Listings are starting to come to the market but are still very thin especially in City of Peterborough and in Lindsay cores. Listings are still short 50 units which would be a normal level at 333ish. In February we were running 279 listings. Will this create a strong Sellers Market?
The answer is no. Listings are down which can create a Sellers Market, but Buyers are being conservative and not buying the properties they view are overpriced or at the top of the individual properties value. This could have a lot to do with the new mortgage rules or it could be Buyers are done with losing. Some Buyers that purchased in 2017 will take years maybe decades to reach the values they paid. 2018 Buyers are not making the same mistakes.
Unit sales are down again in February to 122 units. Lowest February unit sales in the last 5 years. We should be selling around 180 units to keep up to our normal trends.
So what does this all mean?
Sellers are starting to realize that buyers are no longer willing to pay through the nose to get a property. Last years frenzy is over and not likely ever to return. A home must be priced fairly to get an offer or multiple offers.
As a Seller you will still benefit from last years frenzy as values have settled at a higher value because of the craziness. That said, if you shoot for the moon on your asking price Buyers will not pay attention to your offering. Put a fair solid price on your property you will get good value for your home and it will sell quickly.
What is the current value of your property? Go here for a free online evaluation
For more local content subscribe to this blog at the top of this article!
Written for you by:
Your local Realtor®
Brad Sinclair, Sales Representative
Flat Rate Realty
The HOUSESOLD name for buying and selling real estate in Peterborough and local waterfront!