Can I Sell My House In Windsor For A Profit September 2022?

As most local homeowners have noticed, Windsor residential prices peaked in March of 2022 and have been declining fairly consistently since then. Average residential prices in September are now 17% less than they were in March, making many people wonder if they can still sell their house for a profit. 

If you bought your house this year, it is unlikely that you would be able to sell at a profit today. I typically advise people not to sell a primary residence the same year they bought it anyway, because you will be forced to pay additional ‘flippers’ taxes. You do not have to pay that tax if you wait over 1 year to sell. 

If you bought your home last year or earlier, you should be able to make at least a slim profit. The earlier you bought, the more profit you could still realize. According to the graphic from CREA below, someone who bought in June 2021 could have gotten a 10% profit in August 2022. Someone who bought 10 years ago in 2012 could still more than double their initial purchase price. 

So the answer is YES, many homeowners can still make a significant six figure profit selling their property. For most people a $200,000 profit may be the biggest lump sum they ever earned. It sure would help out most people’s retirement plans!

Should I Sell Now?

The question for those people who made a great investment many years ago is “should you sell your home in Windsor for a profit NOW?”

If you live in a home that meets your families needs, you can afford to keep it, and you don’t have any other reasons to move in the next few years, hold on to it. While it may seem hard to believe now, the market will rebound one day and hit new all time highs. This won’t happen tomorrow, but in five or more years, it is very likely that the market will recover. If you can’t hold your home for 5 or more years, and you know you will need to sell at some point soon, DO IT NOW! Prices will probably continue falling for the foreseeable short to medium term due to larger economic factors. Selling now will make it more likely you get the most money possible in the short term. 

If you waited since March to sell and you knew you needed to, you have already lost 17% of your value. Don’t loose any more of your hard earned profit. 

Call me today at 519-300-6464 to plan how to get the most money possible for your house in Windsor Essex Ontario.