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Hello Spring 2024 | How are we doing out there?
THE MARKET IS OFFICIALLY NUTS.
Mostly, it’s unpredictable, and can’t be trusted. Don’t worry, you can still trust your local REALTOR®… they are doing the best they can, based on the most recent available data we have. However, the data seems to be going UP AND DOWN lately, mere days between sales. It’s sometimes hard to predict what the next house is going to go for.
After a decade in the business and experience through turbulent markets: long and short days on market, here is what I can definitively say in this convoluted Spring Market in North Bay, Ontario:
- Our current average price for the past month (March 2024) for residential property is $478,872 (according to CREA stats MLS reporting), which is down 2.19% from March 2023, and down from the peak pricing of 2022 (COVID MARKET: something by the way that no one wants to go back to… not even us Realtors® even though it was the big bucks…
- We are still in an inflated market
- We are still (for the most part) in a Seller’s Market, although Southern Ontarians like to argue with us about that…
- Quality family homes that hit most of the Buyers (3+ beds, 2+baths, garage or carport, good neighbourhood) are getting multiple offers if they are priced under 500K
- First time buyer homes are getting multiple offers
- Price and neighbourhood are everything to people right now
- Interest rates are still high for most Buyers (limiting affordability), even though they have stopped rising
- Some residential homes even though they aren’t looking the best in modern updates, if they have the capability for an in-law suite, a secondary dwelling/ income helper, they are getting more showings and more offers and potentially more money…
- It’s always about supply and demand, and we still have relatively LOW supply, and increased demand, which is not letting up.
- Who do we currently have in the marketplace: half are local Buyers, and half are out-of-towners coming into NB (many of them investors)
So what do I make out of all of this?
Although in 2022 the market was heightened: peak demand and record low inventory, at least it was predictable. We could predict roughly how many offers every listing would get based on the past few comparable sales. We could predict how much traffic would come through a home. We could predict listing strategy and it would typically work well for the Seller. We could also get our Buyers equipped with ammunition and strategize for the best possible offer based on comparable sales, and market trend.
Right now… there’s no predictability. It’s a bit all over the place. One house going for 100K over with 10 offers, the next a week later getting 1 offer with a heavy amount of showings and traffic. Then the next week, 10 showings on a similar home, and 4 offers.
I don’t know what to make of it. What I do feel is the frustration from most Buyers right now. Almost like they are living through Post Traumatic Stress Disorder from their first go round during the Pandemic and losing time after time on offer date. So they come back to the table in 2024 when the rates seemed to have stabilized, they have a few more dollars saved into their account, they are getting so close to finally reaching a milestone, and purchasing their first home… and then BAM, market starts to heat up again, and competition is back to fierce.
I feel you!
But don’t fret, it will happen. We are in a better place than we were with competition in 2022. Value has still held up, which is great for our community, that we haven’t plummeted! It means there is good consumer confidence in the Nipissing region.
Stay tuned for more thoughts on stats and market movement.
Monthly Home Maintenance Checklist
January
Start the year off fresh with the following tasks:
- We’ve just put away everything and anything Christmas, now it’s time to give the home a deep clean after the chaos (baseboards, floors, furniture, dusting, bathrooms, garbage/recycling removal, etc.)
- Shovel around your furnace vents on the exterior of your home. Not doing so, can cause blockage (build up of snow and ice), and let the bad exhaust back into the house which could lead to carbon monoxide poisoning.
February
The coldest month of the year, consider checking heat loss signs around your house, most commonly seen in temperature fluctuations in your rooms, or your windows.
- Check your windows for condensation, leaks, and anywhere that may need caulking
- Repair as needed
- Shovel the snow, ice, slush away from the foundation of your home. Any piled up snow should melt away from your foundation.
- Take note of areas that require proper grading for the Spring time
March
- …just keep shovelling
- Inspect your home’s exterior for winter damage & make repairs accordingly
April
- Spring cleanup time! It’s a good time to do a deep clean of your refrigerator, your kitchen cupboards, and bathroom vanities/cabinets.
- Get ready for rain showers and wet temps and clean out your gutters & downspouts to ensure proper water flow (again, away from the foundation!)
May
- Think ahead of the scorching hot temps, and get your air conditioner tuned up/ condenser inspected/cleaned
- Yard maintenance and spring planting/ garden bed planting, and gardens prepped
June
- Now is the time to plant your veggies if you’re a Gardener (frost is sure to stay at bay)
July
- After the Spring pollen, it’s a good idea to wash the exterior of your home (windows, pressure wash siding, soffit and fascia).
August
- Garden cleanup, start to think about purging unwanted items from your garage/ sheds to make room for the storage in the winter.
September
- Leaves cleanup, trim all perennial plants down before the winter.
- Bring in all outdoor furniture for storage and cover what needs to be winterized.
October
- Get your furnace serviced or clean in and around your furnace using a vacuum, disinfectant wipes, sub out your air filters.
- Clean the fridge another time, ahead of the holiday gatherings!
November
- Get your ducts cleaned if you have pets, lack of air circulation (homes that are over 20 years old may not have air exchangers and proper ventilation).
- Get ready for the holidays by decluttering and doing a final annual purge, as the Christmas decorations start to take up room in the home!
December
- Sit back, relax, and enjoy the fact that you’ve been a prudent home owner this year!
You Should Always Work With a Local Agent
ALWAYS WORK WITH A LOCAL AGENT
There are too many reasons to be working with a LOCAL agent. Yet, we see the opposite more and more lately in this Seller’s market. Locals listing with out of town reps, specifically GTA reps. They drive to our area to tour their Buyers, and sometimes don’t even make the trip up here and just send their Buyers in to get a tour with a Local Rep but not sign a Buyer’s Agency, and then they write up the offer. How fair is that?
Sometimes there is a good reason – like an agent has been with the family for 6-7 moves so there’s a trust built overtime, or they are related, and the rep is willing to travel and do their due diligence to best represent these people. So whatever, fill your boots, but in any event, do it right and do your research!
| HOWEVER, most of the time, it’s bad for the Buyers, and definitely bad for the Sellers, and let me tell you why. |
They don’t live here.
They don’t know the region like we do and they don’t know the sales history like we do.
Therefore, NOT an expert in pricing your property!
Some will convince you to list exclusively on the TREB board, to get “maximum exposure“. This is bullshit. Do you think all the Realtors in Toronto are looking for a house for their Buyers in North Bay… on the TREB board? NO. Essentially, all boards have the power to do the same thing, list the property publicly on Realtor.ca where everyone can see it as a consumer. Through our boards, we – the agents have the power to see them first and then send them through search portals set up with our Buyers. But, if you don’t have your listing showcased on our local NBREB board, then 160+ Local Realtors aren’t going to send it to their clients the morning it gets listed and won’t know it exists.
As a Buyer, when you’re asking questions about the neighbourhood, want to know more about the schools, or neighbours, do you think this agent is the right fit for the job in representing your interests? Or what about when you want to see a property on short notice? Do you think they can be there within a half hour to show you the house if they live hours away? Or how about when you go to submit an offer, and you’re competing against 7 other Buyers, do you think they have the knowledge to give you the recent sales and list-price to sale-price ratios so you can make an informed decision about what to offer within minutes? Probably not.
Moral of the story. Don’t list with an out of town Realtor. Just don’t do it. And if you’re shopping in our region, but you have a Realtor from your neck of the woods, ask them to refer you to someone trusted and knowledgeable in OUR region. It doesn’t have to be me. But for the love of God, just seek out someone local to help you make informed decisions. I promise you, you won’t regret it.
