Summer is behind us and the leaves are beginning to change colour. What does the change of season mean for home buyers and sellers? If you are thinking of making a move and have been watching the market or hearing news of a hot market, you might be wondering when is the best time to buy or sell.
The answer is depends on each individuals situation.
For example a first time home buyer may want to avoid the spring market, although inventory is at it’s peak, prices are typically at their highest.
Someone looking to downsize can be assured that no matter what home they have, if priced properly, it will sell quickly. However finding an ideal new home could, and often does, take months to find due to the competitive market. Successful buyers are offering well above asking price, and without conditions.
September 2019 listings are up 18% over last month, and up 14% over September 2018. This is a sign that builders and flippers as well as baby boomers downsizing to condos, townhomes and apartments are helping to increase inventory.
The questions we get asked the most from local clients is “when will it end?”
Although we have no crystal ball, we do have statistics. The last 3-4 years indicate continued market growth at a steady pace of between 10-15% year over year.
September sales were up nearly 8% and 5% Year to Date, and the average sale price for September was up 9% and 12% YTD.
See link for more details. http://wecartech.com/wecfiles/stats_new/2019/sep/
I believe this growth is sustainable for the foreseeable future as Windsor and Essex County has major infrastructure projects underway, including two international bridges and a new mega-hospital to be built. Resurging Metro Detroit now attracts more tourists and employment than in years past. Baby Boomers, who are just the tip of the iceberg, are just some of the steady stream of buyers from the most unaffordable cities in Canada, Toronto for example. They are recognizing that we are still affordable, we have great weather, surrounded by quaint waterfront towns such as LaSalle, Amherstburg, Tecumseh and Kingsville, all with quick access to the USA. All of these factors should keep the local economy rolling despite any of the usual ups and downs of layoffs and downward market pressures.
See links below for more details.
If you are buying and selling, it’s a wash. You will buy high, and sell high. There is no way to avoid this unless you are selling and do not have to buy…ie: perhaps moving into someones basement?
Investors are in a position to buy at their convenience. Waiting for the right property that has the ideal cash flow or potential income. This adds to the competition for homes under $300,000 typically within first time home buyers budgets.
Essentially, the most important thing to take away from this market update is that demand still far outweighs supply, and as long as this continues, prices will continue to rise.
The best way to handle the purchase or sale of likely your most valuable asset, is to work with a professional Realtor. There are many pitfalls and legal ramifications to buying and selling your home. Don’t trust this major decision to a discount brokerage, or a friend who “knows the market”, you get what you pay for! Keep this in mind when you see marketing claiming to save you save you thousands in commissions. By not using a Realtor, you stand to lose tens of thousands!
After all, it’s not just important who you trust, it’s essential!
Contact us today for more information on the above, or to discuss plans to purchase a new home or schedule a free market evaluation of your current home.