Why Is No One Selling Their House?
The Hamilton Real Estate Market is stagnant with low inventory, high demand. As of Feb 2022 the market remains a strong Sellers Market, with a mix of greed and a dash of frenzy. Add to that Buyer fatigue and upcoming interest rate hikes, which will also increase the Stress Test Rates. We are at a stalemate.
Well, here are a few reasons no one is selling their house.
- Uncertainty about how the Economy will perform after we have used way too many ink cartridges to print money.
- Uncertainty about the “remote work” accommodations will continue.
- Political uncertainty
- Sellers want to avoid becoming Buyers and joining the frenzy.
- A dire shortage of listings
- Ontario- wide housing shortage
- Sellers are waiting for further increases in value to cash out and get out of Dodge to Atlantic Canada, Costa Rica, or Mexico, where they can be affluent. And live worry-free.
- The Pandemic has kept people busy maintaining their sanity and their children’s sanity as a full-time occupation.
- Increased lumber and building supply by up to 60% have kept homeowners unwilling to improve properties to list.
- We are conditioned daily by propaganda machines disguised as Journalism, a long-dead Noble profession, to be fearful, to fret, and to stay in place paralyzed.
- Reported inflation of 5% (you can bet your kid it is well over ten percent). Rising prices and cost of living, utilities, and gas leave Canadian families stretched.
- The loss of faith in Hamilton’s Council’s inertia and inability to get anything done.
All that aside, if you want to make money, to stay afloat, you must keep moving (not a pun). Someone said that to get rich, you must make money while sleeping. Rich is a relative term. But security is defined solely by us.
If you’d like to get together for a conversation about selling your house, investments or any real estate endeavors please give me a call