How are Current Market Trends Really Affecting the Value of Your Home?
Tuesday Jul 26th, 2022
Where does your home value stand in today’s market? The current market shift 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 a variety of factors including;
- A series of interest rate hikes.
- Potential home buyers taking a pause in their search for the summer.
- Buyers taking more time to consider their options and enjoying the opportunity to be more selective as well taking the time to do their due diligence.
- The return of normal summer market activity.
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 real estate market looks like. However, it’s important to keep in mind that guessing at your own home’s value based on what is being reported in the media may not be prudent. There are many factors that affect a specific home’s value that aren’t addressed in the statistics and that don’t tell the whole story.
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 it is located in.
It’s important to not let media coverage of the housing market influence your decision to buy or sell. Ultimately, it’s only a well informed real estate agent who knows your specific neighbourhood who will be able to give you the best answer on whether now is a good time to buy or sell and provide you with the analysis to support that decision.
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!