sellersmarket

Firemen to full time real estate investor with a debt free portfolio with Dan Smith - #169

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It has been just over a year since the BoC started hiking interest rates. While the economy has remained very resilient, the housing market has undergone significant changes. There is a rapidly growing housing shortage. As population growth remains strong and immigration targets rise, new home construction cannot keep up with the demand, putting pressure on prices. Demand for rental properties is also surging, and rents have risen sharply for new tenants. In this episode of The Real Estate Podcast with me, Nico James-Bock, a Broker with Royal LePage Signature Realty in Downtown Toronto, here are the 5 things YOU need to know about today's GTA residential real estate market:

1. The GTA Is In A Sellers Market
2. Prices are trending upwards...at a more moderate pace
3. Inflation is trending downwards
4. Low Inventory Attracting Many Buyers...if the conditions are right
5. Immigration Levels are way up

A seller's market is a market condition characterized by a shortage of goods available for sale, resulting in pricing power for the seller. The main shift we’re seeing as a result of the many interest rate hikes beginning in March of 2022, is that sellers are not yet in a position to dictate price, like they were during the pre-pandemic years and briefly at the beginning of 2022 (Nov 2021- Feb 2022).

The Toronto Regional Real Estate Board reported 7,531 sales in April 2023, down by 5.2 per cent compared to April 2022. In comparison to March 2023, sales increased on an actual and seasonally adjusted basis. New listings were down by 38.3 per cent on a year-over-year basis. The average selling price in the GTA was $1,153,269 in April, down 7.8 per cent compared to $1,250,704 in April 2022. 

The average selling price also increased compared to this past March. TRREB Chief Market Analyst Jason Mercer has stated that demand for housing has picked up relative to supply, therefore, we are seeing renewed upward pressure on home prices. For a short period of time, higher borrowing costs trumped the impact of the constrained housing supply in the GTA. Renewed competition between buyers is once again shining the spotlight on the persistent lack of listings.   

With the renewed demand for resale homes, buyers have now begun to take a closer look at the option of purchasing new construction, residential low rise and high rise developments.  New construction has been a great way for buyers to get into the market as the deposit structures are spread out over the construction life cycle of the development.  

That's it for today's episode. As always you can reach out to me through any of my channels.


Ciao :-)

Helping you increase wealth through #realestate
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Find out how dramatically the real estate market has changed in Winnipeg in the past 2 months.

Have we gone from an insane sellers market to a strong buyers market now?

Is now a good time to buy a house or condo in Winnipeg?

Listen to find out.

[00:00:00] Bo Kauffmann: Wait till you hear what's going on in the Winnipeg real estate market. That's coming up next on Winnipeg's real estate podcast.

[00:00:09] You're listening to the Bo knows real estate podcast tips and advice for home buyers, sellers, and owners with award winning Remax agent Bo Kaufman.

[00:00:25] Hello, this is Bo Kaufman Remax performance Realty in Winnipeg. And what a difference a couple of months makes we've gone from a super, super insanely strong seller's market, which was happening in April and may. June started to slow down and July saw further slow downs. And right now it's turned into an almost too strong a buyer's market.

[00:00:44] It's completely swung the other way.. There are reports of listings going up and getting one showing in the first week on the market. I'm not talking about offers. I'm talking to just one showing. So why is this happening? I think rising interest rates have one or one reason. Second reason might be that buyers are just fatigued.

[00:01:03] They've been getting beaten in April and may and parts of June. And they've just taken a break. And the third reason is that August traditionally is a slower time. People that want to get into a house before the school starts have already done their buying and August is actually a big moving month.

[00:01:19] So August is super busy for lawyers and moving companies. So one of the most common questions I get is when it's a great time to buy a house while it's right now. So actually I've got buyers that I work with throughout April and may we kept. We kept getting hosed. We kept getting beaten by 10, 12, 15 offers going a hundred thousand over asking.

[00:01:38] And they basically gave up around June. They had to renew their lease, which was up in July and they just emailed me and saying, Hey, we just, we had to renew our lease. We're gonna go one more year and we're gonna come back into it. Next spring. Guess what? So I told them exactly what I'm gonna tell you now, traditionally, and I'm going back over the last 17 years.

[00:01:56] Cause that's all the history that I know. Cause I've been doing this for 17 years now. Spring is the singularly worst time to buy a house. That's because everybody else is doing it. There's a famous saying that says that if everybody else is buying, sell. Another way to look at it is if everybody else is buying, don't buy it that time.

