My answer to the trillion dollar question!!!
The same thing seems to be on everyone's mind... what's happening to the market and how wil real estate be affected??
The truth is without a shadow of a doubt, the market is cooling and house prices are falling! Don't be fooled by people in the industry trying to paint a nicer picture than what's actually happening... things are slowing down!
With that being said, the next question is "How bad will it get?". In my opinion, we won't see the ridiculous type of tumbling that has happened in the states. Instead, we will see a moderation in price and growth. A price correction of 6-12% seems accurate.
So what does that mean to you??
This is a two-pronged answer depending on where you stand.
1. If you are a first time buyer, the up coming winter and spring will be a GREAT time to get into the market. Mainly because mortgage rates are really, REALLY low. And also, house prices are falling. If you are thinking about buying... get going! If you want to speak with me about that... call me any time! 416.992.2942
2. If you own a house, its getting harder to sell. Make sure you have a good agent and you're priced well. Even with those two things done... it will still be a difficult time to sell. On the bright side, if you sell at a lower price, you will also buy at a lower price so that should even things out! There are bargains out there to be had!
I hope this information find you well. Any questions pertaining to real estate... don't hesitate to message me back or give me a call!
I've got a few new listings coming out in Woodbridge, Markham, downtown and Scarborough. If you'd like to get the heads up on these... give me a shout!