Buying, Selling, Renting… All these choices.

So many choices… People ask me all day every day, How’s the market? Then I start a long-winded answer about how you never can tell one day to the next. It’s a volatile time in politics and the economy is vibrating with the strangeness of it. I read all about the collapse of the real estate prices in Toronto. (I cringe every time I read that.) We can’t put sweeping statements on everything.

The real estate market is not collapsing. People still need to buy and sell property. Some portions of the Toronto market; new builds that have not yet even begun, to be specific, are in fact collapsing. Not all the places and not all the product. That being said, I can’t remember the last time a sweet detached house in my neighbourhood sat languishing for sale for 30 days at the incredible price of 800k.

It’s much harder today to sell a house than to help someone buy one. It’s a buyers market. That’s why… it’s a market made for buyers today.

I am telling alllll my buyers… now… now is the time. You will get a deal. I am cajoling, I am whispering, I am begging and reminding, now…hear me….Let’s get this done. Now is the time.

I am telling all my sellers who need or want to sell for their various reasons… Let’s do this. It’s not the selling times of old, where you could throw anything at the wall and it would stick. Today’s sellers have to be patient and steadfast and negotiable. A lot of my sellers get stuck on a price that was covid-level inflated… It was unrealistic and NOT REAL VALUE. One seller said, If I sell for that price, I immediately lose 100,000$.” I said, “You never had that 100,000$. You didn’t sell in the middle of covid when people thought the world was ending and they needed a house to ride it out in.”

I am telling all my renters, I will do what you are asking but if you are paying someone else’s mortgage by being their tenant, I will ALWAYS push you to get you to buy if I can. If you are renting out your place rather than selling it, I would say, ok… I understand that… You might not get top dollar for your condo if you sell it now, but I also wonder… when would you? Do we know? We don’t know.

The market is slower than it has been in my 14 years of real estate. There are more listings than ever and fewer sales.

Buy… if you are in the market… Buy now. Call me, and I will help you.

Sell… if you need to. Call me and we will discuss all the strategies to make it successful. We will need strategies.

Rent…if you must….Call me and I will help you, but don’t expect me to be happy about it. Aaaaand….

How’s that for a market evaluation?

~ Nicola