Activity dropped further in August in our market, even trending behind 2023 which was slow to begin with. And we certainly noticed a weakening in pricing as well. Despite slower sales, overall inventory of homes for sale is staying stable as opposed to increasing due to lower new listing activity.

I have not seen a lot of “distress” selling happening in our market to date, but I am increasingly concerned. The next 60 days is going to tell us a lot about where our market is headed.

If activity in September drops below  2023 levels, we could be in for a bit of a rough ride. Lower interest rates will start to help, but frankly rates will have to go down at least another full percentage point before it has any material effect on the market as a whole. 

Buyers are in no rush these days, so sellers will need to be patient.  And buyers are no longer afraid to put in low ball offers. My advice to sellers: don’t take it personally. It’s just the market we are in.

As a realtor, I would rather have an offer we can negotiate with – than no offers at all. I recently had one situation where the offer came in $300,000 below ask. We negotiated the offer up by $200,000 – so you just never know.   

A  lot of offers will have a sale of buyer property condition. These can be tricky; ensure you are dealing with an experienced realtor – it is important these offers are dealt with properly.

Many questions need to be asked before agreeing to this condition. And yes, financing and inspection conditions have returned to most offers as well. Sign of the times in our market. 

Regardless of the market, homes are always being bought and sold. For example, I have a few estate sales coming to market this fall. But depending on your situation (and the type of property you are selling), unless the market picks up considerably in September, if you don’t have to sell – you may want to consider delaying your sale until 2025.

As always, I would be happy to discuss your individual situation and whether now is a good time for you to sell. Call me anytime at 519-766-3716 or email gmochrie@royallepage.ca . 

Until next month, take care.

George