2022 was a wild year for real estate. And now with 2023 in full swing, you might be planning out what this year has in store for you. Whether you are considering selling your home this year, moving, or purchasing your very first home, we know you have questions. 

After several years of seeing (and experiencing) the real estate market behaving in a particular way, we started to see quite the shift last year due to the interest rates increasing, inflation, gas prices, war in Ukraine, and everything related to the pandemic aftermath. 

Many potential buyers and sellers took on a “wait-and-see” approach to first analyze market conditions and then figure out what their next move should be. For many, the thought of buying or selling a home, felt overwhelming with the dramatic changes we have all witnessed in a very short period of time.

We get a lot of questions about what a buyer’s market is compared to a seller’s market, and where we stand right now in 2023.

What is a Seller’s Market? 

In a seller’s market, there are more buyers than there is inventory to accommodate them. Home prices are higher and buyers generally find themselves in bidding wars which can drive up the prices of homes due to there being multiple offers on the table. Homes sell fast, and if there are too many conditions on an offer, sellers will look at more desirable offers with less limitations. The favorable “firm” offer is what sellers will be looking for in this case to ensure it’s a done deal. 

Looking for more resources to help sell your home in today’s market? Check out the related reads below:

• What Season Should You Sell Your Home In Hamilton Or Burlington?
• Do Staged Homes Sell Faster In Hamilton-Burlington?

What is a Buyer’s Market?

On the other hand, a buyer’s market means that there is more inventory available than there are buyers interested in purchasing. Home prices are generally lower, due to the surplus of inventory providing buyers with various options. Buyers are easily able to negotiate conditions upon their offers which sellers will have to accommodate if they want a deal to come together. 

What is a Balanced Market?

Based on 2023 market stats, it appears that we have moved into a more balanced market, where there is a balance between buyers and inventory. Interestingly enough, some homes are in fact going fast (some selling with multiple offers in competition), but generally speaking, homes are taking longer to sell (30+ days on average locally). The market that we are currently in is definitely keeping us all on our toes as each house is performing differently from the next. However, it is safe to say that we are looking at a more balanced market. With homes sitting on the market, a bit longer – buyers are able to have more negotiating power and are able to add in some conditions to their agreements without getting immediately dismissed. When this happens, it is both mutually beneficial because sellers are still able to capitalize on the gains of their home prices, as prices seem to have stabilized. 

Getting ready to buy your next home? Here are some resources you may find helpful:

• Top 5 Hamilton Neighbourhoods For Families
• Why Should Empty-Nesters Consider Dundas?
• What Hood Is Good? Let’s Talk About Kirkendall!

What does this mean?

As we shift into a more balanced market, it is more important than ever for both buyers and sellers to work with an excellent Realtor, who will be able to guide their clients with all the relevant market knowledge and real estate updates. Working with The O’Reilly Group, you can expect a consistent experience every time, whether you’re buying, selling, or just looking for real estate advice you can trust. We pride ourselves on building intentional, meaningful, and long-lasting relationships with our clients, our colleagues, and our community. We offer our maximum efforts in every aspect of every transaction. 

Exceptional marketing is becoming more important than ever for sellers to make sure that they get the most value for their home with all the right exposure. It is still a great time to sell your home and move forward with any plans that you’ve made, especially when you have the right team behind you.

If you are thinking of buying, connect with anyone on our team, and we will ensure that you are negotiating a fair price, while securing you a home that checks all your boxes off. We can also connect you to our preferred mortgage agent who will help make you get a true sense of what your buying options are, and how to best move forward.

Are you thinking of buying or selling a home? Whether you’re ready to act or just have a few questions, we are here for you! Reach out by emailing hello@theoreillygroup.ca or call 905-512-5323 to connect with us today.

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