Kingston real estate returns to an (almost) normal market.
Open house signs are back! The fact that realtors are holding open houses for the first time since 2019, means the Kingston market is pretty much, sort of, kinda returning to normal.
As of last month, the average market price was seven per cent below April 2022, which was the high-water mark of frenzied pandemic house-buying. But listings are still very low, and that’s keeping prices up and leading to bidding wars on some of the most desirable properties.
Buyers don’t have the same financial buying power with the higher interest rates in today’s market, and they’re demanding fair prices.
Things may get worse for sellers if Canada tips into recession, (seems less likely now) but again the consistently high demand for Kingston real estate, now in its eighth year, I believe will continue to buoy up Kingston property values, and prevent any significant back-sliding.
But the days of an easy sale are over. Buyers are getting very picky, choosing the best listings and leaving the rest to languish on the market. At the height of the pandemic frenzy, there were barely 100 active residential listings in Kingston. Today, there are 300.
Successful sellers will be those who bring a property to the market well-maintained and updated. Homeowners who have let repair and maintenance slide, either through oversight or lack of funds, will have to price fairly to sell.
If you’re thinking of selling in the next five years, you should be taking stock of what needs to be done to get your property in the best possible shape. It can take a while to get everything done, and you may need to space out expenses - not to mention how long it takes to book trades people these days!
Everyone’s lives are busy. It’s not just the cost of repairs and upgrades, but the time and trouble it takes. Save a buyer time and money, and your property sale will go well.
For more advice and information on the bumpy ride in the Kingston real estate market, call me for a chat. Answers to questions are always free! :)