Market Monday 07.24.2023
THE LAST SEVEN DAYS IN THE SIMCOE COUNTY REAL ESTATE MARKET:
The average sold price dropped this week approx. 6% - but it's not that alarming with the average list price also lower by about 7% which makes sense because there were quite a few more price decreases bringing that average down.
The average sold price is in line with what we saw 5 weeks ago ... I think we saw the uptick these past couple weeks due to people securing homes at their locked in rate and as well as getting their move in date before school starts
Barrie, Bradford and Innisfil lead the way with properties going over asking 16,4 and 4 respectively, according to TREEB
ITSO is reporting 2 over asking sold properties in Collingwood
As always I am happy to provide you with a PERSONALIZED & detailed report looking at your property and the metrics in your neighbourhood .. don't be afraid to ask!
INTEREST RATE - SNAPSHOT
The interest rate hikes have put pressure on the average Buyer. Buying power isn't what it used to be and many households, mine included, have seen big increases in the monthly payment. Nevertheless, some mortgage brokers and financial professionals are still choosing to go the variable route.
With the banks playing with amortization or adding the increased amount to the principal SOME people have been able to stay at their contracted payment.
It has certainly slowed the market in certain sectors. INTERESTINGLY, on a weekly basis I am seeing on average 24.42% of sold properties in the last 5 weeks of DATA TRACKING going over the asking price. That means ACTIVE BUYERS ARE OUT THERE because WHY would they go over asking if they weren't competing
I have a vast network of mortgage brokers working all over Ontario, if you need me to put you in touch with anyone I would be happy to connect you with a mortgage professional. Here's the link to https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/ for more on interest rates if you like.
INFLATION RATE - WHY YOU SHOULD CARE
Keeping an eye on inflation can help to predict what interest rates MIGHT do.
The Candian Govenrment is trying to slow inflation and bring it down to 2%. I need to do a little more research on this but I do know that until they get closer to that 2% mark - we need to be cautious and plan for possibly more rate hikes ... if the inflation rate continues to fall they may just leave it ... but if it climbs then look out!
If you want more information on the inflation rate let me know and I'll get you touch with a financial professional that can assist you further.
For more info on rates click the link :
On Trend - What’s Emerging
I spend heaps of time in the kitchen and Sundays are my meal prep day.
I have a passion for whole foods and home cooking. So when I saw this kitchen my jaw dropped! This modern rustic style is weaving its way through and made it into the top 35 Trends for 2023 according to houzz.com. A kitchen renovation is in my future for sure - so I always have my eyes peeled for gems like this ... my Pintrest board is growing!!
Here's the link again for more:
https://www.houzz.com/magazine/35-home-design-trends-on-the-rise-in-2023-stsetivw-vs~164032473
Paying It Forward
Sadly, I didn't hit my goal of $2100 but I did crush my goal of 221 kms ... I completed 354.9 kms on foot
Thank you to everyone that donated
We are changing the lives of children and youth with physical disabilities, giving them a life with dignity and independence. Together our C21 group of 7 offices were able to raise a total of $16,399 which will go towards kids in our communities to attend camps and access much need equipment that is required for daily living. It truly made a big difference in the lives of the Easter Seals kids.
If you wish to doante at anytime let me know and I'll send a link
DO YOU KNOW OF SOMEONE IN NEED? Perhaps a child looking to do extra curricular but the family can not afford it - let me know ... I have access to some wonderful people looking to give back - inlcuding me!
MARKET MONDAYS WITH MELISSA
My mission is to deliver a SUPERIOR client EXPERIENCE and provide up-to-date factual information regarding the Simcoe County Real Estate Market. I am also happy to provide information on Grey County as well if requested.
Keeping the lines of communication open while providing you with snapshots of data with my own commentary will HELP you if you are curious, researching or thinking of making any moves.
It is my hope that you will find my weekly efforts insightful and that we keep the conversations going.
You may not always agree with my opinion - and that is OK - when two minds come together, it’s an opportunity for new thoughts, concepts and ideas
Let's stay connected - I promise you will find VALUE … if you don’t please just let me know I will be happy to deliver the topics, data or anything else you need to know
Looking forward to your feedback
Sending High Fives
M
"HOME IS WHERE STORIES BEGIN"