The last update of 2022 has arrived, what a year that was! Yes interest rates are up, but don’t forget this -> home prices have come down significantly. When is it a good time to make a move? Whenever is good for YOU! There is always pros and cons to every market, and here are the pros and cons for both buyers and sellers right now.
Buyers: If your pre approval is over 3 months old and you’re still shopping, get in touch with your lender and get a new amount. You don’t want to be shopping at a higher priced, and realize your loan amount has decreased. Don’t be frightened when you hear the amount has gone down though, because so have home prices. Our average sale price in Brantford have dropped to $604,000 compared to January 2022 average sale price of $889,000. So DO NOT let the new interest rates stop you from building equity.
Sellers: So what it’s not a sellers market compared to previous years, good news is houses are still selling and people still have or want to move. Making sure you are working with the right realtor, having the right strategy that works for you, and having your home ready for the market will ensure you still sell!
Working with an experience realtor who has seen this market shift before will work to your advantage. Let’s discuss what this news means for you as a seller and/or buyer.
Brantford
Average Sale Price – $604,499 (November: $617,741)
In December, 75 properties were sold – a decrease of 19% from the same month as last year. At the same time, the number of total homes for sale has increased by 639%, and the number of new homes coming onto the market has increased by 16%. The time to sell a home was 33 days on average. The average selling price is currently 97.7% of the asking price.
Paris
Average Sale Price – $689,643 (November: $742,653)
In December, 7 properties were sold – a decrease of 65% from the same month as last year. At the same time, the number of total homes for sale has increased by 1,083%, and the number of new homes coming onto the market has increased by 43%. The time to sell a home was 11 days on average. The average selling price is currently 98.1% of the asking price.
Brant County
Average Sale Price – $875,657 (November: $854,542)
In December, 21 properties were sold – a decrease of 40% from the same month as last year. At the same time, the number of total homes for sale has increased by 647%, and the number of new homes coming onto the market has increased by 10%. The time to sell a home was 41 days on average. The average selling price is currently 96.3% of the asking price.
Woodstock
Average Sale Price – $550,736 (November: $571,734)
In December, 36 properties were sold – a decrease of 46% from the same month as last year. At the same time, the number of total homes for sale has increased by 577%, and the number of new homes coming onto the market has decreased by 12%. The time to sell a home was 43 days on average. The average selling price is currently 98.2% of the asking price.
Haldimand
Average Sale Price – $655,331 (November: $697,449)
In December, 38 properties were sold – a decrease of 7% from the same month as last year. At the same time, the number of total homes for sale increased by 318%, and the number of new homes coming onto the market has increased by 22%. The time to sell a home was 51 days on average. The average selling price is currently 96.3% of the asking price.
Norfolk
Average Sale Price – $624.414 (November: $608,704)
In December, 44 properties were sold – a decrease of 33% from the same month as last year. At the same time, the number of total homes for sale increased by 409%, and the number of new homes coming onto the market has increased by 47%. The time to sell a home was 44 days on average. The average selling price is currently 96.1% of the asking price.
Oxford County
Average Sale Price – $610,593 (November: $580,082)
In December, 78 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 661%, and the number of new homes coming onto the market has increased by 11%. The time to sell a home was 44 days on average. The average selling price is currently 97.2% of the asking price.
