HOW'S THE MARKET???....this is the one question posed to me by nearly everyone I meet, from the daycare owner, the cashier at the grocery store, and naturally every Buyer and Seller.
In the last two years we have seen that the market has moved from a strong seller's market to a balanced one in which both buyer and seller have room to negotiate... to a bit of a Buyers market. We have also seen many changes to mortgage financing such as no more 100% financing, 40 year amortization,and the "B" lenders from the US have virtually dissapeared ...ect.
This is not a real estate crash but simply a return to the business as it existed before the unprecedented run-up due to easy credit!
As a Buyer, make sure your financials are solid, if you have less than ideal credit, you may find it more difficult to find financing as you would have in the last few years. However, bank rates are still low, and plenty of mortgage money is available.
As a Seller, you need to be realistic with your pricing and with the time that you expect to sell. It is important not to fear a buyers market, or sit on the fence because of it. Remember, chances are that you will be both selling and buying under the same conditions.
Home ownership, more than any most others, has demonstrated to be a solid and worthwhile investment. Focus pn the long-term benefits, and buy strong properties that you expect to hold their value, if not increase.
Now is a great time to buy. Happy House Hunting.
(article appeared in the The Vankleek Hill Review, writteb and submited by Rebecca Collett, Century 21 )