EPISODE 7: It’s Raining TERMINATED LISTINGS! What’s up, guys!? Welcome all HOMIE’s to The Truth About Real Estate Podcast. I'm your host and preferred real estate advisor, David Elliott coming to you from Toronto, Canada and I am always delivering you the truth about real estate. Today is Episode 7 – It’s Raining Terminated Listings!!! That’s right. Listings across Toronto are being terminated like crazy. But why? Is it only condos? How can you avoid having to terminate your upcoming listing? We’ll get into all that and more. Before we start, this is a quick disclaimer for you. While we might chat about all sorts of topics: finances, mortgages, politics, business, etc. it's crucial to note that the content shared is for informational and entertainment purposes only. Before making any significant decisions, consult with a professional in the respective field. Now that we've got that covered, let's jump into today's episode! Thanks for being here, and as always, happy listening! Picture this: sellers underpricing their properties, hoping for bidding wars that seem to have vanished into thin air. What's going on, you ask? Well, let's discuss. Since Monday, there have been 361 terminated listings. Before you say “It’s all condos”…let me share the numbers – 124 freehold (detached, semis, townhouses, rowhouses), 237 condos (condo fees). So, why the sudden surge in terminated listings? It's simple – sellers are setting their expectations based on a market that no longer exists. Bidding wars, once a common occurrence, have become a rarity, leaving sellers disillusioned and frustrated. But, at the same time, they’re not giving their properties away for free. The big question on everyone's mind: what's causing this shift in dynamics? Well, it's a combination of factors, really. Uncertainty looms large, with the looming spectre of interest rates hanging over the market like a dark cloud. With interest rates potentially remaining where they are until the Fall, buyers are understandably cautious, unwilling to commit to inflated prices in a market that could soon see a shift in favor of lenders. But what exactly led us to this point? Let's explore the journey that the Toronto real estate market has taken over the past few years. From unprecedented price surges to government interventions, it's been a rollercoaster ride for both buyers and sellers. Remember the days when bidding wars were the norm? It seems like a distant memory now. We'll take a closer look at how bidding wars shaped the market and why they've become increasingly rare in today's landscape. In the quest for affordability, some sellers are resorting to underpricing their properties, hoping to attract multiple offers. But what are the risks associated with this strategy, and how can sellers protect themselves in a market that's fraught with uncertainty? Meanwhile, buyers are in no rush to rescue sellers from their predicament. Instead, they're taking advantage of this rare moment of leverage, carefully weighing their options and waiting for the right opportunity to strike. But amidst all this uncertainty, one thing remains clear – the Toronto real estate market is as resilient as ever, weathering storms and adapting to change with remarkable agility. So, what can sellers do to navigate these choppy waters? We'll discuss strategies for setting realistic expectations, maximizing property value, and attracting discerning buyers in a market that's become increasingly discerning. And for buyers, patience is the name of the game. We'll explore how taking a strategic approach to homebuying can pay dividends in a market where caution is king. But amidst the challenges, there are opportunities abound. We'll shine a spotlight on emerging trends, promising neighborhoods, and untapped potential in the Toronto real estate market. Throughout our discussion, we'll hear from industry experts, real estate agents, and individuals directly impacted by the shifting dynamics of the Toronto housing market. That's all the time we have for today, folks. Thanks so much for listening. Join us next time for another great discussion on The Truth About Real Estate Podcast. BUT, before I let you go I always like to sign off on a positive note and give y’all something to think about while we’re not together. Today’s quote comes from a book I am thoroughly enjoying right now and that is The Monk Who Sold His Ferrari by Robin Sharma – “LIFE IS ALL ABOUT CHOICES. ONE’S DESTINY UNFOLDS ACCORDING TO THE CHOICES ONE MAKES. AND EVERY MOMENT OFFERS AN OPPORTUNITY TO MAKE A NEW AND BETTER CHOICE.” Wise words. Please don’t forget to like, comment and subscribe. And of course, share this episode or other episodes with your network. I’m David Elliott, your preferred real estate advisor in Toronto Canada, thanks again and as always, Stay informed, stay empowered, and above all, stay true to yourself. MAKE TODAY A GOOD ...
