Heimpel says he hopes that these standards will ensure professionalism in the industry | Photo submitted
According to a local realtor, elevated interest rates have created a changing housing sphere.
According to the Huron Perth Association of Realtors, a total of 239 homes were sold through the MLS System in May 2023, representing a notable increase of 12.7% compared to May 2022.
In an exclusive interview, Bob Heimpel, President of the Association said that the terrain is definitely shifting,
The inventory level has risen across the board compared to the past couple of years, resulting in properties sitting on the market for a longer duration. While multiple offers are still possible in some situations, they are not as prevalent as before. This shift indicates a return to a more normal pre-pandemic market.
According to Hiempel, one of the primary factors contributing to these market conditions is the impact of rising interest rates,
Heimpel advised aspiring homeowners to take their time and develop a plan in collaboration with a realtor. He emphasized the importance of talking to a mortgage broker to secure financing and advised potential buyers to get their plans in order before looking at making a purchase.
The current market conditions indicate a transition toward a more balanced market says Heimpel,
In Exeter, the average number of days a property sits on the market was around 23 in May, indicating a slight increase compared to previous years when it was as low as 7 or 9 days. In general, market activity is concentrated in towns, particularly those close to larger cities like London, as people migrate from urban areas to smaller towns seeking a change of scenery and lifestyle.
As the real estate market in Huron Perth continues to evolve, homeowners and prospective buyers are advised to stay informed, consult professionals, and make prudent decisions to navigate the changing landscape successfully.
Written by: B. Shakyaver
