Welcome to our LakeShore East
Fall market update. As we begin October, we have some invaluable insights to share about the real estate market conditions and some exciting projections for the near future.
The start of October signals it's time for a fall market update, offering an in-depth look at Lakeshore East's local real estate landscape. We still see rates hovering slightly above six percent. According to economic and mortgage industry insights, this figure is unlikely to change any time soon, potentially even remaining stable throughout the upcoming election year. Thus, we should adjust to these slightly higher interest rates.
Our local market, Lakeshore East, and the surrounding regions continue to experience low inventory. This scarcity translates into a seller's market. However, it's important to note that this primarily applies to properties with fair pricing and exceptional conditions, as buyers have become more scrutinous regarding their expenditures and the interest rates they must shoulder.
The lack of competition makes it an excellent time for potential sellers. But, I do recommend having a thorough discussion about your property's real market value and any necessary improvements to ensure a successful sale. Currently, the sell price to list price ratio is robust, hovering around 96-98%.
Buyers are gradually becoming comfortable with the prevailing interest rates, and movement in the market is beginning to gain momentum, a positive sign for our autumnal market. If you're considering purchasing a home, you have the advantage of knowing your interest rates upfront and can secure a fairly reasonable deal due to sellers needing to price their homes realistically.