Is the real estate market slowing down in Grey-Bruce? Is it a good time to buy a home?
The short answer is ‘Yes.. sort of!’ Frankly, I don’t see the writing on the wall that the market is going to go backward anytime soon. What I do see is a sort of imitation of a typical real estate market.
In a balanced market, pre-pandemic, summer has always been the 2nd slowest time of the year, the first being winter. Kids are out of school, and families like to take a break. ‘Real Estate Can Wait!’ It’s time for fishing, camping, boating, amusement parks, zoos… It’s time to relax!
As our market has started to shoot upward in the past couple of years, we’ve noticed the summer season has remained quite hot. In 2020, the real estate market was blazing hot!!!…
Now in 2021 with the prices at an all-time high, will they continue to rise? I think the general consensus is ‘not much.’ It’s cooling just a bit.
So now, as restrictions lift and summer has arrived, I think that many buyers are just done. Done with competing. Done with losing out in multiple bids. Done with COVID. They’re saying, ‘It’s time to relax!’
So is it a good time to buy? If you’re an active buyer who’s at the end of your rope, I may suggest asking your Realtor to keep an eye out for homes that are sitting on the market for longer than a week or two. For the most part, sellers are expecting their homes to sell in the first week, and when it doesn’t, they are usually ready to negotiate.
Overall, I think the trend will continue for well-priced, desirable homes. But if a home is overpriced or needs some work, it may just miss the market, and there may be an opportunity for you to jump in! Good luck!