Market Update: Market Conditions and Summer Forecast

Market Conditions and Summer Forecast

With all the talk of market conditions, bidding wars and government intervention looking to the statistics and market trend has been a topic of many conversation. We now have seen a levelling off and, in some areas, a drastic decrease to most market activity. May showed some of the highest sales in the last four months while June has brought an influx of listings on the market and fewer sales across the City. While the summer market tends to be a slower time of year in general, hot off the heels of the high stakes spring market, to some sellers, it feels as though those buyers have retreated.  Bidding wars have returned to the exception, not the rule, giving buyers the opportunity to make conditional offers and sales, as well as ensuring proper purchase qualification. Sellers are finding this a far different market with listings remaining for longer periods on the market and a return to realistic property values. Pricing remains the key to a successful sale but can be tricky in a downturn market such as this. Need advice? Give us a call, we’re always eager to help!