I am here to tell you, buyers and sellers are slowly adjusting to “old real estate again”. Housing inventory, interest rates, and days on the market are climbing higher again. What does this mean for you? You may be surprised to hear but homes that were $850,000 at the beginning of the year are now selling for $600,000 – $650,000 – which is balancing out the higher interest rates, meaning it really isn’t raising your monthly mortgage rate by much.
Sellers: Gone are the days of just throwing a price on a home and still getting more then asking. Yes, the average sales price has went down – but the market needed this correction. Your home will still sell with strategic pricing, the right timeline and proper marketing. More prep will be needed to ensure your home is ready for the market, and is always show ready.
Buyers: Don’t wait for interest rates to come down more, you will be waiting awhile. Prices have come down so the higher interest rates reflect that. Get in touch with your mortgage broker or bank so find out if you have been affected with the new rates. With more inventory coming on the market daily, you have choices now and can take your time doing your due diligence. There are deals happening everyday now, so get out there shopping.
Working with an experienced realtor who has seen this market shift before will work to your advantage. Let’s set up a meeting and discuss the details!
Brantford
Average Sale Price – $599,463 (September: $626,987)
In October, 74 properties were sold – a decrease of 60% from the same month as last year. At the same time, the number of total homes for sale has increased by 234%, and the number of new homes coming onto the market has decreased by 14%. The time to sell a home was 31 days on average. The average selling price is currently 96.8% of the asking price.
Paris
Average Sale Price – $837,223 (September: $716,171)
In October, 17 properties were sold – a decrease of 56% from the same month as last year. At the same time, the number of total homes for sale has increased by 500%, and the number of new homes coming onto the market has increased by 19%. The time to sell a home was 20 days on average. The average selling price is currently 96.8% of the asking price.
Brant County
Average Sale Price – $817,460 (September: $833,395)
In October, 30 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 343%, and the number of new homes coming onto the market has increased by 17%. The time to sell a home was 24 days on average. The average selling price is currently 96.1% of the asking price.
Woodstock
Average Sale Price – $609,098 (September: $673,085)
In October, 54 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 234%, and the number of new homes coming onto the market has decreased by 9%. The time to sell a home was 30 days on average. The average selling price is currently 98.7% of the asking price.
Haldimand
Average Sale Price – $645,343 (September: $675,435)
In October, 34 properties were sold – a decrease of 59% from the same month as last year. At the same time, the number of total homes for sale increased by 257%, and the number of new homes coming onto the market has increased by 29%. The time to sell a home was 40 days on average. The average selling price is currently 96.8% of the asking price.
Norfolk
Average Sale Price – $641,665 (September: $579,756)
In October, 72 properties were sold – a decrease of 29% from the same month as last year. At the same time, the number of total homes for sale increased by 184%, and the number of new homes coming onto the market has increased by 47%. The time to sell a home was 37 days on average. The average selling price is currently 95.6% of the asking price.
Oxford County
Average Sale Price – $649,950 (September: $648,720)
In October, 109 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 302%, and the number of new homes coming onto the market has increased by 15%. The time to sell a home was 36 days on average. The average selling price is currently 97.7% of the asking price.
