For weeks, we’ve been talking about the fall real estate market as though it was just about to arrive.
Well, September has come and gone, and the numbers were surprisingly softer than expected.
GTA sales were down 9% compared with last September, but the number that really caught my attention was new listings, which were down 14.4%. The average selling price was $1,006,409, down 5.1% year-over-year.
But that doesn’t mean there aren’t buyers out there.
We’re seeing them firsthand. Our recent first-time buyer seminars had more than 35 attendees, and our open houses have been busy. Buyers are looking, asking questions and educating themselves. They’re just hesitant to make a move.
What’s interesting is that sellers seem hesitant too.
And I’ve noticed another sign of the slower market that you definitely won’t find in the monthly statistics.
My phone is ringing a lot more.
Mortgage brokers, photographers and movers have been reaching out asking for referrals and looking to connect. I honestly can’t remember receiving this volume of prospecting calls before.
When real estate sales slow down, it doesn’t just affect buyers, sellers and Realtors. There’s an entire industry connected to real estate transactions, and for many mortgage brokers, photographers, movers and other service providers, Realtors are an important source of business.
So, I’ll say it again: if you’re a buyer, you have a huge advantage in today’s market.
There is less competition, more time to make decisions and, in many cases, room to negotiate. That doesn’t mean every property is a deal, but it does mean buyers have opportunities they simply didn’t have a few years ago.
On a completely different note, I’ve recently learned how to make sourdough bread, so this Thanksgiving I’ll be surprising my family with my homemade sourdough. That’s in addition to my squash soup and Guyanese mac and cheese.
It is definitely going to be a weekend of feasting.
I hope you and your family have a wonderful Thanksgiving and enjoy a great meal together.
And if someone around the table happens to mention that they’re thinking about making a move, you know what to tell them:
If you need to buy or sell, just call Davelle.
My First Home: How to Buy Smart in Toronto
Know someone who talks about buying a home “someday”? Forward them a copy of our new My First Home magazine. It covers what to know, where to look, and how to buy smart in Toronto.
Want to Make This Market Work for You?
As always, if you have questions about the market, or would like an updated home evaluation, we’re here to help.
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