Are you planning to buy a new home or sell your current one this fall? Is this a better time for buyers or sellers, and is there any merit in waiting until spring?
We spoke to local REALTOR® Carlo Gervasi, who shared his insights about the current Sault Ste. Marie real estate market and fall activity.
“The real estate market is pretty balanced right now. It’s not super-hot, but not quiet either. It’s decent and strong. I think it will get even busier in the coming months,” he says.
Historically, he has found the fall market to be busy. Many are eager to move into their new home before the snow flies; it’s also a good time as a prospective buyer to inspect a property before it is covered in snow. There is certainly no need to wait until spring, he says.
The hitch in the current market?
“We are struggling with supply issues. There are many local buyers. Our younger kids aren’t having to leave the Sault anymore to find employment; there are good-paying jobs keeping them here, which wasn’t the case before. They’re the ones buying homes and creating demand,” he explains.
This is definitely good news. Over the last three years, the city saw many out-of-town buyers, which has since slowed down. Having local, younger buyers looking for homes of their own in the last two years is keeping the market propped up.
Advice for buyers
Buyers should ask their REALTOR® questions, stay engaged, and keep up to date on market trends. He suggests, “You might also want to chat with your banker now that the rates have dropped; you could qualify to borrow a higher amount.” Staying informed about the market is essential; get as much information from your agent as possible to understand any changes happening.
Are there areas he is particularly excited to show buyers in the Soo? “I like pretty much all locations in the city. I love the Sault, bottom line,” says the agent.
“Waterfront properties are always nice to show, but I always enjoy showing my new builds that I have listed in the Greenfield subdivision. It’s always nice to show my client FICMAR Builders’ quality work.”
Advice for sellers
Sellers need to adjust their expectations. “The market is still good, but many are caught up in memories of the Covid market with out-of-town buyers and multiple offers. We are still seeing that, but not as frequently. Sellers need to know that home prices haven’t come down, but the potential for multiple offers is lower, so it’s important to focus on a proper list price to generate interest and get buyers through the door.”
Good advice year-round
Your REALTOR® should be doing their part. Gervasi says, “Many choose a real estate agent because they’re a friend, but they may lack experience. In a busy market, you want someone who knows how to handle potential multiple offers and is readily available to act quickly for a buyer, a hardworking agent who prioritizes his clients. Experience sells.”
He gets a lot of referrals this way—out of frustration—because clients are dissatisfied with their current representative.
For tips tailored to your home purchase or sale, in this or any market, visit REALTOR® Carlo Gervasi of Century 21 Choice Realty Inc., email carlo.gervasi@century21.ca, call 705-256-0083, or follow him on Facebook.