As I write this blog post I've been contemplating the following question I have been asked over and over throughout my career, is now the right time to buy? and why?
Now I would like to give you some insight into the current market and you can make you own assumptions. I've been marketing an array of new home options including homes with legal suite's, detached duplexes, new ranchers, new 2 story homes and some homes, duplexes & mobile homes not new but are in great shape. Over the past 2-4 weeks it's been fairly quiet on the overall activity and strength of the market was in what I would call a stabilizing market. Now some properties were still getting their consistent activity but no offers until this week......
This week everything changed overnight and I believe it to be driven by looming interest rate increases and announcements of the Bank of Canada scheduled meeting to announce the interest rate hike on October 24, 2018.
Now with the upcoming announcements buyers have jumped off the fence and are moving quickly to secure their new home before anything changes with their borrowing capacity.
We received 5 offers in 24 hours and are in negotiations with a few more, what I am saying is if you are in the market to buy and wondering if it is the right time to buy, I would say now is the right time!
When you do make the decision to buy make sure your aware of why the market picked up as after the 24th of October interest rates are looking like they will rise and typically after that the market stabilizes. So what I am saying is if you buy now you may be able to buy more of a home than you can after the 24th and typically after rate increases the market stabilizes so hang in there and if on the fence speak to your mortgage broker to verify these changes and speak to your realtor to get you into a new home!
Till next time,