In the midst of a constant barrage of negative housing news comes an interesting observation about out economic climate, our Real Estate buying power has actually increased, compared to previous years !
It's actually ironic that, in this unsure economic market, affordability conditions have improved so dramatically. In fact, the buying power of a typical family has improved significantly, with the drop in interest rates, a median-income family can afford a home costing thousands of dollars more than just a year ago, for the same monthly payment.
Building permits have fallen significantly and housing starts have came down over the past few months, helping to control the inventory of new buildings on the market. The Canadian resale market is undergoing completely different experiences, depending on which province you are in, the city, and neighbourhood in which you're located and the type of home you have. Some areas, which had experienced a fast and steep increase in property values over the past few years, were due for a correction, while others that didn't experience as erratic activity may not be affected. Current interest rates are working to the advantage of potential mortgage seekers and the Real Estate economy in general, as a steady decrease in borrowing costs will also help to inhibit the economic fall experienced during the recession of the early 1990's when mortgage rates were in excess of 10 percent, accentuating the decline in new construction and resales.
People will always need to move, and their reasons are as varied as the people themselves. It's a good time to take stock of your own situation, and think about your own plans.
If you're curious as to what your house is worth, what the proces of other homes in your neighbourhood are selling for, and if now is the best time for you the think about moving, I encourage you to call me, Dave Pinnell Jr, of Century 21 Lanthorn Real Estate in Napanee at 613-328-7213, or email me at firstname.lastname@example.org and I will be happy to meet with you to discuss your concerns.
Thanks for reading my blog, come back again to read more. Dont forget to visit mine and Tracey Dickson's other website at www.tdrealestate.ca for all you Napanee Realestate needs.
Thanks and have a Great Day !
Dave Pinnell Jr, Century 21 Lanthorn Real Estate, Napanee