Whew! It's been such a crazy couple of weeks that it's been hard to settle down, get my thoughts organized & write about what's going on out there right now!
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It's been a roller coaster ride of wins & losses, crazy bidding wars (did you hear about the semi that had 25 offers on it in Oshawa? Bonkers!) the Target shutdown, falling oil prices, falling loonie, the Bank of Canada rate cut & now the start of the annual Mortgage rate wars that we always see in late January/February....did I miss anything, lol? Oh ya, and lots of conversations with would-be Sellers if only there was something for them to buy, lol!!
Part of my daily schedule is door knocking in the areas where I've sold homes recently, this month I've been handing out Year-In-Review market information specific to each neighbourhood, plus I'm also canvassing other neighbourhoods where I have Buyers looking for homes... so that means I'm talking to A LOT of people every single day! And the reoccurring theme of those talks is what do all of these things mean for our real estate market here in Durham?????
There's so much conflicting information out there & I certainly don't have a crystal ball but I DO know that things are hopping here right now...lots of Buyers & not a lot of inventory! The mortgage rate wars will continue to fuel Buyer demand & so naturally that's going to keep pushing prices higher!
Here in Ontario apparently we're feeling richer due to the price of gas (I know that I'm saving about $40 each time I fill up my beast) & we may also see some savings at the grocery store as lower transportation & energy costs for manufacturers & farmers eventually trickle down to the consumer level. It's been suggested that our overall cost of living may actually decrease by 2-3% in general this year. It's certainly not all good news as there are also negative effects in other areas but consumer confidence plays a key role in the overall state of the economy & the good news is it's back on the rise!
The cost of borrowing is also a big factor when it comes to real estate but don't just focus on that rate! What we've seen in the past during these rate wars is that those crazy low rates also have a downside...no flexibility, no portability, high penalties if you have to break your mortgage for any reason etc...Please make sure you're working with a professional! Your best bet is a mortgage broker rather than the person sitting behind the desk at your local branch! A broker will find you the best combination of rate & terms for YOU & YOUR circumstances out of hundreds of lenders & not just the handful of mortgage products that 1 bank is offering.
So we have the fact that we feel richer in our everyday lives, our consumer confidence is on the rise which spurs big ticket spending like houses & cars (this is totally rhyming, lol!!) & high demand coupled with low inventory. It's a wonderful time to be a Seller, that's for sure! But don't get greedy when it comes to your listing price! I've seen a couple of homes recently that started off too high that had no offers come in on offer night! That hurts your bargaining power....we're talking about your largest asset, don't be a cautionary tale for your neighbours! If you haven't already, read my post on pricing your home right the first time HERE
The general consensus out there is that the Spring Market has already sprung...so if this is your year to make a move & you want to talk about getting into the market or how to coordinate a move up or down the property ladder then call or text me at 905-447-4077 or email Kelly@HomeInDurham.ca & put me to work for YOU!
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