Looking Forward

My faithful Blog readers may have noticed I didn't post one last month, and for that I apologize.  It was a combination of not wanting to sound like a broken record (another double digit increase, year over year), and summer holidays.  Now that the summer is officially over (only just), it is back to the grindstone, and back to working at the job I love so much, real estate, and everything to do with it.  And there are changes on the fall winds.  More, and tighter, mortgage rules and regulations are in the offing for November.  Insured mortgages will be tougher for borrowers, in a bid to try and cool the market a bit, and make sure people don't get in way over their heads.  We are seeing prices continue to rise, and there are a couple of theories on that:  not enough new homes are being built to accommodate everyone who needs a place to live; low interest rates; and low supply of resale homes, as more and more people decide to renovate and stay put.  That's resulting in multiple offers, bidding wars, and sometimes, properties being sold for way over market value.  Lenders are usually not willing to stick their necks out as far as buyers are willing to pay for a sought after property, and so it falls to the buyers to come up with that extra money that lenders are not willing to let them borrow.  Sometimes deals fall through because of that, which can be heartbreaking for everyone involved if buyers have made an offer with no financing condition in an attempt to win a bidding battle.  And so, as we head into the autumn, and with Thanksgiving just around the corner, I wish everyone a happy and successful season!

 

Sharon Posius

Sharon Posius

Sales Representative
CENTURY 21 B.J. Roth Realty Ltd., Brokerage*
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