The Ever Changing Real Estate Market

Years ago, when I was in the first of the many "downs" of the up and down world of real estate, an older agent gave me some sage advice.  He said, "Lynn, it doesn't matter if the real estate market is up, down or in between;  there is ALWAYS a real estate market".  Over the years, I've come to respect that advice more and more.  When real estate markets change, as they always do, many agents simply stop working.  They think nothing is happening, so they withdraw.  During that time, I've always found work.  Our job is to watch and listen and respond.  Yes, the market in Estevan is completely different from this time last year.  It's the perfect opportunity for renters to jump into the market with both feet.  We have record level inventory with sellers who are anxious to sell and move on.  Relative to what we see happening in listing prices, with rents remaining high, it's obvious monthly payments could be reduced by purchasing rather than renting.  CMHC has imposed stricter guidelines and requirements, but for individuals with solid employment, there is nothing but opportunity.  This downturn in prices will not last forever -  I sense many people are wondering "how low it will go".  For a variety of reasons, not the least being that new housing costs keep rising, they can only go so low.  And I tell buyers - look at all the property that might suit your needs, choose one or two possibilities, and then start negotiating on your first choice.  Most sellers just want to see an offer - they are will to negotiate and work with you.  Our job is to try and find middle ground that both sides can live with.  So, first time buyers, talk to your bank or mortgage broker - with interest rates below 3%, home ownership might be a better option than renting. 

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Lynn Chipley

Lynn Chipley

CENTURY 21 Border Real Estate Service (2000)
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