Opal  Hustins, ASA, AEA

Opal Hustins, ASA, AEA



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So it's mid 2024, what is the real estate market in Georgina doing?

I detest the OVERALL general stats that are produced as I do not feel that depicts specific areas accurately.  Especially in areas that have wide proportions of properties.  In my area, we could have a sale of a waterfront property for $3,000,000 and less than a kilometer away, on the same day, there will be a sale of a small cottage with a holding tank and no water feature, selling for $400,000, or even less. Add in some leasehold property sales and some brand new 4000SF subdivision homes and those average numbers are way off. Most times, I work the appropriate stats for whoever I am working with.  

This summary is strictly property types being DETACHED, SEMI-DETACHED AND FREEHOLD TOWNHOUSES in Georgina. Within this category, 2024 has seen a Sellers' market from January thru' to May...due to the lack of inventory and slow-to-market listing. June sales caused a turning point into a Balanced market. Time will tell if this is an actual Balanced market, or just a quick adjustment due to external circumstances. 

All things considered, Sellers' are now more frequently coming to the market for reasons of tax changes, costs to carry, and general living requirements. This increase in the inventory coupled with buyer hesitation (due to the higher interest rates, cost of borrowing, cost of living, and lower buying power due to the higher interest rates) has caused sales activity to drop substantially...a 29.4% drop in June over May's sales. Median values on detached homes have seen a rollercoaster ride from January to April. May and June have shown drops in values at -6.12% in May and -3.69% in June. It would be suspected that traditional summertime lows will further push the prices a bit lower. However, prices are not expected to lower by significant amounts. This has not been a typical year as of yet. 

Sellers and buyers should gear to be negotiable and not hard-nosed. Buyers, with the ability to purchase, need to get on this now...I understand that interest rates are scary; however, getting into the real estate market is a lot more difficult if you wait for the rates to lower. There is a lot of pent-up demand, and the stampede to buy will start again as soon as rates adjust further. Diligent buyers will be ahead of this curve and not be a part of the stampede when the rates adjust downward. A push in sales will trigger prices to increase as demand eats away at the inventory. 

We understand wants and needs, buyers feel that they cannot get what they want because the interest rates are cutting into their buying power. However, plan to seek out what you NEED! It may not be in your dream location, however, your foot will be in the door to home ownership. A starter home is just that, a starter home, giving you what you need and if it fills some of the WANTS, that's a bonus. It builds equity for times when 'trading up' is worth the new move and to get more of what you want along with what you need. For those who own homes and mortgages, strongly consider if it is time to make a move to a larger home.  Is it doable? Are you allowing fear to hold you back? A shorter mortgage term might be the way to go to get what you want. Buying and selling within the same market evens out...sell high, buy high, sell low, buy low. In a balanced market, everyone should be negotiable and there are deals to be made. The old saying goes something like: Marry to Property, Rent the Rate.


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