May Real Estate Review:
Saskatoon’s Real Estate market continues to take a step back. Although some of these steps backs are exactly what we need for a stronger market in the future.
New listings hitting the market are still seeing a steady decline. This has helped keep the inventory at a reasonable level. May did see a 11% drop in sales. However, year to date we are only down 4% thanks to a strong April. The sales dollar volume is also down 11% over last year. This is a direct result of less inventory selling over the $500,000 mark. Buyers are actively looking and purchasing but only when they see value.
The Bank of Canada is talking about another rate increase. This could spark more activity in the market for buyers looking to lock in lower interest rates. We are already seeing Banks give lower interest rates for buyer when they secure the mortgage under CMHC rather than a conventional mortgage. All these factors play a part in what buyers can afford and are comfortable with.
On the other hand sellers are having a tough time accepting what market value is or even being able to sell at market value. This is why we see inconsistent pricing across the board. It is not the time to try and test the market.
When selling your home it is crucial to price at market value and have your home ready to show. The proper de-cluttering, staging, professional photographer and marketing is also a must in our current market to help buyers see value.
As always, if you need help buying or selling our team is here to help!
Gregg Bamford and Ryan Bamford
