The Strategic Approach to Selling & Buying Homes in 2024 - Issue 397



The 2024 real estate climate is already shaping up to be an interesting - and challenging - environment.  For the time being, the Bank of Canada is holding pat on increases or decreases in the bank rate while monitoring the inflation rate and how the economy is reacting. There is still a fair bit of uncertainty and fear in the real estate market. Homeowners, buyers, and investors alike are wondering how to navigate in these conditions.

So no matter your situation, here are some strategic steps you can take to maximize your opportunities in the 2024 market.

For Sellers: Position Yourself in the #1 Spot

If you’ve made the decision to sell your home or investment property this year, it’s critical to position your property strategically. You don’t want to fit into the market & follow what everyone else is doing, or your property may blend into the background of the on-coming Spring market. Cleaning, staging, and maybe even some minor renovations to ensure move-in readiness will help you stand out from the competition.

Pricing is critical - look at the average and median pricing in your comparable range and aim for 94-95% of the average listing price. This is where homes are selling now. Pricing and aiming for 100% or higher is no longer a successful selling strategy. By pricing your home where homes are now selling, you’ll be more attractive to potential buyers and more likely to be at the top of buyer’s lists. You want to make your decisions based on current sales, not on homes that went under contract 90+ days ago.

For Buyers: Opportunities are Available

We’re just seeing the start of mortgage renewals & how the current home owners are adjusting, or struggling to adjust, to the new interest rates and payment schedules. Now’s a great opportunity for you, as a buyer, to step in as more listings become available due to affordability.

We’re always having conversations with potential sellers, which means there are off market opportunities for buyers happening as well if you’re working with a local Realtor®.

For Investors: Exciting Times Ahead!

Serious investors are always on the lookout for opportunities in the market. Finding these opportunities usually requires extensive research & networking. The best deals in the investor world rarely make it to the public MLS® system.

We have lists of investors that are open to opportunities so that, when identified, they tend to get the first opportunity to buy.

Same with investors selling - we usually have a list of investment buyers just looking for opportunities. The strategy here: align yourself with an experienced agent to help bump you to the front of the line.

The current market conditions will continue to favour those buyers & sellers that are educated about the market & prepared to jump on the opportunities when identified.

Now is the time to take advantage of our expertise - reach out & have a conversation with our experienced team members and explore how we can assist you in taking advantage of the market conditions this year, whether you are a buyer, seller, or investor.

Enjoy the weekend!

Paul Fitzpatrick




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