Selling the Rock

Hey Sudbury, it is getting COLD outside! 🥶

On the real estate front we saw sales stay flat with a small drop in the listings! Tune in for this week's crazy transactions and trends!🎧

Hey Sudbury, hope you guys are feeling as stuffed as I am after a full weekend of Turkey and family last week.  We are back in the routine with the family this week, all 3 boys are in hockey and keeping us super busy at the rink. After a long hiatus from the rink I put the old goalie skates on to help with my youngest Benjamin this last week.  We spent the entire hour working on trying to have 3 year old kids get up on their skates by them selves, and we were somewhat successful.  By the end of the hour there were fewer tears and I think I may have even seen a smile.  This is one of the best feelings about being in a smaller community when the friends and neighbours all come out with their kids at the local rink, it brings back a familiar feeling, one that we missed out on last year.

On the real estate front we saw an uptick in listings and a slow down in sales for the first time in a long while. I was predicting for the last few weeks that sales would spike as the winter market is around the corner but we weren’t seeing it play out in the stats as we had initially predicted...

Hey Sudbury,

Happy Thanksgiving weekend! We are wishing everyone a wonderful weekend filled with friends, family and food!

As far as the Sudbury housing market...Tune in to find out this week's most shocking trends and transactions! 🎧

Hey Sudbury,

🎃Can you believe its October 1st today! Fall in Sudbury is one of the most amazing times of the year! Especially when we have crisp sunny fall like we have had in the last few days, not the dreary wet cold fall days that started the changing of the season.  It’s shocking that thanksgiving weekend is just a week away. It’s the unofficial closing weekend of all camps in Sudbury, time to take in the dock, the boat and close up camps until next year! It was also a week that saw the first ever ‘National day of Truth and Reconciliation’.  It is crazy to think of the devastation that was caused by residential schools, as a parent with young kids myself, I can’t wrap my head around having my kids taken away from me, let alone having decades of it happening over and over again.  It was pretty cool to have my middle child (grade one) come home and tell me why they are wearing Orange Shirts and the meaning behind it.

🍁On a national level the liberals are settling into parliament again, and with a lot of the same on the horizon in terms of the makeup of the government, there is some very interesting new housing initiatives that they will be implementing. The highlight being the new savings account for first time home buyers.  An account that combines the tax benefits of an RRSP as well as the tax growth of a TFSA. This new account will be especially interesting for parents of young future buyers who I can see leveraging this account in a big way.  The governments continued creative fuelling of the housing market is going to continue to push prices up in the short term.

As far as the Sudbury housing market...Tune in to find out this week's most shocking trends and transactions! 🎧

Welcome back to another episode of Selling the Rock - Your local real estate podcast!

🎙 Support our podcast Selling the Rock - like, share, comment or leave a review!

With only a few more days left to vote, our goal is to provide educational resources to our clients, friends and family so that we all can make an educated decision with our vote.🇨🇦 

We encourage everyone to do their part and research each independent party and their platforms before the upcoming election.

Today we are chatting with special guest - Green Party of Canada | Parti vert du Canada Nickel Belt candidate, Craig Gravelle. Every Canadian deserves the opportunity to live in a home they can afford. Tune in to find out how GPC plans to make home buying more achievable for first time buyers! 🏡

Connect with Craig⬇️

Educational Resources:

https://newsinteractives.cbc.ca/elect...

https://www.bnnbloomberg.ca/2021-fede...

https://angusreid.org/federal-electio...

https://www.ctvnews.ca/politics/feder...

https://www.refinery29.com/en-ca/2021...

🤔This was an interesting week for sales versus new listings. Weekly, we have been seeing more sales than listings, but with this latest drop again in sales and new listings staying flat we are almost on par with sales being equal to new listings, which would bring us more into a balanced market.

📉Despite how slow the week was with only 40 sales, 65% of them were in multiple offers. We have seen bidding wars spread between 50% at a low to a high of 80% (for number of bidding wars in any given week). With these numbers we are in the middle of the range, but it is higher than we have seen in the most recent few weeks, which shows buyers are feeling a bit rushed with the thought of moving in with the snow looming.

🤨The other big surprise this week was the number of total listings, dropping down again, this time into the mid 150’s.  The last time we saw listings this low was around April Fools which shows me that we have seen the peak in listing volume that we expect in a spring/summer marketplace. Moving forward we will most likely follow the path we saw over the winter last year of bottoming out just over 100 total listings, as we expect the seasonality to return to the market. What does this mean for buyers? If you are expecting to see a whole bunch of options as you're searching, you will most likely be disappointed. A lack of listings is one of the biggest factors that have led to the increases in housing prices. If the volume continues similar to last year, we could be primed for another bump in average sale price.

💰One of the most frustrating thing in this marketplace for me as an agent is "the underpriced listing".  I’m so used to seeing it, we know the listing agents who are consistently guilty of it; and sure it may work as a strategy for their sellers, so all the power to them, but when we are shopping with buyers there is nothing more frustrating. Just this morning I am touring a first time buyer around a few homes in a first time buyer price range. There’s a new place that just hit the market, photos look amazing, cute as a button and the price is super reasonable! After walking thru the home, I was honest with her that I believe the place will sell at least 100k above where it's listed at, and in all reality probably closer to 120k above the asking price! The frustration lies in the fact that there are already limited homes to see in her budget, and the one that she gets her hopes up for most is the most unrealistic that will be an option in her price range. This is what gets people upset with Realtors and the housing market in general. Again, I understand this is a strategy that can work out best for sellers, as it sparks chaos and may result in people paying more than they would have rationally paid for the place. But this is the reason people hate Realtors.

❄️Where does the market go from here? We see the slow down is happening with market activity. It's playing out week to week with the fewer sales and even reduced listings. I’ve talked about it a few times in the past, about how the listings will see an uptick as we have a last push before the winter market; but even with that we won’t see a return to the chaos of the spring market. The big unknown in the market may be attached to the upcoming election just 10 days away. Each parties platform is unique and has a way of shaping some changes in the housing market; mostly in a positive way for investors and buyers. Politicians are meandering to the public, that is looking to make it easier to jump in the housing market. This at the expense of longer amortizations, artificial interest rates and government incentives.  This is a great thing in the short term, but can have some negative effects in the long term if people are taking on more debt than what is reasonable.

Hey Sudbury!

🎙 Support our podcast Selling the Rock - like, share, comment or leave a review!

Happy Friday Sudbury & welcome back to another episode of Selling the Rock, your local real estate podcast!

🎙 Support our podcast Selling the Rock - like, share, comment or leave a review!

Hey Sudbury!👋

From a real estate sales perspective, we saw a reversal of the slowdown in listings over the last two weeks. This week we increased the supply a ton! As always, tune in for this week's market breakdown!🎧

🎙 Support our podcast Selling the Rock - like, share, comment or leave a review!