The slowdown in the real estate market in recent weeks means that buyers have for the first time since the start of the pandemic a little more time to visit homes.
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“We saw a few houses where it took two or three weeks, which we hadn’t seen for three years. There were fewer sales in September, but that does not mean that prices have fallen for all that,” says real estate agent Mélanie Bergeron.
However, even if the situation begins to slow down, the market does not favor buyers yet.
“It’s still a seller’s market, but if you’re the only buyer on a property, you may be lucky enough to be able to negotiate, a fact that I haven’t seen in three years and in some cases you you can put a condition of sale on your property”, underlines the real estate agent.
The rise in rates has caused buyers to change their selection criteria.
“A $600,000 house if there are a few little things to renovate, it’s going to be a little harder to sell because people have a little less budget because of the prequalifications which are more difficult. A couple that was pre-approved for $600,000 with the old interest rates, they’re going to lose about $100,000 with the new rates, so there are certain types of properties where there are definitely fewer buyers,” he said. she.
See all the details in the video above.