How Are Current Market Trends Really Affecting the Value of Your Home?
Monday Dec 19th, 2022
Where does your home stand in today’s market? The market cooling down may have you questioning what your home is worth today.
Sales across the Greater Toronto Area (GTA) were down 41% this June compared to the same time last year. On a monthly basis, home prices were also down. The decrease in sales are due to interest rate hikes as well as home buyers putting their decision to buy on hold to see where home prices end up.
However, long term housing demand is expected to remain strong as people continue to migrate to the Greater Toronto Area, said John DiMichele, Toronto Regional Real Estate Board CEO in a news release.
“Our region continues to grow because we attract people and businesses from all around the world,” DiMichele said. “All of these people will require a place to live, whether they choose to buy or rent. Despite the shorter-term impact of higher borrowing costs, housing demand will remain strong over the long-term, as long as we can produce homes within which people can live.”
Looking at the bigger picture, this is what the current and predicted market looks like. However, it’s important to keep in mind that whether your home’s value is increasing or decreasing could be a lot different than what is being reported across the GTA.
These numbers do provide macro insights in terms of overall trends in the real estate market across the region. However, it’s only when you zoom in to specific micro neighbourhoods that you will get a better idea of what a home is actually worth. The value of your home is very dependent on not only the home itself, but also the neighbourhood that surrounds it.
For example, housing prices will look a lot different when comparing homes in the Yonge-Eglinton-Forest Hill area (average selling price $1,616,765) to homes in Vaughan (average selling price $1,297,971). It’s important to not let media coverage of the housing market influence your decision to buy or sell. Ultimately, it’s only a real estate agent who knows your specific neighbourhood well who will be able to give you the best answer on whether now is a good time to buy or sell.
Work With an Experienced Realtor
In today’s unpredictable and fast-paced market, you’ll want to work with an experienced realtor who specializes in the neighbourhood you live in. That way, you can be sure they truly understand the local market and what it means for your selling experience. If you choose to work with me, I have extensive experience selling homes in the Greater Toronto Area. One of my goals is provide the most stress free and enjoyable journey as possible for my clients. I advocate fiercely for my clients, guide them through every step of the process, and am there for them with whatever they need along the way.
Contact Me Today
I would love to hear from you and help you get started on your exciting home buying or selling journey. You can reach me today at 416-820-3006, or by email at firstname.lastname@example.org. I look forward to hearing from you and answering any questions you might have!