The housing market in Durham Region has shifted, and it’s great news if you’re looking to buy a home. With plenty of options available, prices holding steady, and interest rates at their lowest since last year, this is a prime time for buyers. Let’s take a closer look at the numbers and why this fall could be the perfect time to find your dream home.

More Homes on the Market

One of the biggest changes we’ve seen this September is the increase in homes available for sale. The inventory of homes is up by 19% compared to this time last year. That means there are a lot more houses to choose from, which is great if you’re a buyer. When there are more homes for sale, sellers are often more willing to negotiate on price or other terms because they’re competing with other listings.

Prices Have Dipped Slightly

Another thing that works in favor of buyers is the slight drop in home prices. The average home price in Durham Region is now $894,499, which is 2% lower than it was last year. While this isn’t a huge drop, it means buyers have a little more room to find a deal. A lower average price means your money can go further, whether you’re a first-time buyer or looking for a bigger space.

Buyer’s Market: What It Means for You

We’re now officially in a buyer’s market. What does that mean? Simply put, buyers have the upper hand. One of the main indicators of a buyer’s market is the sales to new listings ratio, which is sitting at 34.2%. When this number is below 40%, it shows that there are more homes for sale than there are buyers looking to buy, giving you more negotiating power.

In addition, the months of inventory (the time it would take to sell all the current listings at the current sales pace) is now 3.6 months. That’s more than double what it was last year, when it was just 1.5 months. More homes on the market mean you have more time and choices to find the right property without feeling rushed or pressured.

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Homes Taking Longer to Sell

Another sign of a buyer’s market is that homes are staying on the market longer. The days on market has increased by 29%, with homes now taking an average of 22 days to sell compared to last year. For buyers, this can be a good thing, as sellers might be more open to accepting offers below asking price or including incentives like closing cost help or home improvements.

Interest Rates Are Down

Perhaps the most exciting news for buyers is that interest rates are at their lowest since December 2022. Lower interest rates mean that borrowing money to buy a home is more affordable. Plus, as inflation continues to cool, there could be even more rate cuts in the near future. Each time rates drop, more buyers return to the market, increasing demand. This means it’s important to act quickly if you want to take advantage of these lower rates before competition heats up.

Why Fall and Winter Are Ideal for Buyers

While spring and summer are often thought of as the best times to buy, fall and winter offer some unique advantages for homebuyers. During the colder months, there are typically fewer buyers, which means less competition for homes. Sellers, on the other hand, may be more motivated to sell before the holiday season or the start of a new year, making them more open to negotiation.

With higher inventory, lower prices, and more negotiating power, the next few months present a golden opportunity for buyers. If you’ve been thinking about buying a home, now is the time to start exploring your options.

Need a Strategic Edge? Prepare for your next real estate move with confidence. Contact us for a free Buyer Consultation to kickstart your plan! Reach out at 905-442-5847 or send your inquiries to team@willowsgroup.ca or book a call on our calendar here.

The Bottom Line

Durham Region’s housing market is filled with opportunity for buyers right now. With more homes to choose from, slightly lower prices, and favorable interest rates, you’re in a strong position to find a home that fits your needs and budget. Plus, with homes staying on the market longer, you won’t feel rushed to make a quick decision.

Whether you’re a first-time buyer, looking to upgrade, or wanting to invest, now is the time to take advantage of this buyer’s market. As interest rates continue to drop, more buyers will enter the market, which could drive up demand and push prices back up.

If you’re ready to start your home search or have questions about the market, reach out to us at Willows Realty Group. Our team is here to help you navigate this exciting market and find the perfect home. Don’t miss out on this opportunity—there’s never been a better time to buy!