Brantford Real Estate Market Update for March 2024

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Hi Everyone,

Here is your Brantford Real Estate Update for March 2024 with the statistics from last month for the detached residential homes in the City of Brantford, the North End neighbourhoods, and the West Brant area.

*Keep in mind there aren't enough sales in each of the other neighbourhoods in Brantford to be able to provide information that would be a true reflection of what is really happening in those neighbourhoods. 

Brantford

The average sale price for a detached single family home in Brantford is $651,382, which has gone up slightly by 0.78% or an average of $5,037 compared to the average sale price of $646,309 in February 2023. However, in some neighbourhoods the average sale price went up by more than 10%.

There were 9.17% more new listings in Brantford that came on the market last month but there were 17.11% fewer sales.

North End

The average sale price in Brantford’s North End neighbourhoods in February 2024 was $718,678, which is up by 10.53% compared to the average sale price of $650,206 in 2023. There were 13.04% more new listings in the North End neighbourhoods last month compared to February 2023, and the number of sales in the North End areas was exactly the same as they were a year ago. 

West Brant

The average sale price in the West Brant area in February 2024 was $774,678, which is up by 6.80% compared to the average sale price of $725,359 in February 2023. There were 26.83% fewer new listings in West Brant last month compared to a year ago, and there were 21.05% fewer sales in West Brant than there were in February 2023. 

Call The Terry Summerhays Team today at 519-802-8770 for a Free Home Valuation and Tips on How to Take Advantage of this Market!

Terry's Take on the Brantford Real Estate Market

There were more new listings that came on the market last month and fewer sales, leaving us with more active listings of homes on the market compared to February 2023. The average sale price went up just slightly by 0.78% compared to a year ago but it's gone up by more than 10% in some neighbourhoods. Several of the homes on the market right now are simply overpriced due to one of two reasons: 1)Those Sellers have unrealistic expectations in the current market, and/or 2)Those Sellers have received misguided information. The demand has been strong and we are seeing bidding wars again on some of the properties that have been priced correctly. 

Some of the Buyers are telling us they are going to wait for the interest rates to go down before they buy, and the rates from the lenders have already come down over the past few months, but something to keep in mind is that when the Bank of Canada eventually drops the benchmark rate as the industry experts are anticipating and the interest rates start to go down more, the prices are likely to spike up due to the strong demand in Brantford and the increased competition. In short, you can buy a home now at the current interest rates and the current prices and have equity in your home when the prices go up, or you can wait for the rates to go gown more and buy at a lower interest rate but you will need to pay a higher price for the home you want. For example, let's say a Buyer pays $800,000 for the home they want and they have a down payment of $100,000, leaving them with a mortgage amount of $700,000. When we factor in the mortgage insurance premium amount of $21,700 since it's a high ratio mortgage(meaning the down payment is less than 20% of the purchase price), and at a 4.89% interest rate amortized over 25 years, the monthly mortgage payment is $4,152.37. If the interest rate drops by 0.5% to 4.39% but the price for that home goes up to $850,000, then the monthly mortgage payment is $4,232.57. *These #s are approximate and for informational purposes only but as you can see, if the Buyer bought the home at the current interest rate and current price of $800,000, their monthly mortgage payment works out to be less than it is when buying at the lower interest rate but at the higher price. Plus they will now have $50,000 of equity in their home since the prices went up.

Working with an experienced and knowledgeable local Brantford realtor who's been through this type of market before and has the skills and experience to know how to negotiate in this market can help you take advantage of this market on both the selling side and the buying side. Click here to fill out a form if you'd like Terry to contact you about any questions you have or to discuss your best options for making a move.

The Terry Summerhays Team listings in Brantford and Brant County average a higher sale price year after year thanks to our superior marketing system, putting more money into our clients' pockets! Check out our proven Summerhays Selling System and a few of the things we can do to get well over 100,000 impressions for your home on Google, Facebook, Instagram, YouTube, and LinkedIn to literally tens of thousands of potential Buyers in the areas we target.

Are you planning on making a move in 2024? Click here to find out how much your home could sell for in the current market, or to receive a market snapshot for your specific neighbourhood, and to find out what you can do to increase the value of your home!

To schedule a free consultation about buying and/or selling a home in this market just give us a call at 519-802-8770.  The more time we have to help you plan for your move the better!

Thank you for your time and have a great day!

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