The real estate market continues to exhibit sluggishness, characterized by a decrease in property showings and diminished enthusiasm among prospective buyers. Presently, only serious and highly motivated buyers are actively engaging in property searches. Sellers, who were accustomed to a seller’s market marked by a robust influx of potential buyers and swift sales, now find themselves facing anxiety as only a limited number of interested parties show interest upon the initial listing of their properties. Achieving a successful sale in today’s market necessitates the establishment of a realistic pricing strategy and, potentially, a willingness to invest time in the process.

Income property sales have been adversely affected by elevated interest rates and the associated carrying costs. A scarcity of buyers willing or financially able to manage income properties under the current interest rate climate has led to a reduction in property values, with income properties now often selling at a discount. While rental rates remain relatively high and the rental market remains robust, these rates may not be sufficiently elevated to fully offset the burdensome carrying costs associated with income properties.