We at Impact Realty Group often have people ask questions about what is happening in our current market. The spring market is often the hottest market of the year and many clients and friends want to know, “Is now is the time to act?” They have questions…and we have answers that we would love to share.
How can I prepare my home for a spring sale? Walk around your home as if you were seeing it for the first time. For example, is the front entrance a jumble of shoes, backpacks and coats? Things you see all the time become less noticeable to you, but if you were seeing your home for the first time, what would you see? The top thing you can do is declutter and deep clean your home, including closets and cupboards. If your home is teeming with personal photos and items, pack them away, as you want people to be able to imagine themselves in your space. Take care to spruce up the front entrance, as that helps create a Buyers first impression. And don’t forget to take care of any odours that might be lingering, such as pet odours.
How has the market been so far this year? January started out quite slow with low inventory levels and much less volume of trade than the pandemic market. March inventory levels continue to rise, looking more consistent to a “normal” spring. This means that if you are in the market to buy, you should be able to do some browsing, make an offer and even include some conditions for your protection (financing, inspection, sale of property). If you find something you like, don’t wait, there are still other Buyers out there and if you are first to the table, even with a sale of property condition, this puts you in first place. If you are Selling, there may be other competition. Competition isn’t a bad thing as there’s usually more than one Buyer out there for the same property and it gives you a chance for yours to look the best. We can help with that! Our listings are seeing strong showing activity and offers as a result. If you think a spring sale is in your forecast, let’s have a conversation sooner rather than later so that you can check off all the things on the ‘to do’ list without rushing.
How have interest rates affected Buyers? What was the interest rate entering 2023? What is it now? Impact Realty Group works closely with our preferred mortgage professionals. We asked Mortgage Specialist Tim Oates @RBCmortgages what he is seeing. Tim said, “Entering 2023 the 5-year fixed rate was 5.69%, it is down to 5.24% (March 20). We expect slight fluctuations up and down as we head into the spring/summer market. Most Buyers are opting for a shorter-term fixed rate, offering them security for the term of their mortgage.”
How do you see the market playing out for the next year? Inventory will play a major role in our market. In some segments we are again seeing multiple offers over asking price. In other segments we are seeing inventory levels stabilizing and a more balanced trade. Whether Buying or Selling, give us a call now to create a plan and ensure that you meet and exceed your real estate goals in 2023!
What are Buyers looking for? Buyers are attracted to homes that show well online. It is important to lean on us when it comes to maintenance and repairs, paint, and other recommendations. We have a list of trade professionals that we trust with our own homes. We offer staging, professional photography, floor plans and more to ensure that your home hits the market looking its absolute best.
We are very proud to be recognized as the #1 group in Keller Williams Home Group Realty and that Malcolm Crooks was the Sales Associate of the Year in 2022. This means we are doing our best work for you, our clients, and we are so grateful that you have chosen and continue to choose us as your Realtors!
Where can you find us? Impact Realty Group’s home office is in Fergus at the Old Livery building at 135 St David St S. We can also meet you at one of our other locations in Elora or Guelph as well as at your preferred meeting place. You can catch us most weekends at our scheduled open houses throughout the county. You can also pop in and say hi at our booth at The Fergus Lion’s Home Show happening May 10, 11, 12 for a free giveaway.