Saturday, June 24, 2017

If I only had a Crystal Ball

The most frequently asked question I get from clients/friends and just about anyone that has any interest in real estate is “what’s the market going to do next”? If only I had a crystal ball to look into the future and tell them exactly what was going to happen!

Without such magic I rely on my experience and wisdom. The market took off like gang busters in the beginning of 2010. There was a real sense of urgency amongst buyers, mostly fuelled by misconceptions about two things 1. HST 2. Rising interest rates. Buyers were scurrying around buying anything and everything and paying all the money for it. Sellers obviously reaped the benefit of this frenzy by taking in fantastic sale prices. As the year progressed, the urgency started to die down and buyers shifted from a “need to have it now” mentality to a “let’s sit back and get a deal” mentality. Sellers under pressure to sell therefore took less than their neighbours a few months earlier, but still achieved good selling prices year over year. Moving into the fall market, we are expecting a more “normalized” buy and sell trending, where there should be enough (or almost enough) product to satisfy the demand creating a more even playing field for buyers and sellers alike. Again, anything is possible, as Toronto is tops for real estate and quality of living, which continually attracts new buyers to the playing field. And the high demand neighbourhoods can only house so many people. Either way, staying on top of the market and knowing the values is the best way to get in or sell successfully.

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