The Times They Are a Changing

The Times They Are a Changing By Theresa Grant - Real Estate Columnist The Real Estate market is a dynamic entity, continuously shifting between favouring buyers and sellers. Durham Region has been in a balanced market for quite some time now. In fact some would say that the market in Durham Region has been soft, quiet, weak. Any way you want to put it, houses have been sitting on the market in many cases, for months before selling or terminating with a thought to try listing again in a stronger market. Houses that are priced properly right out of the gate tend to sell quickly and still do. The would-be buyers have certainly sent a message to the sellers that they are not willing to pay more than the actual value of the home. Unfortunately, some home sellers are still stuck in the Covid craziness days and think that people are going to pay well more than what the house is worth. Another thing that potential home buyers have sent a strong message to the home sellers on is the idea of holding offers. Having a presentation date is not really effective when the buyers aren’t buying to begin with. Numerous houses have had their presentation date come and go with either no offers or low offers, but not high enough to seal a deal. The whole idea of an offer presentation date is to garner as much interest in the property as possible, bring in as many offers at one time as you can, as this benefits the seller client. We are seeing more and more listings saying, “offers anytime”, just like it used to be prior to Covid. I don’t think the offer presentation is going anywhere; I think that it is only effective in a seller’s market and that people will eventually understand that. With the Bank of Canada continuing to cut rates, Many will stay firmly planted on the sidelines, where they’ve been for a couple of years now. They will patiently wait for the news that the rates have hit rock bottom and then plan their jump into the market. The only problem with that is that when the rates finally hit rock bottom, the house prices will have risen considerably. Most analysts expect the Bank of Canada to cut through 2025. There is a sweet spot in the market right now and many buyers are taking advantage of this window of opportunity. Houses that have been sitting on the market for four, five, and even six months are now being snapped up. Buyers that thought they had time to look at a house, think about it and view it again before making a decision are finding that they don’t have that luxury at all in a lot of cases. I know a young couple looking for their first home and they are having their viewings cancelled because the house they were going to look at, that has been on the market for four months has just sold. This has happened to them in a few times. This indicates that the market is starting to tighten up. Inventory is really starting to move. It will be very interesting to see what 2025 holds in store for the Durham Region market. Questions? Column ideas? You can email me at newspaper@ocentral.com