Prices in Brantford/Brant County and surrounding areas are adjusting to the higher interest rates. With this shift in the market, it has allowed buyers to do their due diligence, and take their time in making decisions. With more inventory is coming on the market, it has pushed the days on market to an average of 30, since buyers can now look at more than one property before putting an offer in. This doesn’t mean a home isn’t going to sell, it just means we need a strategy that works with this market!
Sellers: Be prepared for offers with conditions in them. This isn’t something to be scared of though, this is the way real estate SHOULD be. It protects you and the buyer for a successful closing day. Making sure your home stands out from the rest is key in this market, which we can obtain with getting the property ready, an accurate price and the right marketing. Patience is the name of the game right now.
Buyers: Don’t way for the market to crash and prices to come down more, you are loosing equity everyday you wait. With the average price of homes going down, and the higher interest rates – your monthly mortgage payment hasn’t increased much. Owning a home is still achievable, and you will be paying into your own pocket – not a landlords.
I have worked in this market before and understand how the shift affects everyone in the transaction. Now is the time you need an experience realtor in your corner whether you are buying or seller. Reach out for more info!
Brantford
Average Sale Price – $617,741 (October: $599,463)
In November, 73 properties were sold – a decrease of 54% from the same month as last year. At the same time, the number of total homes for sale has increased by 417%, and the number of new homes coming onto the market has decreased by 14%. The time to sell a home was 29 days on average. The average selling price is currently 98.3% of the asking price.
Paris
Average Sale Price – $742,653 (October: $837,223)
In November, 15 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 424%, and the number of new homes coming onto the market has increased by 33%. The time to sell a home was 36 days on average. The average selling price is currently 98.6% of the asking price.
Brant County
Average Sale Price – $854,542 (October: $817,460)
In November, 32 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 420%, and the number of new homes coming onto the market has increased by 40%. The time to sell a home was 36 days on average. The average selling price is currently 97.4% of the asking price.
Woodstock
Average Sale Price – $571,734 (October: $609,098)
In November, 44 properties were sold – a decrease of 36% from the same month as last year. At the same time, the number of total homes for sale has increased by 278%, and the number of new homes coming onto the market has increased by 28%. The time to sell a home was 32 days on average. The average selling price is currently 97.5% of the asking price.
Haldimand
Average Sale Price – $697,449 (October: $645,343)
In November, 41 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 increased by 329%, and the number of new homes coming onto the market has increased by 40%. The time to sell a home was 48 days on average. The average selling price is currently 95.3% of the asking price.
Norfolk
Average Sale Price – $608,704 (October: $641,665)
In November, 64 properties were sold – a decrease of 34% from the same month as last year. At the same time, the number of total homes for sale increased by 198%, and the number of new homes coming onto the market has increased by 18%. The time to sell a home was 52 days on average. The average selling price is currently 94.8% of the asking price.
Oxford County
Average Sale Price – $580,082 (October: $649,950)
In November, 100 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 363%, and the number of new homes coming onto the market has increased by 23%. The time to sell a home was 35 days on average. The average selling price is currently 97.2% of the asking price.
