For buyers there’s an opportunity to take advantage of more negotiating power for some properties. Those who are locked into pre-approved interest rates will be eager to close before those rates expire.
''After a strong start to the year, the current rate tightening cycle has changed market dynamics, with many potential home buyers putting their purchase on hold. This has led to more balance in the market, providing buyers with more negotiating power,'' said TRREB Chief Market Analyst Jason Mercer.
For sellers, pricing is key. A trusted advisor is essential to support you through these market adjustments. What we are seeing in today’s real estate scene isn’t new and current market patterns are similar to what transpired in 2017. We witnessed the market slow down for a bit, but it remained resilient and continued to increase over time.