Saskatoon's Real Estate market continues to see many adjustments.
We are still showing a steady decline in unit sales year over year. With limited inventory levels in single family homes, a decline in new listings and also below average temperatures in March have played a major factor in these numbers. This steady decline in pricing since 2015 has made it difficult for some people to move.
The people who have purchased homes with minimum downpayment in the last 5 years are still struggling to move into their next home. The past adjustments in pricing and lending rules have some Sellers/Buyers re-evaluating if this is the right time to move. These adjustments are actually preparing us for when interest rates do rise, it creates a more stable market for everyone. We know this all seems negative but these factors have helped bring our market down to a point where buyers are seeing value.
Spring is here and buyers are actively looking and ready to act when they see the right home or acreage. We see builders digging holes for foundations and developers are releasing land. They are seeing more consumer confidence than prior years and are ready to amp up production. These new homes will help increase inventory and should help absorb some of the demand in single family homes. All in all, we anticipate a strong spring 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 are also a must in our current market to help buyers see value.
As always, if you need help buying or selling please do not hesitate to contact us at any time.
PS. Remember to prep your home for the spring thaw, by taking the proper precautions today it will save you headache and money. Please refer back to our blog for some helpful tips. - GET YOUR HOME SPRING READY.