Dear Friend,
Home sales in April 2024 dipped slightly compared to last year's busy April, but there’s a silver lining—new listings increased significantly, offering buyers more choices. Despite more options, the average selling price remained stable at about $1,156,167.
Sales dropped by 5% year-over-year, while new listings surged by 47.2%. Buyers are currently watching to see if interest rates will drop before they jump into the market.
According to Jennifer Pearce, President of the Toronto Regional Real Estate Board, many are listing their homes anticipating a rise in buyers this spring. Jason Mercer, a market analyst, expects that if borrowing costs go down, the market could tighten, potentially driving up prices as we head into 2025.
There is no question that the high interest rates are causing some people to stay on the sidelines rather than getting into the market, that’s understandable.
Unfortunately, I also know that once interest rates start moving down, more people are going to jump into the market and competition for good homes will become more fierce.
Those buyers who can qualify under today’s borrowing rates have a tough decision to make. Should they get off the sidelines and buy now or wait? Should they be taking advantage of the good opportunities that exist in upgrading their home or in investment properties?
My best advice: Get more information! Find out exactly what is going on and the opportunities that exist in the market!
You need a full-time real estate expert, working with a premier worldwide company that can give you the information you need to make an informed decision. A realtor like me!
Give me a call! Let’s talk.
After all, you have a friend in real estate.
Have a great May,
Elena
P.S. If you know of someone thinking of buying or selling, please let me know. I will take extra good care of them!