[00:02:14] There's super competition. It's just a natural thing in Winnipeg. We hibernate through December, January, February, and then spring comes out and all the buyers come out and that's when you start getting these crazy Bing worse, this year was absolutely insane. But even in past years, April and May have been really busy, very competitive.

[00:02:34] So that's probably the worst time to buy. You should be looking at buying right now are a lot of listings on the market and some of them aren't getting any showings, let alone multiple offers. So let's look at some of the numbers of how many listings there are and compare that to spring. On August 1st, we actually had 1,263 houses for sale on the market.

[00:02:57] 1263. Compare that to 426 in April and 568 in may. It's almost triple the amount of listings available. So breaking that down houses under a quarter million dollars, we have 288 in April. We had a hundred. So now we have nearly 300 throughout the month of July. We sold about 108 of these houses.

[00:03:19] Compare that to last year, same time, 151. So that's like a 35% less than last year houses between two 50 and 500,000. We have 561 homes on the market. In February we had 116. Now we have about five times as many homes available as we did in February. We've sold throughout the month of July 482 of them, 482 compared. 583 in may.

[00:03:49] Next price range up the 500 to 1 million. We have 355 homes on the market. We had 80 in February. So now we have 355. We've sold 190 in the month of July. And compare that to three 50 in the month of may. So nearly half as many sales in this price category as we had in may, just two months ago and the million dollar plus homes, we have 59 on the market.

[00:04:17] Compared to nine in February. So 59 that's, six times as many. And we've sold five in the month of July compared to 18 in the month of may. So you can see buyer activity is way down. Listings are up. This is the time to to buy a house. Yes, interest rates have gone up. You can still get a pretty good.

[00:04:37] Traditionally speaking, if you're paying 4% or 5%, that's actually a very good rate. My father-in-law. I remember him telling me he bought his house in 1967 and his in-laws told him he was nuts because he paid 6% interest, which was to them was really high. But traditionally five and 6% are really low rates compared to the 18% that we had 30, 40 years.

[00:05:02] No, you can't get 1.9 % anymore, but you also don't have to pay a hundred grand over asking anymore. So who's looking for a house right now. Gimme a shout and let's look at condos next because we're gonna see a very similar picture.

[00:05:17] This episode of Winnipeg's real estate podcast is sponsored by Urban Topcoat, paint and design, bringing quality fine finishes to your home. Whether you're planning to sell, have just settled in or looking for a robust color refresh Urban Topcoat, paint and design has your home covered. There's quality in their hands and they leave it in their work call Rob white today at two oh four seven nine one eight oh two.

[00:05:41] Currently we have 365 condos available in all of Winnipeg. That is up from three 12 in June two 40 in may. So 365 available right now, lots of choices out there in the month of July, we've sold 160 condos. It's a little bit more than what we did in in April and March condos under a quarter million dollars.

[00:06:04] We've sold about 80 of them in. Compared to 113 in may. So those sales are down as well and condos over a quarter million, that's all the way up to whatever the infinity is. I believe there's still a million dollar condo mil, a few million dollar plus condos out there. We have available 168. We've sold.

[00:06:23] 82 in the month of July. And that's in line with what we did last year, where we sold 76 last year in the month of July. But in may, this year, we sold over a hundred, same with June. So those sales now they're 82, they're down 20% or so as well. Again. Just like houses. It's a good time to buy a condo right now as well.

[00:06:41] Are you looking to buy a house or a condo in Winnipeg work with the agent who takes the time to explain the process to you, guiding you through every step for service beyond the sale book, your home buying consultation with Bo Kaufman of Remax performance today Bo knows real estate.

[00:07:39] I truly hope you enjoyed this episode as much as I enjoy making these. If you have any questions or anything that you'd like me to talk about in future, gimme a shout at time.

[00:07:47] 2 0 4 3 3 2 2 0 2. Or email me at bonos homes, gmail.com til next time, byebye.

[00:08:00] You've been listening to Bo Kauffmann of Remax performance Realty. Are you thinking of buying or selling a house or a condo in Winnipeg? Call Bo at (204) 333-2202. Remember Bo knows real estate.

Join us in today's episode as we discuss the influence of the shifting real estate market on buyers and sellers, among other topics. If you want to make your real estate business profitable, don't miss this show!

