Current Market Thoughts
I typed a lot of words, but less words is nice...so here is the TLDR version that is also many words, but less words;
- As we all know, the media loves to hype up the dramatic statistics, and guide general thought.
- Real Estate is down from a benchmark that was never sustainable, and that was created in part by relatively low borrowing costs for mortgages during the soaring prices. Shocker.
- There are a lot less homes being listed for sale compared to whatever number you want to use, because who wants to break an existing mortgage with a locked in lower rate, and take on a new mortgage, on a new property, with a very high rate? The answer is no one. Not unless they have to, for the most part.
- Thankfully, the market does not seem to be at a point where we are having a rapid increase in sales, due to people being financially forced. That would be very bad. Let's all hope that never happens.
- If you are in a position to buy a property, it is your market right now. Interest rates may be very high, but remember, when they become lower...the market will see an increase in buyers, which will drive prices of homes back up again. If you can afford it now, you do have an option to refinance at a lower future rate, if you take a shorter term mortgage for the time being.
- It is not easy to perfectly time the top or the bottom of a market. Life is always going to be risky.
Call me any time if you ever have a question about your home, or the Real Estate market.
David Cahill
The Right Move
RE/MAX Real Estate Centre Inc., Brokerage
Direct - 905-757-9519
davidcahill@live.ca
