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Should you be buying now?

February 14, 2024

Hello,

We've been closely monitoring the market dynamics, and our analysis points towards a shift. Our inventory levels saw a 21% increase from January 2023 to January 2024, yet we are now seeing a gradual decrease in the recent months, which could be the initial signs of a market rebound.

We never know when we are at the bottom of the market until we are already on the way back up. However, we know the factors to be watching for that lead to a rebound which are: a decrease in inventory and an increase in buyer confidence. Together these two factors put pressure on the demand for housing.  A recent article from Wealthprofessional.ca highlights the current feeling for the real estate market stating, "Confidence in the market in 2024 is high with 82% showing an optimistic or selective stance with just 18% taking a more passive position with their investments on hold." This optimism, paired with a slowly diminishing supply, hints at a market ripe for growth.

Observations from major urban centers like Toronto and Vancouver are experiencing a resurgence in activity, with multiple offers and heightened demand for single-family homes. This trend typically precedes similar movements in our market by a few months, suggesting that we have indeed reached the market's trough and are on the cusp of an uptick in activity.

This leads us to our opinion and facts of why buy now which is:

  1. Stabilizing prices: Recent data shows a stabilization in property prices, offering a more predictable and secure investment.
  2. Increased Inventory: A broader selection of properties is still available giving the luxury of choice and the ability to potentially negotiate.
  3. Financing: Interest rates have now held and with speculation of them coming down in a few months it may be worth considering a purchase now with a longer close to capitalize on lower borrowing costs.
  4. Negotiations: Before we see complete awareness of a market shift buy while you can negotiate strongly to ensure you obtain the best deal.

At Stone Sisters, we're not just observers of the market; we are active facilitators of your real estate ambitions. We offer customized buying profiles to keep you ahead of the market curve, providing access to listings often just before they become publicly available on the MLS. If you are thinking of making a move, and we strongly suggest you do sooner than later, we are here to help.

Please let us know if you have any questions at all.

Warm regards,
Shannon & Tamara

 

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