Perspective As The Market Plods Along:
What we need right now is perspective. Although sales increased in July, the best since 2021, this month holds little significance in the broader context of residential real estate. After all, it’s summertime. Historically speaking, people do not buy or sell in July and August. We think this stat about more sales in July is far more reflective of a topsy-turvy, Sputtering Spring market. Many would-be buyers were looking in the Spring months; our showing stats proved that. However, the rhetoric south of the border and the ensuing confusion and a perceived loss of a long-time close ally, buyers held off. As time goes by and the dust settles, buyers will feel more confident in their purchasing decisions. We suspect that the July increase in sales was due to those buyers with a need/necessity deciding to acquire a home in this marketplace, to the relief of many sellers.
What we are watching closely is how does our September look? Leading into the Summer, we presumed that the Fall would be slow, with the accumulation of more listings on top of a record-setting number of MLS listings. As we move through the dog days of Summer, we are beginning to wonder if the well-priced, quality homes will sell in much shorter order than expected.
The Truth Is:
Setting aside the headlines and the stats. After all, the former is about selling ad space; the latter is easily manipulated. The truth is that a well-priced home (and condo) will sell relatively quickly. A vast majority of the listings on the MLS are not well-priced. Thus, we observe multiple price changes and re-listings at lower prices in an effort to find value. Pricing correctly from the outset is essential. Pricing correctly will ensure a sale. Many sellers forget that a good agent sells the home, not just lists and market the property.
Thinking about buying a home? Click here to browse my featured listings.
Looking for more insights into Toronto real estate? Check out these related posts from my blog!
- Where to Buy A Toronto Condo If You Don’t Want To Live Downtown
- What Are Must-Make Repairs Before You Sell Your Toronto Home?
- Is Rosedale A Family Neighbourhood?
What Our Job Actually Is:
Our job as a realtor is to sell the home (for the maximum value of course, with the least amount of stress, and in the shortest period of time), and on the buy side, offering the smoothest transaction possible for the best negotiated price, and ideally having some fun along the way.
Prices go up, prices go down, so do the number of sales. What we are seeing in recent years is a correction, but this too shall pass. There is no doubt that the days of bidding wars on seemingly every listing will return. First, it will be houses, then, with enough recovery time, condos. We live in a world-class city, one of the top four most populous cities in North America. It’s simply a matter of time before the speed of transactions returns to its fever pitch.s
Have questions about buying or selling in today’s market? I have answers! Reach me by email at ryan@ryanroberts.ca or call 416-925-9191.
