I am not revealing any deep secrets when I say the housing market in Paris, Brantford and Brant County has been a roller coaster ride over the past two years. The same has been the case with many things, the pandemic shook just about everything to its core. The difference with this ride is that it has been stuck on the long upward climb, the one where you are holding your breath to the point of nearly passing out before the big gravity defying fall.
So here we are, april 16 here we are with the most inventory in months , properties with conditional offers , many indicators of a more normal/balanced market… Here we sit, waiting , watching wondering what the next few months will bring.
First let’s look at where we are today. The difference between the mid-winter market and today is night and day. This change is generally associated with the Bank of Canada raising interest rates. In January and February of this year almost every single house that went on the market was getting multiple offers much higher than the asking price. Last week, the Toronto Regional Real Estate Board reported that sales in April dropped by about 41 percent from April of 2021. Sales are also down 27 percent from just one month prior. That is a stiff drop!
Now, that does not mean that the market is bottoming out. It is mostly related to people sitting on the sidelines waiting to see what will happen. “Should we buy now or wait until next month when the prices might be lower”.
If you are trying to buy a home in Paris, Brantford or Brant County then this is good news for you. We are seeing fewer multiple offers in the market, in some cases houses selling on a single offer.
So how should you proceed on an offer? One of the best clues is to see if the home is holding offers on a given date or if they are accepting offers anytime. If they are accepting offers anytime you can expect the home to sell for somewhere around the asking price. Who knows, you might even get it for a little under.
If you are thinking of buying, now is a fantastic time to do so. Sure, prices might go down a little next month but who knows, maybe we will be under another lockdown and starting all over again! The best advice I can give is to do what is right today, who knows what tomorrow will bring.
What's my home worth?
Wondering what your home is worth in today’s market? I bet you are. In these times it is more than like more or less than it was a month ago or will be a month from now. We are constantly monitoring sales and buying trends in Paris Ontario as well as Brant County and Brantford. Fill out this simple form to get a quick evaluation today!