Issue No. 9
Peterborough, Ontario
Labour Day weekend came and went, the kids are back in school, and the color is starting to come in along the back roads. Fall is here! and so is the last real stretch of the year for buying and selling. It’s also a strange market to be standing in. Prices are softer than they were a few years ago and a lot of people are sitting on the fence wondering if they should be doing something.
Entering the Fall Market
What makes this fall different is the question we keep getting asked: “Should I even be selling in this market?” It’s a fair question. Buyers have so much choice, prices have come off, and nobody wants to feel like they sold at the wrong time.
Three Good Reasons to Sell Right Now
- You’ve overextended yourself.
If the mortgage payment is keeping you up at night and owning the house is putting too much pressure on you financially, sell it. There’s no prize for hanging onto a house that’s making your life miserable. Selling on your own terms, with time to plan, almost always goes better than waiting until you don’t have a choice. - You’re upsizing.
This is one of the most interesting opportunities in this market, and one a lot of people miss. Yes, you might get less for your current house than you would have a few years ago. But that bigger, more expensive house you’re moving up to has likely come down by a much bigger amount. What’s wrong with taking a $50,000 haircut on the house you’re selling if you’re saving $150,000 on the one you’re buying? - You’re moving to another city and you don’t want to be a landlord.
If you need to move, you need to move. Keeping a house you don’t want to manage just because you don’t love today’s market doesn’t necessarily make sense. Being a landlord from two hours away is a job, and it isn’t one everybody wants or has the capacity to do.
And If None of Those Apply?
If you like your house, you can afford it, and you don’t need to go anywhere… why sell?
We’d much rather tell you that than talk you into a listing you’ll regret. Not every conversation we have ends with a sign on the lawn, and it shouldn’t.
Sometimes the best real estate decision is to do absolutely nothing.
Market Insights | Peterborough
Here’s the most recent confirmed board data for the City of Peterborough, covering August. September numbers land mid October and we’ll have them for you next issue.
August Market Snapshot (City of Peterborough, 63 sales)
We said last issue that August felt real quiet, and these numbers back that up. Sales in the city dropped to 63, down from 98 in July, and homes took a little longer to sell, averaging 33 days compared to 28. The average price slipped to $574K from $605K. Before anyone reads too much into that, August is always one of the slowest months of the year, with a lot of buyers and sellers at the cottage and enjoying the nice sunny weather.
Inventory held steady at 329 active listings, right about where it was in July, while new listings dropped from 211 to 165 as fewer sellers came to market in the last weeks of summer. Homes are still selling at about 97 percent of list price, which tells us buyers are negotiating, but not by much on homes that are priced right.
The bigger picture hasn’t changed much all year. Buyers have a lot of choices, prices have come off the peak, and again as we always say: the homes that sell are the ones priced for the market we’re in today. That’s also why the upsizing math above works. The more expensive the home, the more room the price has had to come down.
For sellers, fall buyers are serious buyers. Price it right on day one and you’ll hear from them.
For buyers, especially anyone moving up, this is still one of the best windows we’ve seen in years.
Tip of the Month
Book Your Photos Before the Leaves Drop
If you’re thinking about selling this winter or next spring, get your exterior photos and drone footage done now, while the colour is at its peak. It shows better and ultimately will get you more showings.
Fall in the Kawarthas only lasts a couple of weeks, and it’s some of the best scenery in the province. A February listing with a bright October exterior shot looks a whole lot better than one with a grey sky and a snowbank in front of the garage. It matters even more for waterfront and acreage, where the setting is half of what you’re selling.
We do our professional photography in house, so if listing is even a possibility in the next six months, call us and we’ll get you on the calendar!
Community Updates | Peterborough
October might be a favourite month around here. There’s something going on just about every weekend:
Norwood Fair, October 10 to 12. The fall fair runs all Thanksgiving long weekend, and it’s one of the best in the region. A good way to walk off the turkey! 😉
Buckhorn Fall Harvest Craft Show, October 10 and 11. Also on Thanksgiving weekend, at the Buckhorn Community Centre. A nice early start on holiday shopping, and a pretty drive up through the colour to get there.
Pumpkin season. Pumpkinfest at Buckhorn Berry Farm runs weekends through October 25, and yes, there’s a pumpkin cannon. The Keene Pumpkin Festival is on October 17 if you want a small town version.
Petes vs. Generals, October 22. The Petes host Oshawa at the Memorial Centre to kick off Rivalry Week. Puck drops at 7:05 p.m., and there are few better ways to spend a Thursday night in this city.
Spooky All Hallows’ Eve, October 23 and 24. Lang Pioneer Village in Keene does Halloween the old fashioned way, with wagon rides, a graveyard stroll, a witch’s lair, and party games from the 1800s. It runs 6 to 9 p.m. both nights and is a great one for the kids.
Municipal election, October 26. Ontario heads to the polls to pick mayors and councils. Local councils make a lot of the calls that shape housing here, from zoning and new development to property taxes, so it’s worth getting to know who’s running. Your municipality’s website has the details on where and how to vote.
The farmers’ markets are still going. Saturday mornings well into the fall, and October means apples, squash, pumpkins, and amazing baked goods!
Our Active Listings
A few of the properties we currently have available:
Full details and updates can always be found here: Our Listings
Looking Ahead
October’s really the last good month of the fall market, and it goes by fast. If you’re thinking about selling, now’s the time. Things start to slow down in November. And if you’re buying, especially if you’re moving up, there’s a lot to choose from right now and prices are in a good spot. We’d take a serious look before everything goes quiet for the winter.
And if you’re trying to figure out whether you’re a “sell now,” a “sell later,” or a “stay put,” that’s exactly the kind of conversation we like having. Call or text 705-243-9797, email team@jeffandkatie.ca, or visit jeffandkatie.ca. We’re always happy to give you a straight, honest read on where things stand!
Thanks for reading, and for being part of our community. Happy Thanksgiving, and see you next month!