Ep 38: What's Going in The Market? Featuring Phil Bould

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Show Summary:

In this conversation on the Wisdom Lifestyle Money Show, host Scott Dillingham interviews guest Phil Bold about the current real estate market. Phil, who works for Team Goran Re/Max Care and has been in the business for over 17 years, expresses his excitement about the upcoming market. He mentions that the market is transitioning to a more balanced state, which means fewer multiple offers and less disappointment for potential buyers. Phil believes that waiting for housing prices to go down may not be necessary, as interest rates also affect buying power. He advises buyers to take advantage of the current decent prices before they increase due to the influx of workers from various investments in Windsor, such as the Amazon facility, the battery plant, the new hospital, and the upcoming bridge construction.

Scott and Phil discuss the positive impact these investments will have on the region's real estate growth. The battery plant, which will produce car batteries, is expected to create around 5,000 jobs and generate spin-off opportunities in related industries and local businesses. The construction of a third bridge between Windsor and Detroit will not only provide additional employment but also improve traffic flow and trade efficiency. They also touch on the fact that Windsor is attracting buyers from the Greater Toronto Area due to its affordability and potential for investment properties.

Despite some cooling in the market, Phil does not foresee a crash. He notes that housing prices have increased from January to May, and while there may be a temporary dip, there is still demand and multiple offers on properties. Phil considers the current market more fair for buyers, as they can now include home inspection conditions in their offers to protect themselves. Previously, buyers were often engaging in bidding wars and waiving inspections, which led to unforeseen issues post-purchase. Phil welcomes the return of home inspection clauses as it provides buyers with necessary safeguards.

Overall, Phil expresses confidence in the Windsor real estate market's future, citing the significant investments and government support in the region. While there may be a brief recession, he believes Windsor will bounce back and become a strong city. The market offers opportunities for both buyers and sellers, with reasonable prices and potential for profitable investments.