Real Estate Market Update: Tariffs, Interest Rates, and Pricing Trends You Need to Know
As we head into spring, three major topics are on everyone's mind: tariffs, interest rates, and pricing trends. Whether you’re buying or selling a home, understanding these factors is crucial. So, let’s break it down!
Tariffs & the Real Estate Market: Should You Buy or Sell Now?
Many people wonder whether it’s the right time to buy or sell, especially with economic uncertainties. But here’s the reality: life events don’t wait for the market to be perfect.
- People will always need to buy or sell—whether they’re upsizing, downsizing, or moving due to life changes like marriage, divorce, or growing families.
- Despite concerns, it’s okay to buy or sell right now if it aligns with your needs.
- The real estate market remains active, and with spring arriving (albeit later than usual due to extreme winter weather), buyers and sellers are beginning to re-engage.
If you’re unsure about your next steps, reach out to a real estate expert for personalized advice.
Interest Rates: A Positive Shift for Buyers & Sellers
Good news! Interest rates have been gradually decreasing over the past year, and the expectation is that they will continue to drop.
Historically, in times of economic uncertainty—like the 2008 financial crisis—interest rates declined to stimulate the market. While nothing is guaranteed, current indicators suggest a similar trend.
Why does this matter?
- Lower rates mean more qualified buyers, which increases demand.
- Sellers benefit from a larger pool of potential buyers.
- If you’re thinking about purchasing, now is the time to lock in a good rate before competition heats up.
Home Pricing Trends: A Market Moving Toward Balance
Let’s take a closer look at local pricing trends across key areas:
Belleville (Bville)
- Average sale price: $531,000
- Down from January and December, but up from November—indicating a balanced market rather than a sharp decline.
Prince Edward County
- Days on market: Increased from 94 to 128 days.
- Sales: 20 homes sold last month.
- Pricing: On the rise, meaning inventory that has been sitting is now moving—a great sign for sellers!
Quinte West
- Average sale price: Dropped from $580,000 to $520,000.
- Days on market: Decreased significantly from 65 to just 35 days—showing strong buyer activity.
- Sales volume: Increased from 32 to 44 homes sold.
Brighton
- Days on market: Dropped drastically from 88 to 31 days—a huge improvement!
- Sales volume: Increased slightly from 12 to 14 homes sold.
- Pricing: Jumped from $574,000 to $629,000—a strong upward trend.
What Does This Mean for You?
- Sellers: Homes are moving, and prices in many areas are rising. If you’ve been waiting for the right time to list, spring could be the perfect opportunity.
- Buyers: Lower interest rates and increasing inventory mean you’ll have more options—but act fast before prices climb.
- Investors: With some areas showing rapid price growth, now may be a strategic time to invest.
If you have any questions about the market, need guidance on financing, or want to explore your options, contact us today!