24 Mar A BIG week for quality listings!
Wow! This week I saw a lot of new quality listings, which gives me some optimism for more inventory heading into Spring. I expected a bump-up in listings this week because of the delay caused by March Break last week, but I am still pleasantly surprised. Having said that, I don’t expect a tonne of new listings next week. Typically you don’t want to list your house before a holiday weekend (Easter). Many people have plans and can’t be bothered to spend their weekend house hunting.
Last week I mentioned a broader based rebound happening across most market segments. That momentum has continued and I am seeing aggressive bidding on many properties. I suspect we are going to see a more positive narrative in the press when March’s sales figures are released. The heated bidding wars I am seeing today will cause a substantial build in appreciation month-over-month. The effect will be a more bullish outlook, as it already appears many people have put the market jitters behind them.
It is so easy to get caught back up in the momentum and pressure of the downtown Toronto real estate market. Spring in particular has a way of causing people to lose their minds. Maybe it’s the optimism that comes with warmer weather or the need to execute goals set for the new year. There are so many psychological factors at play and Toronto real estate can be overwhelming for some. Have a plan, don’t get emotional and stay focused.
-Nick, March 23/2018