Blog Post No 1, What in the World is Happening?

2022.10.27

So much is going on right now we’re all wondering how best to take advantage of the market.

Rates are high! (Are they?)

• In fact, rates are at their historical average.  They’ve been so low in the past few years it makes 7% seem incredibly high for a mortgage, but in fact as many homes have been purchased at 7% and higher as at lower interest rates.

Prices are high! (Are they?)

• Prices are actually high, that one is totally true.  But we’re not likely to see reductions of any significance, except for the luxury market.  That means the $5,000,000 home will probably see a huge price drop, meanwhile, the more modest home will see a much more stable market.

It’s the WORST time to buy (Is it?)

• It’s actually a good time to buy.  So many people are misreading the signs that fewer buyers are in the market, meaning your less likely to come up against competitive bids.  So you should feel comfortable making your best offer.

You can’t sell anything right now (Really?)

• If you’re thinking about putting your home up for sale, do it.  You will likely face a longer time on the market than in months past, but remember it only takes 1 buyer to make the sale.  It’s a great quote that’s been attributed to lots of different people from Wayne Gretsky to Michael Jordon, “You miss 100% of the shots you don’t take”.

Bottom line, if you want to list or purchase there will never be a better time than right now.  Give me a call and let’s discuss your options.