Open Bidding, Housing Prices & Recession: Change Is Coming
Big change is coming to a real estate market near you. Open bidding, housing prices and recession are the hot topics of the day- but there are reasons to be optimistic in the medium to long term. Everyone who is honest with themselves can see that there is instability in the marketplace.
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.
Windsor Residential Prices Have Small Rebound In July
If you knew 4 months ago that you had to sell your home soon, but you waited until now to do so, you have already lost around $100,000 in equity or value. This trend is probably not reversing until the USA pulls out of its recession. These macroeconomic issues will not be fixed quickly.
If you wait to list your home 3 months from now, you may loose another $100,000 in equity or value.
Windsor Residential Prices Down 10% Since April
June makes at least 3 months of decreasing residential values, amounting to a total of more than 10% loss since April. The median home price in June was $555,000, down from $625,000 in April.
Windsor also has 2.2 months of inventory for the month of June 2022. This is the most inventory on hand in June since 2016. Comparing the same month in different years helps to account for seasonal issues that may otherwise influence the comparison in an unfair way.
3rd Month of Slow Growth In Windsor | What Is A Correction?
With Another Rate Hike in June, Expect June To Be Month 4
The Windsor region experienced the 3rd month in a row of lower sales and higher new listings in May. The average house price is still at all time highs in most of the Windsor Essex region of Ontario, but price gains have certainly slowed.
The economic factors that caused these changes to the real estate market have not let up. If anything they are still gaining momentum. At the start of the month of June there was another interest rate hike impacting home buyers. Next month’s statistical releases will probably state June was month 4 of this trend.
The idea that there is an economic downturn coming has gained popular appeal. That means that now is the time to research and understand what may be coming.