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s a seasoned realtor in Parkland, I've noticed some intriguing trends in the market. Mortgage rates have been steadily decreasing, with a significant drop over the last six weeks, reaching their lowest levels since February 2023. However, many buyers and sellers are holding back, waiting for rates to dip further.

    For sellers, the promise of locking in a lower interest rate on their next home purchase is a major motivator. Meanwhile, inventory levels are rising, with active listings growing by almost 40% compared to August 2023, reaching the highest level since May 2020. This increased supply gives buyers more options, but demand hasn't caught up yet.

    In Parkland specifically, we have 150 single-family homes for sale, excluding condos and townhouses. Of those, 43% have seen price reductions, and homes are staying on the market longer, with an average of 66 days before selling. Recent data shows 22 new listings, 17 price adjustments, 10 homes under contract, and 10 homes sold.

    Considering these factors, now might be the best time to act for both homeowners and prospective buyers in Parkland. While rates may dip further into the low 6% range, waiting too long could mean facing more competition. Historically, the market slows down as we approach fall and winter, but by next spring, buyers will be more active.

    If you're considering selling your home, position yourself now to take advantage of favorable rates before the market gets crowded. For buyers, this is an opportunity to negotiate, with nearly half of listings seeing price reductions. However, the luxury market might be tougher to navigate, and it's essential to act strategically.

    The key takeaway is that you shouldn't wait too long to make a move. Rates are declining, inventory is growing, and by next year, we expect the Parkland market to heat up even more. If you're serious about making a change, start planning now, reach out to a trusted lender, get pre-approved, and have a solid strategy in place. Timing is everything in this market, so don't hesitate to reach out for expert advice.