My comments:
The fall real estate market has been full of activity, particularly in the more affordable condo segment, such as 1- to 2-bedroom units. Sellers here have been more flexible with pricing, which has prompted an increase in sales, though buyers remain cautious and are still exploring their options.
This October also brought a significant shift, with a 0.5% interest rate cut, marking one of the largest reductions this year. While this could potentially stir some movement in the market, buyers and sellers are both carefully weighing their options as we move into the year’s final quarter.
Looking ahead, the rest of 2024’s real estate landscape will depend on several key factors, including the impact of the upcoming U.S. presidential election, whether sellers continue to adjust prices, and the possibility of further rate cuts.
It’s safe to say this has been one of the more unusual years for real estate, and as your trusted partner, I’m here to help you navigate these unique times. Please reach out with any questions or if you’d like to discuss how this evolving market may impact your real estate goals.