MID-SUMMER MARKET & MEMORIES

Ahhhh mid summer, who doesn’t love this time of year?  Gardens are blooming, local fruits and vegetable are plentiful and the weather is perfect for a beach or lake day!

FIRST ANNUAL FANTASTIC FOOD TRUCK FEST MEMORIES

Our team recently hosted our first Food Truck Fest behind our home base at the Old Livery in Fergus. We decided to co-host the event with the Fergus BIA so that our clients could also enjoy live music and crafts from local vendors at the Twilight at Templin event that happens every Wednesday in the summer. It has been a long time since we have hosted a client event and what a refreshing feeling!

We have been cherishing the memories of having people back together in this way again! It was fantastic to see everyone there!  The food trucks: Groovy Grilled Cheese, El Milagro Authentic Mexican, Hunger Rescue wood-fired pizza fire truck and The Underground Kitchen were hopping and happy to serve their favourite dishes into the evening.

HOW’S THE MARKET? AND OTHER HOT TOPICS

It is fairly common for the topic to turn to the Real Estate Market and we had lots of those conversations with our clients and friends at the Food Truck Fest. What questions is everyone wanting the answers to

How’s the market?
Is it busy?
Are we in a market crash?
Is it a good time to buy?
Is it a good time to sell?

We can honestly say that the market has changed, the ‘hot’ winter we had and record sale prices from Jan/Feb are just not happening right now. Our listings are taking longer to sell and with far less people booking showings. Partly, this has to do with where buyers are right now. It’s summer, people are taking a break from work and house hunting but there is also a pause due to the interest rates increasing and speculation that we aren’t at the bottom of the correction yet.

INCREASES, DECREASES – WHAT DOES IT ALL MEAN?

Properties are still selling but not at a fevered rate. If there were Buyers that locked into a mortgage rate before any of the increases, they will be very interested in securing a purchase soon so that their rate doesn’t expire. We also have to remind Buyers that Real Estate is a long-term game. Property values have typically doubled over 10 years in our market. If you bought a property in the peak of the market, sit tight, don’t worry about the current value, don’t ride the roller coaster just wait until the end and you will for sure have gained.

For Sellers, we are still seeing decent numbers on the Sale side. It is taking longer (30-60 days), but there are still people that need to move and want to own their home. We are still seeing an influence out of the GTA, people realizing they would like to raise their family or retire in a smaller community. If you sell and buy in the same market it is relative and generally not a loss.

We can chat anytime about market conditions, sale prices and days on market, but in the meantime, enjoy the rest of what summer has to offer.
Till next month, cheers!