find something you really like. It's nice not to be competing with people for every property – and not having to make super-quick (and sometimes rash) decisions on something that ultimately, you're just okay with.

The exception, of course, is the undersupplied, high-demand area where things are still selling fast and for top dollar. But no matter where you're looking or how little competition you face, if you find something you love and you can afford it, grab it. Because you never know when something similar might pop up again or how many other people have seen it and are just taking their time.

Also remember this: as we’ve seen plenty of times over the last couple of years, the market can change on a dime. I can only speak to what I’m seeing in the current moment. Nobody has a crystal ball, but I think if you’ve been sitting on the fence and waiting, this is a great time to jump in. 

“Wait and see” doesn’t always work

Being in the business for a decade now, I can assure you that there is always something to “wait and see” about. There will always be things to be unsure of, no matter what’s happening with the market. But at the end of the day, remember this: you are buying a home and a lifestyle, and that should be your focus. Not trying to “time” the market. 

With that said I do feel this is an incredible opportunity window for all you buyers and upsizers, so get your financial ducks in a row and make it happen!

If you need any advice or want to discuss your options, I'm here. Get in touch anytime!