WHAT HAPPENED TO THE 2019 FALL MARKET?
Surprising? Uneven? Unforeseen? Unpredictable? These are all words that Real Estate Agents have used to describe the 2019 Fall Market. Typically we expect the market to slow-down in the summer as Oakville residents juggle family time, camps, cottages and general down time. September customarily means back-to-school mindset for kids and parents alike. Kick it back into gear. For us too. Realtors get primed for the Fall Market. We expect more inventory and more Buyers as Clients want to make their move before the bad weather and holidays hit.
And although that might be the case in the hot Toronto Condo Market, there was no real action in the Oakville housing market compared to previous years. Even with lower interest rates and a fairly stable economy, home prices did not rise in many sectors – and in fact, dipped in some. The Fall Market in Oakville proved an up and down affair from one week to the next.
So you’re probably asking the same question we did – WHY? Although we’d love to point to one or two factors, even we were taken by surprise. It does feel like affordable living is more important in this market as many families would prefer a more compact lifestyle, choosing turnkey properties and staying away from the sometimes risky financial burden of more luxurious properties.
The Buyers who are out there are making patient, informed and very rational decisions. The only aberration to this? New construction builds where we are seeing long lineups for new subdivision openings. This is mostly populated by speculators hoping to buy early and see gains by the time the property is built. BUT please, let us temper that mentality with the fact that Oakville remains one of the most overpriced real estate markets in North America and the quick flip for profit is not as achievable as in days gone by.
Bottom line: if you want to buy or sell, perfect homes still move in this market. Perfectly priced. Perfectly staged. Perfectly upgraded. To achieve this, you need the right Agent. An honest, knowledgeable, hard-working Agent. For Sellers, a great Agent will generate an offer in a short amount of time. For Buyers, a great Agent will be on top of all new listings and will door-knock in the neighbourhood of your dreams. It may be a longer process, but their persistence will pay off for both of you.
Dreams can still be achieved in this market with careful and smart decisions!!