- Yes the market has shifted
- Yes the interest rates have gone up
- Yes we have lost a lot of buyers
- Yes we have a lot more listings available to purchase now
Sellers – It is a far cry from what it was six months ago where you would have thirty buyers fighting over your property. That is due to the higher interest rates. When we see an increase in rates, the pre approval amount you were once qualified for has now been lowered for a purchase price, hence why sellers aren’t getting their expected prices now. Buyer confidence is at a low and appraisals are now coming in being cautious with pricing. This doesn’t mean it’s doom and gloom for sellers, it just means homes are taking longer to sell and you now have to stand out from the rest of your competition; which includes your listing price. It’s more important than ever to be priced right in this market. With the right strategy, price your home will still sell – it’s just going to take longer than the expectation from the last two years.
Buyers – If you took a break from shopping around, now is the time to get back into it! With more listings coming up, you will have choices and may not even have competition on a home purchase now. You may even find a bargain out there and be successful with conditions in your offer to make an informed decision for your family. So put your crown back on, get a new pre approval and let’s start shopping again.
At the end of the day, the market has NOT crashed and real estate is still a great investment. Home prices in the area are still up between 10%-26% throughout the region. We just have to adjust to this market shift. Being an experienced professional realtor who has lived through a market shift before, I am here to guide my sellers and buyers. I like to call this “old real estate,” and honestly I welcome the shift.
Brantford
Average Sale Price – $750,879 (April: $788,557)
In May, 152 properties were sold – a decrease of 41% from the same month as last year. At the same time, the number of total homes for sale has increased by 100%, and the number of new homes coming onto the market has increased by 17%. The time to sell a home was 8 days on average. The average selling price is currently 111.7% of the asking price.
Paris
Average Sale Price – $983,917 (April: $1,049,936)
In May, 32 properties were sold – a decrease of 9% from the same month as last year. At the same time, the number of total homes for sale has increased by 184%, and the number of new homes coming onto the market has increased by 90%. The time to sell a home was 12 days on average. The average selling price is currently 108.4% of the asking price.
Brant County
Average Sale Price – $1,054,176 (April: $1,121,309)
In May, 63 properties were sold – a decrease of 17% from the same month as last year. At the same time, the number of total homes for sale has increased by 102%, and the number of new homes coming onto the market has increased by 66%. The time to sell a home was 14 days on average. The average selling price is currently 107.2% of the asking price.
Woodstock
Average Sale Price – $693,229 (April: $702,798)
In May, 94 properties were sold – a decrease of 20% from the same month as last year. At the same time, the number of total homes for sale has increased by 65%, and the number of new homes coming onto the market has increased by 5%. The time to sell a home was 16 days on average. The average selling price is currently 105.8% of the asking price.
Haldimand
Average Sale Price – $842,529 (April: $786,818)
In May, 84 properties were sold – a decrease of 21% from the same month as last year. At the same time, the number of total homes for sale increased by 71%, and the number of new homes coming onto the market has increased by 12%. The time to sell a home was 16 days on average. The average selling price is currently 106.9% of the asking price.
Norfolk
Average Sale Price – $769,741 (April: $720,954)
In May, 107 properties were sold – a decrease of 12% from the same month as last year. At the same time, the number of total homes for sale increased by 54%, and the number of new homes coming onto the market has increased by 28%. The time to sell a home was 17 days on average. The average selling price is currently 105.1% of the asking price.
Oxford County
Average Sale Price – $697,659 (April: $732,598)
In May, 195 properties were sold – a decrease of 28% from the same month as last year. At the same time, the number of total homes for sale has increased by 90%, and the number of new homes coming onto the market has increased by 15%. The time to sell a home was 14 days on average. The average selling price is currently 106.9% of the asking price.
