Generally John and I try to update you on the current Barrie Real Estate Market each Tuesday. Sometimes we have to wait until Wed or Thu, sometimes we miss a week due to a variety of reasons. This week I have the time to put something together, but I don’t really have true numbers to share. Why is that? Well, if you were able to catch John’s Facebook Live post a short time ago you would have heard him talk about the biggest challenge that local Barrie Realtors have had to face in the past week. Think you know what it was? Well, it wasn’t the stress of helping Buyers and Sellers or dealing with the conflicting messages of our current market. Our biggest challenge in the past week was actually technology!
For many many years now there has been a separation between what listings Toronto Realtors have access to and what listings Barrie Realtors have access to. Last week this line disappeared and we now all have access to everyone’s listings. That is good news for Sellers and Buyers because it means we, as Realtors, can do a better job. We have access to more information, can gather more insight as to what is happening in an area and help a Seller pick a Listing price or help a Buyer know what the true value could be.
The down side of all of this great technological change is that there are always growing pains and glitches when you start using a new database. Many local Realtors have actually had their listings disappear, which is causing many headaches for them and their clients. How can you sell your house when no one can see that it’s for sale? How can you advertise an Open House when no one can see the information? How can you best represent your listing when the photos won’t show up on Realtor.ca? These are true headaches that have happened in the past week and it’s putting Sellers at a disadvantage during one of the busiest times of the year!!
Anyway, you may still be wondering what is happening in our current market. Are there still bidding wars? Is there more inventory? An analogy came to mind a couple of days ago when I heard of a couple of instances of bidding wars in Wasaga Beach and crazy activity in Collingwood. It’s like what happens on HWY 400 when there’s a car crash. Back in January there was a big 100 car pileup in the South bound lanes of HWY 400 at the 401. As with any car crash, traffic comes to a stand still and there is mayhem. People get upset, stressed, start trying to find other routes home. As the hours pass the traffic moving south gets backed up further and further up the highway. It could be hours before the wreckage clears, and when it does the traffic at the scene starts moving but the ripple effect of that accident is still being felt a few kilometers up the highway. Local traffic within a few KM around the scene gets back to normal, but the ripple is still moving north and is now affecting traffic at HWY 9, then HWY 88, then Innisfil Beach Rd, then the Mapleview exit and so on. People hop on the highway at Essa Rd and wonder what the heck is going on. They switch their radio to AM 680 to see if there are any accidents reported, and the radio says there was a pileup in the morning but everything has returned to normal. That doesn’t explain the current stoppage, so you switch to a local radio station and find out there was another accident close to Canal Rd that no one predicted and shouldn’t have happened, and yet it did, so now there’s another round of highway closures. The people in the GTA are all back to normal and don’t see any issues. Your cousin in Richmond Hill is supposed to come for a visit and heads out…you tell him to be careful because the HWY is closed, and he tells you you must be mistaken because that accident in the morning is all cleared up. You protest and tell him no, the domino effect is still being felt up here in Barrie so he better be careful.
The next day some residents in Midland think everyone is silly and being over cautious. They need to get to Toronto and don’t think the road closure the day before in Barrie is worth bothering with and won’t affect their travel plans. So they hop on the highway and quickly find out that the backlogs from the day before resulted in a few more accidents and now road repairs and now their normal way of getting around has been affected, too. It’s funny how that domino effect can send ripples through one community after another. I think you get the picture.
After talking with my peers off and on over the past couple of weeks, it seems that all across Toronto and into Barrie the market is seeing a calming down of sorts. There is more inventory and fewer bidding wars. There still are listings going for $100 over asking, and some going for $120,000 over asking, but more and more are staying on the market for 2 or 3 weeks and aren’t getting crazy activity. But I’m hearing reports of bidding wars in Wasaga Beach in the past week! A big real estate ripple started in Toronto a few months ago and it played havoc with Barrie, Innisfil, Oro and is now affecting the markets north of us. When will it change again? What is the best strategy? It changes everyday and all you can do is stay in touch with your Realtor and decide on a strategy that you can live with. I don’t have a crystal ball, and it sure is interesting to watch the ripple!
You can reach John Weber at 705-727-6111 or John@WeberTeam.ca
You can reach Christie Bond at 705-220-1152 or Christie@WeberTeam.ca
You can reach Kelli Gastis at 905-251-2651 or Kelli@WeberTeam.ca