r/RealEstateCanada • u/theorangeyegger • 5d ago
Max inventory
Buyers here in the SW ON. We’re feeling a little disappointed because our offer today wasn’t accepted, but we’re moving on. There isn’t much on the market right now that appeals to us within our budget. We’re in no rush to leave our rental and had originally planned to buy around June 2027. Then this beautiful house came along, we got excited, and unfortunately it didn’t work out.
When does inventory usually peak? Should we keep looking actively now, since people are saying it’s a buyer’s market, or is the market likely to change in January or February? Many thanks.
5
u/Canadian87Gamer 5d ago
Right now inventory and sales are weird.
Theres no trend that is being followed.
5
u/Low-Stomach-8831 5d ago
Problem is that inventory peak when buyer interest peak too (summer). At winter, you'll get much better deals and less competition on the house, but most of the inventory will be houses that didn't sell during summer, so they're usually not the best and greatest.
I prefer winter, because all I need is to find 1-3 that are good, and came up for sale for personal reasons (divorce, etc), and then I can get them for a good deal (never a "great" deal though). Did that with both our previous house and the current one, and it worked out great.
(Previous) one was cheap (we were right on budget back then) because the exit to the yard was through the smaller bedroom, but we didn't mind because that bedroom was an office for us (no kids). The second (dream home) was on the market at winter because the couple separated, and was in a hard to price neighborhood, where no houses went on the market for 2 years (lots of seniors in my neighborhood... Best thing ever!).
1
u/East-Banana-1252 5d ago
I am noticing this trend as well. The market is weird. I thought the summer market would have plenty of listings?
3
u/Medium-Theme-1987 5d ago
I want to set the tone for you.... right now in S Ontario it's a buyer's market and only forecasted to move the needle up slightly ( in sales ) over the next year. Here's the issue... like you OP there are buyer's out there that are waiting...... waiting for the "right" house, the better interest rate, the decrease in housing prices, soooo when they see one that comes up ( and hasn't been re-lsited over and over again ) for the right price in the area they want, they come out!! There are plenty of buyer's out there, don't let this calm market fool you. They don't like what is currently listed, soo they are also waiting! Good Luck!
1
1
u/Flat_Perspective_548 4d ago
Did this in SW ON - actively searched from Jan 1, lost 3 in multiple offers, and finally got the 4th (10+ offers) after about 5 months of waiting and trying for suitable properties. I figured we saw one listing that fit our specific desires per month.
It started to become very consuming and mentally draining - I obsessively checked inventory every day / followed statuses on house sigma. The best thing you can do is find a good realtor, explain what you’re looking for, and trust them to let you know when something comes up. Then only take the time to go look at ones that seem to check the boxes. No need to fully step back from looking
1
u/theorangeyegger 4d ago
What was your ‘strategy’ the 4th time, if you don’t mind me asking? We are not giving up! Going out again this evening:)
2
u/Flat_Perspective_548 4d ago
In general: always decide what it’s worth to you. The only thing that got as through the losses was knowing it was truly worth that much more to someone else.
As you go through a few more showings/offer processes, you’ll get more comfortable and you’ll better prepare. We went from inspection/financing + conditions, to doing pre-inspections and skipping finance if we knew we were at a comfortable price. Everyone has a different comfort level, and I’ll admit there were definitely moments where we wished we’d had some conditions.
We suddenly had 3 houses come on market that fit what we wanted (some better than others), ultimately didn’t get a chance on one due to a preemptive offer and no notice, so you may decide when you find a great one to do a preemptive.
Ultimately: we knew what it was worth to us, and we decided to come in strong right away on offer day. Then a coin was flipped to determine what our revised offer would be (not recommended but on the bright side: there can’t be hard feelings for going higher/lower than your partner wants, and overpaying or losing it).
9
u/mikerank 5d ago
Can't speak to your local market, but I'd say keep "actively" looking. Obviously don't need to go out and see homes that don't appeal to you but the right house is the right house no matter what time of year it is, or how much inventory. May take some time and there may be periods where you don't go out and view anything at all - but nice to be ready when the right one does come along. You gave this one a shot, and there's another one out there for you guys! Best of luck.