Brent Stapleton, Broker, discusses Real Estate over the past thirty years, and what has changed in the market. This is the second installment in a series of Q&As
When is the best time to sell/buy real estate?
While we saw a huge demand for real estate during the pandemic, demand has definitely cooled off in the last year with the rising interest rates. What is important to remember though is that the rates we were seeing during the pandemic were historically low. It is important for buyers to speak with their mortgage lender to determine what they qualify for now with the higher rates. Homeownership is still a great investment, especially given the rising cost of rentals. Supply continues to be low, with many owners reluctant to list with the drop in prices. Again, while prices have dropped, they are settling to pre-pandemic prices and we are not necessarily seeing the multiple offer scenarios and above asking sale prices that we were during the pandemic. Buyers can often include financing and inspection clauses in their offers again, which they weren’t necessarily able to do in the competing market of the previous couple of years.
What are your predictions for the 2023 real estate market in the Muskoka/Almaguin Highlands area?
I think we will see a continued shift to a more balanced market into the 2nd half of 2023 as economic conditions stabilize. Days on market will be longer than we have seen in some time, and sellers may not see the flurry of showings we have been seeing in the past couple of years. I also feel that we will begin to see more waterfront inventory in the spring. I do feel that the bulk of corrections is behind us now. It’s important to remember that the conditions we are seeing now are not unusual in a “normal” market, we are just accustomed to the booming pandemic market that saw multiple offers, over list sale prices, and minimal market time.
Meet the Muskoka Property Team
Brent Stapleton, Broker
Brent started his career in real estate in 1992, joining his family-owned real estate brokerage. In 1995, he bought the Coldwell Banker franchise alongside his parents. Since then, he and his business partner grew the brokerage from a small office of fewer than 10 agents to a brokerage of 5 offices and 40+ agents. While last year saw him step back from his role as owner, he continues to list and sell property across beautiful Muskoka, Almaguin Highlands, and Lake of Bays. Helping his clients with one of their biggest life decisions is something Brent has loved to do for 30+ years.
Brandon Stapleton, Broker of Record
A third-generation realtor, Brandon started his real estate career in 2015. Joining his family-owned brokerage, he is following in his grandparent’s and father’s footsteps. Last year, Brandon was proud to become the owner of the brokerage with his business partner, ensuring that the brokerage would continue to be a leader in the communities it has served for decades. Brandon’s knowledge of current technologies and the area, having been born and raised here, are a perfect compliment to the team.
Sue Kirkby, Sales Representative
Sue has worked in the real estate industry for the past 34+ years. Having personally owned numerous homes and waterfront properties she understands the complexities of both buying and selling and is committed to delivering a full-service approach to her clients. Sue joined the team in 2012 and is proud to be part of an award-winning team providing the best in customer service which is paramount to their success.
Related: A discussion with Brent Stapleton, Broker, on real estate and Thompson Real Estate
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