Rapidly rising interest rates are putting a damper on real estate market activity.
In 2023, home resales continued to decline benefiting Buyers.
But what does this really mean for Sellers?
Many of us are embracing the New Year with renewed optimism for the future. Although no one has a crystal ball, Denise Dilbey, Real Estate Broker, has been keeping a close eye on the housing market which greatly improves her clients’ chances of formulating a more accurate understanding of their opportunities in 2023.
There is no shortage of opinions of course, and the consensus is that the decline in real estate sales and housing inventories will be a continuing trend. As a Realtor, she has seen these trends before, and it is her belief that there are real opportunities for both buyers and sellers in 2023.
Property inventories are decreasing and, more importantly, prices are stabilizing as compared to year-to-date numbers in most communities in the GTAH. There is no doubt that inflation and the accompanying rise in interest rates slowed the real estate market from the COVID-19 frenzy. You might agree with the opinion of many buyers wanting to wait to see if the real estate market declines further or others who want to make a move but are reluctant to sell because of flattening market conditions.
With the spring real estate market on the horizon, there are many reasons to consider making your move now.
Let’s start with the stats.
In general, the real estate market has changed and pricing expectations with it. However, supply and demand have always been the drivers of a changing real estate market.
The current market may be tempting for some buyers with fewer people looking to buy and competition fairly low. The flip side is there’s not a lot of homes available for sale either.
There are more homes now entering the as the graphics show below. The warmer weather is flicking the switch to an earlier start of the spring market. We are already seeing multiple offers on certain price ranges of properties. Regardless of the 35 days on the market reported for Halton HIlls, some homes are entertaining price reductions too. There is a bright future for real estate investors beyond the horizon.
As the rise in interest rates expecting to slow this spring, consumer confidence will increase with more buyers seeking homeownership. The continuing decline in resale home inventory might be fuelling another rise in prices. The perfect storm for prices climbing again.
What do you think? Call Denise directly to find out what this really means for you.
Are you a buyer looking for a great home or investment opportunity? View Denise's listings here.
