Shawn DeLaat
What we saw in the Niagara real estate market this summer was definitely interesting.
On June 15th the Canadian government began to open up the economy, loosening restrictions and allowing us to get back to some sort of “new normal”. Overall, it felt like buyers took a brief time out from real estate to enjoy time with family and friends, and enjoy things like sports, dining out, cottaging, and celebrating holidays.
WATCH: Shawn DeLaat takes us through what’s happening, and more importantly, WHY it’s happening
When buyers paused, we started to see existing listings stick around a little longer. These properties were typically not in prime locations and may have needed a little bit of work.
The listings that didn’t sit and continued to sell quickly, with multiple offers and over asking price were properties that were in highly sought after locations, homes that had been significantly updated and homes with pools.
Sellers were out enjoying a bit of freedom themselves so when mid to late July approached all of the properties that were sitting with lingering days on market started to disappear rapidly, decreasing inventory.
ADVICE FOR BUYERS BUYERS – There are plenty of turn key properties in higher price ranges, but homes that need a little work and have a ton of potential that might present an attractive opportunity if you don’t want to compete.
SELLERS – If you’re looking to get top dollar for your property you might want to consider some upgrades. Give us a call and one of our trusted agents can come out (free of charge) and evaluate your home to give you a better idea of what you can do to improve the saleability.
Fall Outlook
We are anticipating a slight increase in inventory from sellers who were busy enjoying loosened restrictions themselves and waiting until the end of summer to sell their homes.
While buyer demand is expected to increase as well once school starts, one thing to keep in mind is that we’re now approaching an election and uncertainty is in the air.
Oftentimes, we’ve seen people wait until the results of an election are posted before deciding to make a big decision like buying or selling a home. The results of the election determine new policies which could bring big change or opportunity to the real estate market.
Winter Outlook
I know the weather is still nice right now, but winter is fast approaching. Up here in Canada, not many people like to sell their homes in the winter; it’s not convenient to move when it’s cold and snowy. Homes also tend not to present as well during the winter as the landscaping isn’t at its best.
As fall ends and with fewer people selling, we’ll likely start to see lower inventory. This leaves less houses for people to buy and more time to accumulate people wanting to buy which will leave us with an increased buyer demand heading into 2022.
Looking To Sell Your Home In The Niagara Region?
If you are thinking about selling your home in the Niagara Region and are looking to get a fair market evaluation of your home, call Davids & DeLaat today. We are experts in the local real estate market and are constantly monitoring market trends and conditions to provide you with the most accurate and competitive market value for your home. Contact us today to book your free no-strings-attached home evaluation!
