Your January Real Estate Market Recap
Happy New Year! What a confusing time of the year this is for real estate - second guessing our upcoming Spring market while stick handling our way through new mortgage rules, stress tests and... to top it all off, the property assessments dropping into our mailboxes. All this aside from separating the wish list from the actual goal list.
To simplify all of this - here is what we do know: interest rates will rise. We just don’t know when, or by how much. Interest rate increases can make a much greater impact on your monthly payments than a decrease in home prices, so if you are waiting to see how market prices go, don’t!
The next thing we know is that credit unions have elected not to follow the banks’ lead on new rules and stress tests. So this is the moment to call your friendly mortgage broker (who can deal with the institutions other than chartered banks) or the independent credit union mortgage specialists and learn what a difference they can make to your buying power.
As for the property assessments, remember that if no appraiser came to see the particular attributes or negative aspects of your home, the assessment reflects the reported sales in your neighborhood as of July 2016. Data is like text messages - can be misunderstood taken out of context! You can compare your assessment with your neighbour’s on line & there is time to appeal your assessment should you feel that would be advantageous.
We can answer any questions you may have on these topics.
Finally, there is the Spring market and our cloudy crystal balls! We are taking the wait and see approach - carefully watching the inventory and assessing how greatly new rules affect first time and move up buyers. We’ll keep you posted and as always....covered.
Positive attitude & perseverance are key to achieving those goals as time moves on. It only takes 21 days to form a habit!
Michelle, Sheila and Shane