Thinking of selling your Owen Sound/Grey Bruce home in 2023? Here’s what to expect
As 2022 comes to an end and we look ahead to 2023, what should I expect if I am thinking about putting my home up for sale in the Owen Sound and Grey Bruce Area? That’s a great question, and to answer it we need to look at the stats. I want to start off by saying there are A LOT of fear mongering headlines, and while some of them may be true, oftentimes they focus on Average Statistics for a general area, based on a snapshot in time. Statistics are good to determine a trend of where things are going, but each house can vary and it’s important to have an updated comparative market analysis done before you go to sell.
How long will it take?
Let’s begin with days on market. How long should you expect it to take to sell your home? Right now the median days on the market is about 39 days. This is about twice as long as it was one year ago today, but on par with what it was in 2017.
According to data from ShowingTime, showings are down 73% from this time last year. The days where there were 20+ showings in the first few days are gone, and now you can expect 1-2 per week, depending on what price point your home is in. If you are priced under 400k, you may get more.
How much will it sell for?
How much money should I expect my home to sell for? Well, no one can know for certain what you will get, but the average home seems to be selling for 94-95% of its listing price. However, it is important to keep in mind that only 40-50% of listings that hit the market are actually selling right now. In Grey Bruce the median sale price currently sits at $599,000 for a single family home, this is down about 3% from a year ago today. Looking at Owen Sound the median sale price sits at $472,500, this is down about 10% from one year ago today. This may sound pretty dreary, but keep in mind that prices are still up 25%-50% from 2019/2020.
Why has the market changed so quickly?
Why has the market changed so quickly? In 2022 Canada has seen the BoC raise rates from .25% up to 4.25%. The speed at which this has happened has flattened the market.
In summary, you can expect your home to take a bit longer to sell, and because sales are down so much, your home will have to be priced and presented right to be in the 40-45% range of homes that sell and you should be prepared to reduce the price if the feedback is negative or you are not getting any showings. If you do get an offer you should be prepared for there to be multiple conditions to work through.
If you’d like to discuss the market, we’d be happy to chat. I can be reached at firstname.lastname@example.org or 519.375.7153