"Hey Alexa? Hows the Real Estate Market?"
Questions realtors get daily:
"How's the real estate market?"
"Are things slowing down?"
"My Google feed tells me things are coming to a halt, dropping by 40%, is the market crashing?"
The situation is, that YES the real estate market is cooling off. Which is inevitable, because it was on fire for a while! So thank goodness for Buyers, Sellers, investors, agents - everyone that is getting back to normal.
So what does that look like?
More listings! Leading to lots of choices, as well as time for buyers AND sellers.
Conditions. Conditions. Conditions. Financing, inspections, even the condition of a buyer selling their home is normal. Prices that are a lot lower than they were in the peak. Which is a good thing because the peak was crazy, insane, no-good-for-most-people kind of prices.
Belleville is currently sitting with an average price of roughly $511,000. That is similar to what the prices were at the end of summer 2021. Prices increased dramatically over the winter and peaked in the Spring and then have come back down since then.
There is also a huge increase of new listings. 151 new listings last month alone! That amount is a number we haven't seen since March 2021.
There are also fewer buyers. Because of a variety of reasons; the interest rate increases being one of them.
More listings + Less buyers = lower prices.
Believe us though when we say this is a good thing, for sellers, buyers, agents, everyone! It's exactly what the market needs.
Will houses still sell? Absolutely.
Will people still get a great price for their house? Definitely.
Will everyone have more time to think, process, breathe and make smart decisions? You betcha!