The 2022 Q2 Real Estate Market Report for Southern Georgian Bay
The 2022 Q2 Real estate market report for Southern Georgian Bay is out! Nowhere in the history of real estate have we seen anything like the past few years. I had clients buy property in 2020 for 1.1 million and turned around and sell it for 2.2 this past winter. They literally doubled their money! Having said that…these sellers are the outliers and while they did well they also bought in this market and paid top dollar. So while this story is possibly the best real estate transaction I may ever be involved in, it really doesn’t showcase the real estate reality. So let us talk real, real estate!
History of Real Estate
Historically real estate is a good long-term investment. If you were lucky enough to be able to sell in the past 2.5 years up here you likely received a large increase in your initial investment, so it was a great investment for you. Now that the market is slowing, if you plan to sell you need to be aware of our new real estate reality, that is why I have The 2022 Q2 Real Estate Market Report for Southern Georgian Bay to help shed some light.
Real Estate in Summer 2022
Buyers are waiting out interest rate speculation, inflation and other market contributors like they can now freely travel this summer. Don’t get me wrong, you will still see a good return on your investment especially if you purchased 5 or more years prior. It just won’t be as fast a turnaround as the news portrayed these past 2.5 years. Since June 2022, we have quickly turned into a Buyer’s market where supply is equal to and/or exceeding demand. Buyers now have more time to think before they purchase. As a potential seller, you will now see conditional offers, fewer showings and be on the market a little longer than average. You may also have to consider price reductions as part of your listing strategy if it doesn’t sell in the timeline you need it to.
Check out these numbers
Sellers in this Changing Real Estate Market:
Potential Purchasers in this Changing Real Estate Market:
So dear seller, do not fear! Reading this blog, the 2022 Q2 Real Estate Market Report for Southern Georgian Bay is your first step towards truly understanding the current market we are dealing with. With me as your local REALTOR®️, I will help guide you and educate you throughout the selling process. If you are a buyer or a first-time buyer in this market, I look forward to helping advise you on your new purchase. In fact Potential Buyers, I have a video just for you! Check out my youtube channel for some informative videos on the current market. Contact me today with any real estate questions, I look forward to hearing from you!