Dear friends and clients,
I hope this message finds you well. I wanted to take a moment to update you on the current state of the real estate market. Last week was an incredibly busy week, with competition among buyers continuing to heat up due to a shortage of supply, particularly for homes priced below 1-1.2 million.
At our listing in Richmond Hill, we listed with a delayed offer presentation and received a pre-emptive offer that came in at $250,000 over the asking price. This just goes to show how competitive the market has become, with buyers eager to secure their dream homes paying higher prices.
Despite the high mortgage rates, what I am seeing from working with my buyers and sellers is that people are still selling their properties in more expensive areas and moving to less expensive areas. For example, the buyers of our Newmarket listing that sold two weeks ago sold their home in North York and are now moving to Newmarket. Similarly, the buyers of our recent Richmond Hill listing are moving from Vancouver, where real estate prices are much higher. Our sellers have the same idea and are moving to Calgary, Alberta, where houses are significantly more affordable than Toronto. I expect this trend to continue as more buyers seek to take advantage of the current market conditions and make the move to more affordable areas.
If you're considering buying or selling a home in this market, don't hesitate to reach out to me for guidance and support. I am here to help you navigate the complex and competitive real estate market to achieve your goals.
