April Sales Down 2nd Month | Buyers Market Coming?

Sales Down & More Listings Create Opportunity For House Hunters

This April Windsor real estate saw a slight decrease in sales over last April, and also more new listings. That is the 2nd month in a row of decreasing sales volumes. Some people think that this is a result of the increasing mortgage rates. Other people simply think that the market cannot continue upward at the pace it was forever. Is a buyers market coming soon in Windsor Essex Ontario?

Either way, many buyers have been struggling to make it to the goal line and actually buy a new home. A lot of people have gotten emotionally invested in house hunting but found themselves constantly outbid. Believe me, this is as frustrating for the buyer’s agent as it is for the buyer.

Luckily, the changes this April may be the start of a turn for the better for buyers.

Higher Interest Rates On Mortgages, Stabilizing Housing Prices & New Buyer Opportunities

Since 2013 there has never been more new listings of Windsor real estate in the month of April than in 2022. On a monthly and year to date basis, there have been fewer sales by April 2022. The result is more available listings than this time last year. 

Prices are not rising as fast as they have been. There is less interest in housing, and bidding wars are slightly smaller. 

Some areas of Windsor Essex Region have even experienced a modest decrease in average sale price. 

This is a great time for those who were knocked out of their house hunt previously to get back in the market.

What Caused The Real Estate Market Start To Normalize In Windsor? 

Housing policy is influenced at the national, provincial and municipal level. Windsor has been experiencing extraordinary gains in our housing market because all three of these levels of government had been sending signals that we were a great investment. 

Low interest rates combined with high inflation, changing demographics, immigration and the work from home trend all made Windsor one of the hottest markets in Canada.Today interest rates are rising, things are reopening, opinions about immigration are shifting and people are hopeful that inflation will decrease soon. There are still many elderly people moving to Windsor as a retirement destination, but they are frugal. The era of cheap money spent by foreign speculators is ending, and prices seem to be stabilizing.

This may be the early stages of a change to a buyer’s market. At the least, it has been a little easier to get your offer accepted lately as a buyer. That is something we can all be grateful for as participants in this industry. 

My Experience Lately As A Buyer’s Agent In This Competitive Market

For the last couple of years it has taken a while for my clients to finally get their offer accepted on a great home.

Sometimes it may require seeing dozens of houses, making 5 offers on ones they liked and only getting the last one accepted.

This is a pattern that I have heard from many other real estate agents in Windsor as well.

Unfortunately there are some buyers who become so disheartened that they give up their search for a house and get an apartment. That is such a sad thing to see. No one should have to give up on their dream of home ownership. That is why I am so glad to see the market calming down a bit, so that the good people who have been pushed aside can come back and get what they deserve. 

If you had a bad experience searching for a home as a buyer in the last few years, reach out to me. We can go take a peak at some more houses and see if you are ready to try house hunting again. My number is 519-300-6464