The Spring Market 2023
Thursday Apr 06th, 2023
It's been a long while since I updated here. In spite of the ongoing pandemic, the market in 2021 and 2022 was on fire. Average house prices in Kingston continued up and bidding wars were the name of the game. Towards the end of 2022, interest rate hikes slowed the market briefly, but we have entered the 2023 spring market with multiple offers reemerging. What does this mean?
- you should still be presenting your home in the best possible condition. This will give you an edge above the competition
- be prepared for many showings over a short period of time. I like to suggest my clients actually head out for the weekend to allow for as many showings as possible
- understand when and where you are moving onto. If you have fixed dates - for a lease or another purchase - make those clear in the listing so that you are only getting buyers who align with your timing
- similar to 2021 and 2022, it is important that your financing is in order. Know exactly how much you are able to buy
- be prepared to go through the offer process more than once. Don't tie up all your hopes and dreams in one house. It may not happen.
- understand what it means to make an unconditional offer. If you make such an offer, then you purchase the home, warts, issues and all. With an offer presentation date, I like to get my clients in early to determine if they like the property or not. If they do and think they would like to make an offer, I discuss the possibility of doing a second visit with an inspector. This is done with the knowledge and approval of the sellers.
For both buyers and sellers you know that I will always state the importance of working with a licensed realtor®. We have the knowledge and skills to negotiate on your behalf. We have the network of colleagues and systems to get your home in front of the greatest number of potential buyers and/or find the property that is a good match for your family.
I wish all of you a joyful holiday weekend.