Is Your Window to Buy a Home Finally Opening?
Like many people in Greater Sudbury, you probably found it tough to navigate this seller’s market, and you may have decided to wait for your window to open. The road to ownership may be a bit bumpy, but there’s some good news; there are indications that there are smoother roads ahead. 🚗
In the last few weeks, there have been some important shifts in the real estate market that may mean your window is finally opening. Here are 3 shifts in the Sudbury market we’ve been seeing in recent weeks.
#1. Home Inventory
The average number of home sales in Sudbury is beginning to decline week by week, however the number of new listings is continuing to rise. With home inventories finally beginning to bounce back after record lows, our market should start to balance. This means that more potential buyers will be able to find the homes they want and actually close on them. 🏠
Inventory here in Sudbury is at an all time high. There are now tons of homes to choose from, which gives you so many options when it comes to purchasing a home with all the features on your wish list. Maybe you’ve been looking for a home that’s been recently renovated, or has a garage, or has the space to accommodate your growing family. These high inventories may mean that you no longer need to narrow down your search and eliminate items from this wish list.
#2. Price Cuts
Over the last couple years, we’ve gotten used to seeing crazy bidding wars on homes, leading to these homes selling for way over asking price with no conditions. This has left a lot of people feeling discouraged, especially for first time home buyers who felt that their dream of homeownership was impossible to make a reality. Luckily, this seems to be really be slowing down here in the Sudbury market.
Of course, we are still seeing this happen with certain homes that everyone has their eye on. But as inventory continues to climb, there are tons of homes out there with reasonable prices, some of which are starting to sell for under asking price and avoiding bidding wars altogether. Offers are also being accepted with conditions. Our Sudbury market is changing, and if you’ve been waiting for your opportunity to purchase a home, now may be the time to start looking!
#3. Interest Rates
As interest rates continue to climb, increased uncertainty is creeping into the market. It has continued to slow down the market from a volume standpoint. Surprisingly though, it hasn’t had a decrease on the average sale price in Sudbury as we continue to hover around 500k.
The rising interest rates can definitely be a concern for those looking to purchase a home. Select markets in Southern Ontario have seen rising interest rates result in home prices dropping, and we’ve seen some pullbacks here in Sudbury. As long as first time home buyers continue to flow into the market and accept the prices they are seeing, we will have a healthy market. The market is constantly changing, and the climb in interest rates may be alarming, but we are still hoping to see some positive outcomes when it comes to purchasing a home in Sudbury.