The Truth About Today’s Buyer Demand - September 16, 2021
Ian Walterhouse
Thursday, September 16, 2021
The Truth About Today’s Buyer Demand
When it comes to the latest news in real estate, there are a lot of sensational headlines in the media. In times like this, when it can be hard to know what to believe, put your trust in the experts. Those of us in the housing market respect that buying or selling a home is a major life decision, and we offer advice based on what the data shows.
Despite what you may have read, the housing market is still undeniably strong. Here’s a look at what leading experts have to say about buyer demand today and how it continues to shape the industry:
Michael Lane, President at ShowingTime:
“In general, there are definite signs of cooling demand. However, buyer traffic is still at historically high levels compared to pre-pandemic showings.”
Jason Mercer, Chief Market Analyst at the Toronto Real Estate Board:
“Sales have accounted for a much higher share of new listings this year compared to last, and the story was no different in August. There has been no relief on the supply side for home buyers, in fact, competition between these buyers have increased.”
What It Means for You
As a seller, buyer demand is an important factor that helps influence how fast your house will sell and how many buyers may be competing for it. When buyers have to compete against each other for a limited supply of available homes, bidding wars can drive prices up. While things have cooled slightly since the peak of the pandemic housing rush, buyer demand is still far surpassing historical norms.
On the horizon, there are three main reasons why we could see listings start to increase throughout this fall and into the winter.
Pent-up selling demand – Homeowners may be more comfortable putting their homes on the market as more and more Canadians get vaccinated.
New construction is starting to take off – Though new construction is not included in the most reported market data, as more new homes are built, there will be more options for current homeowners to consider when they sell. The lack of options has slowed many potential sellers in the past.
Equity position – The historic strength of the Canadian real estate market and the level of equity homeowners currently have in their homes is another reason that many will be able to sell their homes. While the pandemic led to short term financial and job challenges for many Canadians, the majority remain in a strong position in relation to real estate.
Bottom Line
If you’re torn on whether or not you want to sell your home this year, rest assured it’s still a great time to make a move. Let’s connect to discuss how you can sell now and do it on your best terms thanks to today’s buyer demand. Give me a call to talk about your real estate goals and how we can help - 416-522-1112.
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