By now you may of read about the slowing number of sales currently happening here and across Canada. After the government changed the mortgage amortization limits, this was no surprise. Many buyers had been counting on the 30 year amortization to make the home of their dreams even more affordable.
It was only just a few years ago that this limit had been 25 years and homes were still bought and sold. This time around the buyers had been spoiled and teased with the longer term mortgage and many of them bought more home than they otherwise could of.
Where do we go from here? Home ownership will always be in demand over renting and eventually the buyers will once again adjust to this new financial reality of the cost and benefits of owning their own home.
Buying a home in this new slower paced of environment gives the buyer breathing room to select the right home without the pressure of bidding wars and paying above asking price.
Selling your home in these times means that you will have much fewer homes to compete with and you will have a much greater chance of having your offer condtional upon your home selling accepted, whereas in a hot sellers market , it's go firm or go home. I have sold homes in times like these many times before and sometimes it is a lot easier to make the move happen without the additional pressure.
Homes sales here in London have been sporadic, with some properties selling very quickly, while others are sitting with no or very little activity, if you are thinking of selling, you can contact me to discuss and assess the proper price and marketing techniques that will ensure your home gets sold. Find out how my 3 decades of experience can benefit you.