Yes, the market has shifted. However, with the right pricing strategy, having your home ready for showings, and the right marketing – your home will still sell. It’s time where buyers can do their due diligence and have conditions in their offers and take their time to view properties and make informed decisions. What does this mean for buyers and sellers?
Sellers: Because there is more inventory now, it’s more important than ever to be priced right & ensure your home is ready for the market. You want your listing to stand out from the other homes coming onto the market everyday. Over priced houses will not sell in this market. A well priced home is still seeing some competition, but also be aware that homes are taking longer to sell now.
Buyers: For all those who were frustrated with the bidding wars and couldn’t get into the housing market, now is your time! It’s your chance to make an informed decision with conditions in an offer again. So get your pre approval updated and get out there shopping.
Working with an experienced realtor who has seen this market shift before will work to your advantage. Send me an email to discuss what this means for you as a seller or buyer.
Brantford
Average Sale Price – $688,241 (July: 676,718)
In August, 115 properties were sold – a decrease of 26% from the same month as last year. At the same time, the number of total homes for sale has increased by 160%, and the number of new homes coming onto the market has increased by 38%. The time to sell a home was 22 days on average. The average selling price is currently 99.7% of the asking price.
Paris
Average Sale Price – $661,130 (July: $770,874)
In August, 24 properties were sold – a decrease of 42% from the same month as last year. At the same time, the number of total homes for sale has increased by 348%, and the number of new homes coming onto the market has increased by 43%. The time to sell a home was 21 days on average. The average selling price is currently 98.9% of the asking price.
Brant County
Average Sale Price – $737,004 (July: $847,764)
In August, 43 properties were sold – a decrease of 39% from the same month as last year. At the same time, the number of total homes for sale has increased by 238%, and the number of new homes coming onto the market has increased by 40%. The time to sell a home was 24 days on average. The average selling price is currently 98.1% of the asking price.
Woodstock
Average Sale Price – $589,994 (July: $647,618)
In August, 56 properties were sold – a decrease of 39% from the same month as last year. At the same time, the number of total homes for sale has increased by 356%, and the number of new homes coming onto the market has increased by 34%. The time to sell a home was 35 days on average. The average selling price is currently 97.6% of the asking price.
Haldimand
Average Sale Price – $663,404 (July: $675,604)
In August, 52 properties were sold – a decrease of 31% from the same month as last year. At the same time, the number of total homes for sale increased by 146%, and the number of new homes coming onto the market has increased by 11%. The time to sell a home was 28 days on average. The average selling price is currently 98.3% of the asking price.
Norfolk
Average Sale Price – $660,010 (July: $688,180)
In August, 69 properties were sold – a decrease of 42% from the same month as last year. At the same time, the number of total homes for sale increased by 134%, and the number of new homes coming onto the market has increased by 13%. The time to sell a home was 34 days on average. The average selling price is currently 96% of the asking price.
Oxford County
Average Sale Price – $601,342 (July: $740,037)
In August, 125 properties were sold – a decrease of 37% from the same month as last year. At the same time, the number of total homes for sale has increased by 273%, and the number of new homes coming onto the market has increased by 24%. The time to sell a home was 35 days on average. The average selling price is currently 97% of the asking price.
