Are we still making these predictions? If the past few years have taught us anything, it’s to expect the unexpected. And yet, we persist in predicting the future. So, here’s our main prediction for the fall 2022 market. It’s going to be busier than everyone thinks it will be. We believe this because we’re prepping a bunch of house listings that will come out in September. At the same time, we have several buyers who are getting ready to start looking at houses. We think we’ll be dealing with an overflow of people from the spring market who were scared off by the rising interest rates and the chatter about the market crashing. Those people still need to make their move, and they’re coming back to the market. Interest rates have affected affordability, but the lower prices have enticed people with cash back into the market. Prices will likely hold steady or continue to go down slightly.
So, here’s how you can prepare for the fall 2022 real estate market.
Check out these blog posts to learn more about Toronto’s continually evolving housing market.
- Why Does the Market Have More Terminated Than Sold Listings?
- Stop Feeling Sorry For People Who Bought in February
- Is the Toronto Real Estate Market Now a Buyer’s Market?
Sellers
Even if the market picks up, we’ll likely still be in a buyer’s market for the foreseeable future. That means you need to make your house as appealing as possible. You have to work harder to sell your home, but if you do the work, it will sell
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Paint: One of the most impactful things you can do before listing your house is to paint it. The days of painting your home in all white are over. Opt for warmer tones (not yellow) and dark walls. Better yet, chat with a stager to get help with paint colours before you start painting.
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Stage: Staging is more critical than ever. Even in a seller’s market, staging was necessary. But, in a buyer’s market, you want your house to look like the shiniest diamond on the block.
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Minor renovations: If you’ve got an older kitchen or worn carpet upstairs, it’s a good idea to change it up. Kitchen renovations can be expensive, so don’t go too deep. Even a new backsplash and countertop can make a huge difference. Worn carpets, smelly basements, peeling laminate flooring, it should all go. Take the time to get your house looking its best
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Be realistic: You’ve made your house look beautiful, but you should still be realistic about the price. Price your home slightly below market value and accept offers at any time.
Looking for more insights about selling your home in today’s market conditions? Read our blog post on the topic here.
Buyers
Toronto real estate is a buyer’s market, but that doesn’t mean that the market has crashed. Enjoy this unusual time for buyers but be realistic about pricing and value.
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Pre-approval: Be diligent about getting pre-approval. Pre-approvals matter far more now than before because rates keep increasing. Make sure you’re locked in and that you can close before the expiration of your pre-approval.
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Be open: See everything you can. There will be a lot of listings available in the fall. The best way to know what you like is to see as many as possible.
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Act quickly: Although we are in a buyer’s market, beautiful houses that are correctly marketed are still selling within a day. If you like a place, you shouldn’t delay.
Remember, regardless of the market, the best time to buy or sell in Toronto is when you need to move. There’s opportunity in every market. You just have to know where to find it.
As always, stay safe
Robyn VanderVennen