WHAT YOU’LL LEARN FROM THIS EPISODE

• What is the current state of the real estate market?
• Seller’s market vs. buyer’s market 
• Why real estate investment is viable in today's shifting market
• How do hedge funds make trades? 
• Considerations to make when raising your unit rent

CONNECT WITH US:

• If you need help with anything in real estate, please email: invest@rpcinvest.com
• Reach Ron: RP Capital
• Leave podcast reviews and topic suggestions: iTunes
• Subscribe and get additional info: Get Real Estate Success
• Facebook Group: Cash Flow Property Facebook Community

In this episode of The Real Estate Podcast with me, Broker Nico James-Bock, I’m going to explain how we transitioned from a Seller’s Market to a more Balanced Market. I’ll also talk about the possibility of entering a Buyer’s Market and what that means as we head into summer 2022.

Helping you increase wealth through #realestate
https://nico.royallepage.ca/
https://www.facebook.com/RealEstateWithNico
https://www.linkedin.com/in/nicojamesbock/
https://www.instagram.com/nico_realestate/
https://twitter.com/Nico_RealEstate

During this episode, Victor Maas and guest host Josue Robles discuss the difference between real estate market types and the characteristics of each market. They explore buyer's markets and seller's markets and how real estate investors are effected by each market.  

Today Rob and Adrain are talking about how to price your home for sale. They go into detail about all the factors that go into pricing a home correctly and give real-life examples of how to do so.  

Thanks for listening!

Do you ever drive by your old house? No one prepares you for the emotional attachment. Like, when should you stop caring? Is it weird to drive by and yell: "Water!! The Oleanders need water!! It's taken me 11 years to build those up...and you don't even care?"

We talk about that, we'll talk about this continuing sellers market, and each week Diva Danielle tells us about a volunteer opportunity in the Valley for you and a fun thing to do. This week the thing to do is the Sunset Summer Series, featuring concerts at the Royal Palms - Reggae, Latin Nights, Jazz Under the Stars, Blues Brews BBQs. Go to the RoyalPalmsHotel.com website for more information. She also talks about volunteering at NotMyKid nonprofit at NotMyKid.org.

Diane Brennan with Coldwell Banker Realty, Tom Ross with Bay Equity Home Loans, and "Diva" Danielle Williams break it all down in this week's episode.

Resources and Links:

To reach Diane:

Facebook is /ThatRealEstateShow
Instagram @myrealtordianebrennan
Phone: 602-620-2277

To reach Tom:

The Tom Ross Team at Bay Equity website
By phone: 602-684-8200
Office is located at 5635 East Thomas Road, Office 13, Phoenix, AZ 85018 

"Diva" Danielle Williams is @1AndOnlyDivaDanielle on Instagram and here on Facebook! Her Community Link AZ Facebook page is here.

Katrina Madewell shares what is happening in the Tampa Real Estate market. Giving detailed information as to why it's so hard to get an offer accepted in this market.www.tampahometalk.com

Katrina Madewell speaks with our past client on the process of selling and why its a great idea to sell your home right now. 

In this episode of Saving With Steve, host Steve Sexton is joined by Moe Vela, former White House Senior Advisor and businessman, and Andrew Ragusa, a Licensed Real Estate Broker, Sellers Representative Specialist, Accredited Buyer Representative, Short Sale and Foreclosure Resource Specialist, and the CEO of REMI Realty, to discuss bringing investing and wealth creation opportunities to the masses + how to make an offer on a home stand out in a competitive seller's market.

Learn more about the show at www.SavingWithSteve.us

On this episode Ian and Jason discuss what they are seeing with current market trends in the flip, rental and vacation market.  It seems like most areas of real estate tend to be a seller market currently.  Anything reasonably priced and in good condition is flying off the market.  But how long will this last?  Tune in now to here our thoughts along with other local investors...  

condo sales jump dramatically in June, would be sellers nervous about going on the market despite the strong market, and what happens next month

What are you currently seeing in your local market?  Are there lots of investor deals available or is everything getting bid up?  Are nice retail homes still selling above market value?  Ian and Jason breakdown what they see here in their local markets as of June 29, 2020.    The market conditions are very interesting currently and they breakdown their thoughts of where the market is headed through the rest of the year.    They answer questions from the audience as well.  Tune in now..