We're in a funny spot in the local real estate market. 2 months ago homes were selling for $100,000
or more over asking price.
Now we see homes sitting on the market longer, or selling for $30-$40,000 over asking instead of $100,000+. Some are even selling with conditions or for less than asking price.
In other words, it's a shift-show. 'Scuse my French.
It's normal to be nervous if you're a home buyer or seller in this time of rapid change. Try to keep some perspective though.
The bottom has not fallen out of the real estate market. There are still loads of buyers looking and not enough homes for them all.
Home prices have definitely softened since the January-February 'peak'. But we're not dropping back to pre-pandemic prices.
The average price for a Belleville home in April 2022 was still 26.5% higher than it was in 2021. In Quinte West, it was 33.1% higher for the same period.
I think we can all agree that this sort of growth isn't sustainable.
We're coming into a correction though. Interest rates, inflation, conflict between Russia and Ukraine...it's all creating some hesitation.
You'll notice we're returning to more honest pricing. Buyers have more homes to choose from. It's more important than ever to pick the right strategy to market your home and sell it quickly, for top dollar.
If you're following me on social media, you'll know I've been going on a little bit about this shift. How now is NOT the time to bow out if you're still looking for a home, or if you've been thinking about selling.
If you have more questions about this real estate market, please don't hesitate to reach out.