Winter never seems to end some years. This year is one of them. Yet, our memories are short. Several years ago, our slo-pitch team opened our season in early to mid-May and I remember the temperatures being cold enough that snow fell on us.
So this year may not be so unusual.
What is unusual is the ‘Spring Market’.
It normally explodes with new homes coming into the market, but it is still not quite there. We are seeing new listings of course, but according to CREB, April did not see the same quantity of new listings we typically see.
That doesn't mean there are less available homes than last year. We just see homes that were listed earlier in the year staying on the market a bit longer.
Total sales are up over last year, but still down significantly compared to long-term averages. In the detached sector, sales activity is ‘well below the 10-year averages throughout every region’ according to CREB.
On a positive note and as with all markets, there are some opportunities to be appreciated. People buying are able to take advantage of benchmark prices that are nearly 5% lower than last year. You might also be able to get into areas that were previously out of reach.
If you are selling and buying, you may not see the market reach what you were hoping for on the sell side, but may be able to make up for it on the buy side. Of course that depends on what you are looking for.
Does this mean homes aren't selling?
On the contrary, properties are still selling, but with a broad selection, buyers have opportunity to be a bit more selective.
Preparing a home to be at its best is more important than ever. Trying to sell for top dollar without that preparation is difficult. De-cluttering, staging and professional photos are just some of the things that can help. And, understanding that buyers can choose, means being prepared to adjust to the market demands.