Buying and selling real estate in Mississauga has become a whole new ballgame. A few short months ago, the real estate market was on fire, and it looked like the skyrocketing housing prices would never stop. However, higher interest rates and soaring inflation soon changed everything.
What began as a slight cooling back in March has become a nearly balanced market today. Let’s take a look at how much conditions have changed.
- In February, the average price of a house reached $1,225,339, according to the Mississauga Real Estate Board. That’s a gain of 23.5% from February 2021.
- In May, housing prices dropped to an average of $1,148,784, a significant decrease but still up 8% from this time last year.
In this article, we’ll drill down to see how this changing market impacts sellers and buyers. Things aren’t as simple as prices going down, which makes working with a local Mississauga real estate professional more important than ever.
What The Changing Market Means for Sellers
As a homeowner, you may worry that your home is losing value. However, this is only a problem if you intend to sell quickly for a profit.
If you have owned your home for a long time, there is no need for concern. The market may have dropped month over month, but housing prices are still higher than they were last year.
Even if you missed the peak in January and February, you would still earn a large return on your investment by selling now. As a homeowner, your equity protects you from short-term fluctuations in the market.
It may be true that you will earn less now than you would have a few months ago. But remember, your new house will also cost you less, so you didn’t miss out at all.
Want to make your house seem more luxurious to buyers? Here are some ideas to start with:
- Top Luxury Kitchen Features For Your Home
- Simple Ways To Elevate Your Home Decor
- How To Prepare Your Home Like A Luxury Listing
Selling A House Successfully In The Current Market
Setting realistic expectations is the first step if you want your best chance of success. Selling a home now is different than it was a few months ago. There is no getting around that. Here are a few things you should keep in mind before putting your house on the market.
- Your house will probably take longer to sell. At the height of the housing boom, every listing was scooped up within days. Homes now sit on the market for an average of 12 days or more. If it takes longer than you thought to sell, it is nothing to get worried or upset over.
- Being thorough will pay off. You will get the best results by taking no shortcuts and doing everything you can to increase the value of your house. Even something as simple as thoroughly decluttering and cleaning can help earn more from your sale.
- A local Mississauga real estate agent can guide you through every step. What matters to buyers can change over time and from one neighbourhood to the next. An expensive renovation that used to add value to your home can now hurt your sale. Other updates will have a nominal cost but will pay huge dividends when it comes time to accept offers. A local real estate agent is up to date and can help you maximize your results.
A Team of Professionals By Your Side
An experienced real estate professional with a long track record of success will always have a network of trusted professionals to help you with every aspect of the transaction.
You’ll have marketing and negotiating experts to help you maximize your sale. In addition, you’ll have access to the best real estate lawyers and mortgage brokers in the business.
The best part about working with an experienced local agent is that someone is always there to help you whenever you need it. From start to finish, you will never feel alone.
What A Changing Market Means For Buyers
This is the best opportunity for buyers that we have seen in years. You have more listings to choose from, and prices are finally coming down. For the first time in a long time, you can afford to take your time and look at multiple houses. You can focus on what you want rather than snapping up one of the few listings available. There will be fewer bidding wars, and you actually have room to negotiate. Buyers no longer have to bid well over the listing price to land their dream homes. You pay close to the list price, maybe even a little less.
Looking for more advice on buying a home in this market? Here are some other posts to guide you:
- Realtor® Negotiation Red Flags You Don’t Want To Ignore
- Helping Your Children With Real Estate Investing
- The Tanya Crepulja Buyer’s Guide
Why Do Buyers Need a Mississauga Real Estate Agent?
Conditions are better now, but in some ways, buying has become more complicated. Real estate negotiations can get dicey, especially during a changing market. Emotions are running high, and some homeowners simply don’t want to accept that their house has decreased in value.
Costs are down, but interest rates are up, making financing more challenging.
Your Realtor® can help you navigate through all of this. You will have skilled negotiators and financial experts by your side to help you qualify for a mortgage with the best possible interest rate and terms.
When buying a house without the help of an agent, you may be tempted to overpay in the hopes that the seller will accept your offer. But real estate transactions are far more nuanced. Your agent will work hard to uncover new listings for you that you may not have found on your own. In addition, they will work with the seller to find their hidden motivation.
For example, it isn’t always about getting the highest price.
- Sometimes the seller needs to move quickly because something has changed in their life, and they want to move on to the next step without a hassle.
- Removing a single condition from your offer may be all it takes to close the deal.
- Being flexible about the closing date can help you stand out from other buyers.
- A skilled real estate professional takes most of the stress away from buying or selling, giving you the highest chances of success.
The Tanya Crepulja Team has worked in Mississauga since 2008. We are here for you if you have questions about buying or selling in the current market. You can reach out to us right here.