Selling in a Buyer’s Market

Things are finally changing in Canada’s real estate market, can you believe it? After what feels like years of a completely booming market - quick sales, tons of competition, and booming prices… things are finally slowing down. 

According to our housing inventory (visit our blog post on this if you don’t know what it is), we are still technically in a seller’s market. But we’re slowly starting to move towards a balanced market, and as interest rates rise and fewer people are motivated to buy, there are more houses sitting on the market, and even the best-priced homes have less competition than before. 

A seller’s market means there are more buyers than homes, so they have to compete for the homes that are available. On the opposite side of the spectrum, a buyer’s market is when there are more homes than there are buyers, so they have more time to make decisions, and don’t have to make nearly as competitive offers. 

So what is changing the market?

Rising interest rates are first and foremost hindering many buyers buying power, meaning that more people are waiting to see if prices drop, or having to reconsider buying in the first place. 

So what can sellers do to navigate a buyer’s market? 

• Prepare for the fact that the process is going to take longer

• Be ready to negotiate

• Ensure your property looks its best for listing photos and showings, including curb appeal and updates

• Hire a realtor with the resources to properly market your property

• Know you may get fewer showings and fewer offers than you would have a year ago, and that is okay. 

• Be prepared to drop your price