I know you’re all waiting to hear that the market is going to crash, but I’m here to tell you I don’t see that in our future. Now I’m no economist or have a crystal ball to see the future, but with my experience I can tell you the market is correcting itself. We are back to a “normal” real estate market. What does that mean? We are stabilizing. With rising interest rates, buyers now have choices when choosing to purchase a home, and can do their due diligence with conditions in their offers. Don’t worry sellers, houses are still selling – we are just seeing them take longer.
Sellers -> Because there is more inventory now, it’s more important than ever to be priced right and ensure your home is ready for the market. You want your listing to stand out from other homes coming onto the market everyday with the right advertising. Over priced houses will not sell in this market.
Buyers -> My best advice is “don’t wait”. Interest rates are still low compared to other years, and you can still get pre approved. The longer you wait, the longer it takes for you to build equity in your investment.
Working with an experience 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 – $626,987 (August: $688,241)
In September, 118 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 has increased by 154%, and the number of new homes coming onto the market has increased by 5%. The time to sell a home was 28 days on average. The average selling price is currently 98.1% of the asking price.
Paris
Average Sale Price – $716,171 (August: $661,130)
In September, 21 properties were sold – a decrease of 22% from the same month as last year. At the same time, the number of total homes for sale has increased by 254%, and the number of new homes coming onto the market has increased by 74%. The time to sell a home was 29 days on average. The average selling price is currently 97.9% of the asking price.
Brant County
Average Sale Price – $833,395 (August: $737,004)
In September, 186 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 205%, and the number of new homes coming onto the market has increased by 58%. The time to sell a home was 31 days on average. The average selling price is currently 96.9% of the asking price.
Woodstock
Average Sale Price – $673,085 (August: $589,994)
In September, 46 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 has increased by 261%, 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 97.4% of the asking price.
Haldimand
Average Sale Price – $675,435 (August: $663,404)
In September, 45 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 133%, and the number of new homes coming onto the market has increased by 19%. The time to sell a home was 41 days on average. The average selling price is currently 96.9% of the asking price.
Norfolk
Average Sale Price – $579,756 (August: $660,010)
In September, 59 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 increased by 147%, and the number of new homes coming onto the market has increased by 25%. The time to sell a home was 38 days on average. The average selling price is currently 97.2% of the asking price.
Oxford County
Average Sale Price – $648,720 (August: $601,342)
In September, 114 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 269%, and the number of new homes coming onto the market has increased by 33%. The time to sell a home was 41 days on average. The average selling price is currently 96.9% of the asking price.
