Joe and Morgan took the wheel for Tour Tuesday this week while Tara and Tom were out. They had just come from two showings that morning, so the conversation covers what they saw, where pricing actually sits heading into the fall, and one very practical thing worth doing before the long weekend rain arrives.
Two showings before we hit record
The morning started with two very different homes. The first was just north of Trenton in Quinte West, a two storey with a separate garage and big gardens. Joe called it a really nice one, and the outdoor space was the standout. The second was in Belleville, a bungalow townhouse that was cute and well maintained, with an extra bedroom and bathroom finished in the basement. Two properties, two completely different buyers, and both worth a look if you are shopping in that range.
Where the market actually sits
Last week the team sat in on a market update and forecast covering the rest of the year. The headline from it was fairly measured. We are not quite at the bottom of the market in terms of pricing, but we are close. That means there may be a little more softening ahead before things settle, and hopefully not much. If that plays out, it sets up a solid fall.
What is more interesting is what is showing up on the market right now.
Power of sales and foreclosures are climbing
Joe has been noticing a real increase in power of sales and foreclosures across the area. The reason traces back about five years. A lot of people bought during COVID and paid well over asking, and in many cases they overpaid for a house that also needed a lot of work. Those five year mortgages are now coming up for renewal at very different rates, the payments do not fit anymore, and the banks are taking the properties back.
It is a hard situation for the people going through it. For buyers, though, it creates a window. Two things are working in your favour at the same time. Power of sales typically sell for less than a comparable listing, and prices across the board are already down. If you have been waiting for a reason to move, that combination is about as good as it gets.
A lot of multi unit inventory
There is also a real supply of multi unit property on the market right now. Duplexes, triplexes and fourplexes are all showing up in volume. If you are building an investment portfolio, or looking at your first rental, this is a genuinely good stretch to be shopping in.
Expect a quiet week
The August long weekend is here, with the civic holiday on Monday. Plenty of people are taking time off, so the week is likely to be slower than usual. There is also a lot of rain in the forecast.
Pro tip: test your sump pump
With that much rain coming, this is a good week to make sure your sump pump actually works. It takes about a minute. Remove the lid on the sump pit, reach down and find the small floating bulb, and lift it up by hand. That should trigger the pump to kick on. If you hear it start, you are in good shape. If you would rather not reach in, pour a bucket of water into the pit instead and it should trigger the same way.
It is a small check that saves a very expensive weekend.
Local pick: The Odyssey
Morgan went and saw The Odyssey and gave it a strong recommendation. If the rain lands the way the forecast says it will, a movie is a pretty good long weekend backup plan.
Over to you
What are your plans for the August long weekend? Any trips, any local spots you always end up at when the weather turns? Let us know in the comments. We are always looking for new recommendations to pass along.
And if a move is somewhere on your mind for this fall, whether that is buying, selling, or just wanting to know what your place is worth in today’s market, reach out anytime. We are happy to talk it through with no pressure attached.
Team Lyons – Your Award Winning Belleville and Quinte Realtor