If you have been considering purchasing a home but are waiting for the right time, 2024 offers a lot of opportunity for buyers in Chatham-Kent.
- High Levels of Current Inventory – At the end of December, Chatham-Kent had 4.5 months worth of inventory listed on the market, (which means it would take approximately four and half months to sell all the homes active on the market). Coming into the new year, we continue to have healthy levels of new listings entering the market. This offers buyers an incredible selection of styles and locations of homes.
- Low Competition – Many buyers have been sitting on the sidelines waiting for interest rates to drop, creating a market with much more supply than demand. Purchasing a home in a low-competition market offers various advantages, including increased negotiation power, reduced bidding wars, and the potential for better prices and terms. Buyers can take advantage of this environment to make thoughtful, informed decisions and secure a home that aligns with their preferences and budget without feeling rushed or pressured.
- Lowering Interest Rates – Experts are predicting the Bank of Canada will be lowering the overnight rate gradually throughout 2024. Lower mortgage rates will increase affordability and purchasing power for buyers. With the same monthly budget, buyers can afford a more expensive property when interest rates are lower. Keep in mind that as interest rates lower, it is expected to see an increase in home prices. Purchasing in 2024 can offer a great opportunity to take advantage of lowering rates and prices before they rise to peak levels.
- Economic Growth and Opportunity – Despite its tranquil setting, Chatham-Kent is not detached from economic vitality. The region has demonstrated resilience and adaptability over the years, with diverse industries contributing to its economic stability. As a homebuyer, this translates into long-term confidence, knowing that your investment is supported by a community that values sustainable growth.
- Affordability Meets Quality – Chatham-Kent strikes an exquisite balance between affordability and quality of life. Compared to larger urban centers, the real estate market in this region offers attractive price points without compromising on the quality of homes. Whether you’re a first-time buyer or seeking an upgrade, Chatham-Kent provides an opportunity to invest in a home that aligns with your budget and lifestyle.
Sometimes the most costly decision can be the decision not to act. Reach out to your local REALTOR®, Megan Canniff, to discuss how you can take advantage of these opportunities and purchase your new home in 2024.
Megan Canniff
226.626.7133
