The Real Estate Market has definitely changed – to a Buyer’s Market.
These numbers show November 2022 versus November 2021 – last year –
housing shortage with only 113 Residential Homes on the market versus
November 2022 at 313 homes on the market for Sale.
Mortgage Rate increases have slowed down the market, the unknown
variable – where buyers’ buying power has reduced – and their budgets
are getting smaller with the high price of gas, groceries, and
utilities too. oo.
When I compared Norfolk County’s November 2022 versus October 2022 the
price difference was 4.5% down versus the previous month.
Mortgage Rate increases have slowed down the market, the unknown
variable – where buyers’ buying power has reduced – and their budgets
are getting smaller with the high price of gas, groceries, and
utilities too.
Homes are still selling – the offers are coming in with negotiations
of price, chattels, home inspections, and sale of the buyer’s
property.
When looking at a home – you need to look at the Wants versus the
Needs – be Real with your Budget and you will still be able to buy
your home.
If you have any questions or need assistance with your Real Estate
Needs please contact me – I would be very happy to assist you.
⚠️Disclaimer: This information provided herein is deemed accurate but
not guaranteed. Source: Simcoe & District Real Estate Board, ITSO MLS
SYSTEM