REAL ESTATE NEWS
The real estate market is always subject to fluctuations, and the current economic recession is no exception. While the full extent of the recession’s impact on the real estate market is yet to be seen, it’s likely that it will affect the attitudes and behaviors of buyers in a number of ways.
In my article at the end of April of this year, I wrote about a shift we were starting to see in the market and basically the tides have now turned! We have seen a price drop of about 30% since this past February, which eliminates any seller’s equity gains from February 2021.
I believe we are seeing a few things merging together that got us to this point.
The last couple of years have been the most hectic years in my career as a real estate professional. There has never been so much stress with buyers, sellers, and myself! But we have seen a bit of hope in the last couple of weeks and some sellers may be getting a bit nervous. They may be feeling they missed the boat.
Real estate in 2021 was a year like no other in history for Kingston and area and we can confidently say that that was the case for most of North America. Low inventory, record number of buyers, increased sales, low interest rates, and record selling prices.
The Kingston and area market sales for September did follow our typical pattern for this time of year. This is not to say that the craziness is over but the number of listings have certainly dropped and therefore the number of sales.
As I suspected last month, Kingston & Area has seen a change in the local markets. Although sales were higher than expected, the List to Sell ratio has dropped to 101%. We haven’t seen this since last November. We hit an….
I recently talked with a young lad who is making the leap into home ownership. He has a budget under $300,000 and is willing to travel 30 minutes outside of Kingston. He is a bit reluctant whether he will find anything. And to be honest, I’m nervous for him as well. What use to be a healthy budget for the first time buyer, home ownership is slowly slipping away from many first time home purchasers.
This month I thought I would start off with some FUN FACTS. Last month I hinted that there seems to be a change in the air. We are definitely seeing less offers and in some cases no offers when it comes to offer presentation day if the Sellers are holding off on reviewing any offers.
Lennox & Addington is seeing a surge in real estate pricing over last year, same period (+33%). It is difficult …