With prices having peaked at all time highs and interests rates having started to increase from all time lows, the real estate market of the last. several months has seen a long anticipated shift from a Seller’s to a Buyer’s Market. As we begin to digest the events of the last months (and, indeed, years), the initial reflex of concern starts to give way to some light that reveals new opportunities and possibilities that
were not there before.
As always, the details depend on each situation. If your made a recent market peak purchase of a speculative nature, you may be having some difficulty with your investment due to falling prices and increasing interest rates – especially if you mortgaged with a variable rate. You still have some strategies and options to minimize your losses and potentially even turn your investment positive in the
For most of the rest of us – those who purchased real estate as our home and/or who had the foresight to lock into favourable long term rates – not only is the market not so bad, but in many cases allows us to do things that were difficult or impossible to do in the previous burning hot market. First we must remember that all boats rise and fall with the tide. If you want or need to move, while the value of your home may have fallen, so has the price of the home you want to move to. In the previously hot market conditions I would say that it was actually harder to make a move from your existing home to a new one. For instance, in the previous hot market, having the sale of your property as a condition of purchase of a new one was all but impossible. You also pretty much had to forgo the safety of home inspection and financing clauses for the most desirable properties if you could even find one. Things are different now. It’s a great time to make a move – more inventory, less pressure, more security with the ability to include clauses and make a purchase on your terms.
If you have any questions, would like a complimentary evaluation of your property or would simply like to discuss options for your personal situation, call us any time. We are always available to chat and lend a helping hand.