The market shift….
Over the last couple of years we have seen homes increase astronomically in value. Compounded by lack of homes on the market, low interest rates and more people working from home with time to ponder their dream moves out of the city, there were plenty of reasons for this perfect storm. But with increased interest rates, a sudden increase in inventory and as the world opens up after a 2 year hiatus with COVID, we’ve seen a definite shift in the market.
Will it last?
While we’ve seen more homes on the market recently, many factors point to this being a temporary situation. The housing crisis is still a hot topic as Canada welcomes thousands more immigrants to the country & first time home buyers without a house to sell, try desperately to get into the housing market. Interest rates are still at pre-covid numbers too, so while housing prices seem to have softened slightly in some areas or in some price ranges, only time will tell if that will last. We suggest that if you’re trying to get into the market- now’s your chance!
How does that affect you?
Are you trying to get into the market? Then this could be your window of opportunity! If you’re a first time home buyer or hoping to invest or even upsize, then this potentially brief window could be an exciting moment for you! We suggest you lock in an interest rate immediately if you haven’t already done so, and make sure your pre-approvals are all in place. Give us a call, and we can help make sure you’re all set up with one of our trusted mortgage brokers.
Are you considering a sale in the near future? You may want to re-evaluate the numbers and the timing.
We can go through all of this with you to make sure you have a good understanding of what to expect and how we can help!
TWO Important things to remember!
1/Averages are just that- averages. Don’t trust the blanket mailer telling you things are up or down by certain percentages. They never tell the full story! (That’s why we don’t send out postcard market “updates”)
2/ It’s never a waste of our time to schedule a chat with you. Even if you’re just considering a move- call us right away. Regardless of what you decide to do, it’ll be far more seem-less and far more prosperous if we can make sure you’re all set up and that we’ve done all the homework with you. It also helps us make sure that everyone is much more confident about the move you’re about to make. And if you don’t decide to move? That’s ok too! Sometimes it’s good to explore options so you know you’ve made the right decision. Either way, we’re here to help. Treat us like a resource and remember us the next time someone says they’re considering a buy or sell! (you know we love referrals & 5 star google reviews!)