The E’s Going into 2023Real Estate Resources
The E’s Going into 2023
I will use the cliché “time flies” as we are already more than halfway through January. Reflecting on 2022, I recall the ups, downs and twists and turns encountered in the wonderful world of Real Estate!
We all knew the unprecedented market we experienced in late spring 2020 into early spring 2022 would not last forever. FOMO (fear of missing out) was at the forefront of many minds riding the tumultuous pandemic real estate wave. Expectations, emotions and endurance were tested on all sides. Whether you are selling, buying, or both, we will continue to be challenged as we navigate through 2023.
Whatever side of the table you are sitting on (buying/selling/both) the expectations surrounding your next move are likely high – and they should be! Whether its the sale price, purchase price, moving timelines, etc. – your expectations are valid and important to identify throughout the process. You deserve a level of trusted service that is guided by knowledge, integrity and dedication. My experience in real estate (12 years and counting!) has taught me that my role as your advisor, is to assist in identifying and clarifying healthy expectations. The market can shift quickly so to best advise and help set healthy expectations, it’s important [for me] to stay educated on what’s happening in our local market. I am here to educate you – please do not fall prey to the high-emotion, click-bate news headlines!
Real estate is typically someone’s largest investment, so when it comes to making a move, I understand the process can be emotional and high-pressure. Some may experience happiness, sadness, fear, anxiety, worry, anger, and the list can go on. Over the past year, I’ve noticed if the sale is not urgent, sentiment around the sale was “let’s wait and see”. Since then, this approach has evolved. Many Sellers experienced discouragement and regret, feeling as though they missed the market. Buyers were faced with increasing interest rates and somewhat modest price adjustments. We were inundated with (thanks to the media) “the market is crashing, the bubble is bursting, prices are plummeting”. None of which has proven to be true, however, this instigated a holding pattern for many wanting to see how things play out.
Real estate has always been a roller coaster ride, however, I think it’s fair to say that from 2020 – early 2022 we experienced a market like no other, with low-interest rates and pandemic-driven purchases contributing to a frenzied marketplace. Personally, I welcome the correction that is happening and feel optimistic about the future of real estate in Muskoka, for those that stay the course. This brings us to the final ‘e’, endurance.
For those savvy in real estate you will understand that real estate is [mostly] a long-term game. In 2020-21 we experienced exceptional multi offers, where people offered thousands if not hundreds of thousands of dollars offered over asking, with no conditions. With purchases happening sight unseen and bully offers, the market reflected more of a 50m sprint as opposed to a marathon. From an endurance perspective, I really have to hand it to the buyers who stuck it out, after what could have been the defeat in several multiple offer situations. Looking at where we are now, those who have the patience and endurance to work at a pace that is suitable for them, who are willing to act when it best suits them, and avoid trying to time the market, are the ones who will persevere through this correction. The short race is over. We are now back to a steady jogging pace.
In conclusion, for a successful 2023 whether you are buying, selling, or staying put, hold healthy expectations surrounding the market, remain calm in trusting your own timing, and don’t rush into anything. You got this! If you have any questions, I am always here as your guide and real estate advisor.