Ready for the Housing Market To Slow Down

With the HST looming over our heads and the rising interest rates in the coming months there is going to be another factor that will slow our sellers market down. It happens every year around this time. More people listing of course. This is the month that most people like to list their property. The reason; good weather and more buyers. More people like to have garage sales, do their renovations and put their house up for sale. It happens every year. This year is no different only in that people who were possibly thinking about selling their house later on in the year might be swayed to sell now since almost every house is selling for asking price or over the asking price.

My advice to buyers is not to get caught up in the circus. If you have to move because you sold your house make sure you have plenty of time. This is a benefit because you don't have to fall into a bidding war. You can wait for the deal you want. There are going to be plenty more listings on the market maybe too many. This is going to drive the price down a bit. There are going to be too many listings out there. The way buyers get trapped is that they are in a crisis because they waiting too long to start looking for houses. After they are in a situation where they have to pay a significant amount more for the house they wanted. Then they think that maybe they shouldn't have sold their house in the first place. That is not a great situation. Work with your agent and if there is something you like on a street and it is receiving multiple bids ask your agent to do some door knocking or phone calls to the neighborhood to see if anybody else is thinking of selling on the street. Maybe your agent can work with people who are on the fence and then because there are no other offers you can come to a price that might be lower than the house down the street.

Look for houses that have been on the market for a while. Maybe the sellers are pricing the house too high and are willing to come down. Look for houses that have steadily come down in price. These people are motivated to sell.

If you would like to start your search please call me! 905-277-1805

Ernie Arrizza

Ernie Arrizza

Sales Representative
CENTURY 21 Kelleher Real Estate Inc., Brokerage*
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