It’s ok to be confused, but it doesn’t have to be so overwhelming…
Let’s help you find some clarity with real numbers and which ones matter.
Is it time to buy?
What about those interest rates?
What do the inventory numbers really mean?
Inventory is up! But what does that mean for you? With 415 homes on the market in the Burlington area alone when this was recorded a few days ago and 477 on market as of today, the numbers are definitely creeping up. Sellers motivation is unique to each individual, however, so while some homes are dropping significantly in price and quickly, others are holding on. This situation is of course creating confusion when it comes to understanding market value. And while 477 is a big number (cue a mostly buyer market), if you’re looking to buy or sell, it’s imperative we narrow it down together and get more specific to understand your specific market. Some homes are sitting- some homes are still going in multiples. There is never a blanket statement to cover all aspects of the housing market, regardless of the headlines.
The positives and negatives of buying in the current market:
Negatives: interest rates
Positives: lower prices, more options, more time to consider those options, less competition, conditions like home inspection or financing etc are back on the table.
We’ve said it before, “you date the rate but you marry the mortgage”
Interest rates may fluctuate, but pricing may not be this low again for some time. And if you’re waiting for things to hit rock bottom, know this: by the time most people figure out that the market has leveled off, it’s already on the way back up, and the way down is easier to buy in than the way up! (ie: back to multiples and no conditions on offers, no chance to consider your options
Is it time to buy?
For first time home buyers or investors, the answer is simple: YES! Know your numbers, make sure you have a rate locked in and take this time now to quickly educate yourself and make sure you are ready to jump if/when you see “the one”. There is great opportunity out there so if you thought you were priced out before, now is your chance.
Upsizing? House to sell?
For those who also have a house to sell, it’s all still possible and there are many strategies we are taking with clients to safely and smoothly get you into your next home. If you have a town home in a lower price range for example, there may be no concerns about the sale of your home- if you are concerned about selling however for your area/price range, we may list your home prior to purchasing, or we may discuss other options with you. An upsize in this market is actually more attainable than in a sellers market as the margins and land transfer tax numbers may land you in a sweeter spot than you thought possible!
Bottom line: Everyone’s situation is unique and every housing “pocket” (type of home, area etc) is also unique. Don’t trust the headlines! Give us a call and set up a chat if you’re trying to make heads or tails of things or even slightly considering jumping into this market. We’ll back it up with real numbers to help you make a good investment!