Fall Real Estate Market Update

As we transition into Fall, a subtle chill permeates the air. Does this mirror a potential shift in the Etobicoke real estate market?

Recent Etobicoke Real Estate Trends:

The inventory of available homes remains notably lower compared to historical averages.
Escalating living costs and borrowing expenses are prompting some potential buyers to adopt a cautious stance.
Sold prices have increased compared to the same period last year.
Homes are now spending a bit more time on the market compared to the brisk pace seen in early spring.

Here’s How The Housing Data Supports These Trends:

In August, we witnessed a significant 38% drop in the number of homes SOLD compared to the previous August — marking the first such decline this year.
Prices have increased by an impressive 14% over the same period last year.
The average time it takes to sell a home has edged up from 8 days to 11 days.

Looking for more information to help you maximize your results from your sale? Here are some related posts you may be interested in:

Implications For Sellers

Thoroughly preparing your home for the market is now of paramount importance — decluttered, staged, and impeccably cleaned to showcase its unique features.
Realistic pricing is key; discerning buyers are seeking the best value and won’t overextend their budget.
Aggressive promotion is vital to ensure maximum exposure to potential buyers.

Insights For Buyers:

Working with a reputable mortgage broker or bank, familiarize yourself with today’s mortgage rates to gauge affordability. Secure mortgage pre-approved before embarking on your house hunting journey.
Partner with a local realtor well-versed in your preferred neighbourhoods. A realtor intimately acquainted with an area understands its nuances and can help you avoid overpaying.
Anticipate making concessions; there may not be a “perfect” home, but each property comes with its unique set of advantages.

Looking for more advice on buying a home during challenging conditions: The following resources can help:

We’re Here to Guide You:

Curious about how these market shifts might impact the sale of your home? Do you have questions about navigating the current landscape? Reach out to us, and we’ll provide you with the professional insights and guidance you deserve.