It's race time!
When the runners all assemble at the starting line, do they all expect to win? Or are they just trying to get to the finish line. Are they simply racing themselves? Or deep down inside, do they know they're a longshot in need of an athletic miracle...
As of writing this, right now in St.Catharines, there are 89 detached homes priced between $800,000 – 1,000,000 that are actively available on the market. Meanwhile, in the last 30 days, there were 21 sales.
What does that mean? If nothing else was listed for sale, it would take nearly 5 months for everything to sell. For all of Niagara, that number is 6 months. Based on the pile-up of listing inventory we're seeing, those numbers are sure to grow.
In the last 7 days alone, there were 97 more homes listed in Niagara in that $800 – 1M range.
Do all those runners know what they’re competing against? Do they know that that runner just in front of them was a top 10 finisher in last month’s race? Or did they take more of a ‘lace up the shoes and give it a shot’ approach.
“We’re going to give it a try” is not a prudent pricing strategy in a market that is struggling to lace up its shoes. The margin of error here in the summer of 2024 is tighter than we’ve seen in a long time. A home that is $629,900 that should be $599,900 is quite often being ignored.
When you’re up against a much larger field than a race typically has, with headwinds and plenty of uphill sections, you need all the help you can get.
That includes proper training, great shoes and an accurate asking price.
If you'd like to discuss your home, or the market in general, don't hesitate to reach out.