Issue No. 7
Peterborough, Ontario

July flew by, the way summer always seems to. We had so many of the same conversations this month that we decided to build this issue around them. Below are the questions we heard most from buyers and sellers all summer, answered straight.

Your Summer Questions, Answered

This is the busiest question season of the year for us. Families are trying to be settled before September, out-of-town buyers are finally up seeing the region in person, and sellers are watching the market and wondering about the timing of it all. Here are the ones that came up again and again, grouped for sellers and buyers.

FROM SELLERS

“Should I wait for the fall or sell now?”

You don’t necessarily need to wait. There are still plenty of buyers in the market right now, and many of them have a reason to buy before September. Families often want to be settled before school starts, which means they’re motivated to make decisions over the next few weeks. Once fall arrives, you’ll likely be competing with more listings from other sellers who also decided to wait. More inventory means buyers have more options, and that can make it harder to stand out. Every home and situation is different, but if your home is ready to go and it’s priced appropriately for today’s market, this can be a really good time to sell. To us, the key isn’t waiting for the “perfect” season, it’s making sure you’re well positioned when you hit the market!

“Does your team do home staging?”

Yes, and it’s  actually one of the things we’re known for. We’ve been on the ground staging homes all spring and summer, and the difference it makes is hard to overstate. A well-staged home is exactly what buyers are looking for when they’re comparing five or six places on the same weekend. Staged listings photograph better, show better, and draw stronger offers. It’s a service we bring to our own clients, and we’ll walk your home with you and tell you honestly what’s worth doing and what to leave alone.

“Why are homes taking longer to sell this summer?”

Mostly because buyers finally have choice again. With inventory back to healthy levels, around 346 active listings in the city last month, buyers aren’t forced to jump on the first thing they see. They can take their time, compare, and be selective. Homes averaged about 36 days on market in June. But that average is a little misleading: well-priced homes that show well still move quickly. The ones dragging the number up are the ones that listed too high, sat, and had to cut. Longer average days on market isn’t a weak market, it’s a patient one, and it rewards the sellers who price right from day one.

“Should I reduce my price?”

It depends on why it’s sitting. If your home has been on the market a few weeks with showings but no offers, the market is usually telling you the price is a touch high for what buyers are seeing. One well-timed, meaningful adjustment tends to re-energize a listing far better than a slow drip of small cuts. But before we touch the price, we look at everything: photos, presentation, showing access, and how you stack up against the active competition.

“How long will it take to sell?”

It depends on the home, but as a point of reference, homes in the City of Peterborough sold in an average of 36 days in June. The biggest factor isn’t luck. It’s pricing. Homes that are priced appropriately from day one tend to attract more interest, generate stronger showings, and often sell faster and for more. Homes that start too high usually spend more time on the market, require price reductions, and can end up selling for less than if they had been priced correctly to begin with. Based on experience, if you can capture that early interest, you’re in a much stronger position when it comes time to negotiate.

FROM BUYERS

“Are home prices going to drop further this year?”

Prices have softened, June’s city average was $589,486, down 5.4 percent from a year ago, but the picture underneath is stabilizing, not sliding. Sales actually ticked up year over year and inventory held steady, which is a market finding its footing, not falling apart. Could prices drift a little more? Possibly. But trying to time the exact bottom is a game almost nobody wins, because by the time it’s obvious in the numbers, the choice and negotiating room you have today are already gone. If a home fits your life and your budget now, waiting for a hypothetical better price usually costs more than it saves.

“Is now a good time to buy, or should I wait?”

For a lot of buyers, now is genuinely one of the better windows we’ve seen in years (Jeff even said it’s the best buyer’s market he’s seen in his 24 years of Real Estate). You have more choice than you’ve had in a long time, homes are taking more than a month to sell so you can actually think, and you’re not fighting ten other offers on a Sunday night. You can see a place twice, get it properly inspected, and negotiate with real information instead of having to rush. Getting organized now, with financing pre-approved and a clear list of must-haves, is how you take advantage of it instead of just waiting and watching it pass.

“What’s your commission?”

One thing that surprises a lot of buyers is that, in most real estate transactions, they don’t pay their agent directly. The commission is typically paid by the seller as part of the sale proceeds, and then shared between the listing brokerage and the brokerage representing the buyer. If you’re buying a home, that means you can usually have your own representation, guidance, and negotiation without paying your agent out of pocket.

If you’re selling, commission is something we go over before you make any decisions. We believe it’s important that you understand exactly what’s included, how the marketing works, and the value you’re receiving. Our goal is to help you sell for the best possible price while making the process as smooth and stress-free as possible.

“How much room is there to negotiate right now?”

More than there’s been in a few years, but it’s very property-specific! In a market like this one, well-priced homes in good condition still sell close to asking and sometimes quickly, there’s less room there than buyers expect. The room opens up on homes that have been sitting, are priced ahead of the market, or need some work. That’s where an informed buyer can do well. The key is knowing which is which, and that’s exactly the read we give you before you write an offer: what the comparable sales say, how long it’s been listed, and where there’s genuine leverage.

“Should I wait for interest rates to come down?”

This is still the most common question we get, and our answer got clearer this month. On July 15, the Bank of Canada held its key rate at 2.25 percent, the sixth hold in a row, and signalled that the big cut everyone’s been waiting on likely isn’t coming. The next decision isn’t until September 2, and most economists expect another hold. For two years buyers have told us “we’ll move when rates drop.” In plain terms, the Bank has said rates are flat and look like they’ll stay that way, so the thing many were holding out for is essentially already here.

Have a question that isn’t here? It’s probably one we’re hearing too. Reach out to us and we’ll give you a straight answer!

Market Insights | Peterborough