Welcome to 2018! The new mortgage rules are now being used and this will make some changes to the market. The interest rates are climbing and for those thinking of buying or selling in the next few years my suggestion is to act sooner than later. Some rates can still be bought under 2 but for the most part we are slipping into the 3% range and over. For those looking for an investment property you should certainly not wait. The rates 10 yrs ago were in the 5-6% range and we have enjoyed years of low interest and paying off lots of equity on our investments properties but every move up will cost you money. Buy now even if you have to pay a little more for the property and in my opinion lock in for the 5yrs. For the last 10 yrs I have worked with Variable Rate mortgages but now with an upswing it would not hurt to lock in as we have no reason to believe that they will start to drop anytime soon.
The home prices in town have held fairly steady and in Renfrew County we have not seen any large changes. Recreational properties are different though. As an agent that spends lots of time on waterfronts we are seeing increases in prices on the really nice properties. This should also help the vacant waterfront lot market as it becomes a toss between buying a resale or building one when you are in the 500-600k range. There are still some really nice packages for the recreational buyer still out there and as well I have a good inventory of Waterfront Lots.
For those looking to sell this year call me and I will be happy to visit and discuss the market and where your property fits in. Don't wait until summer to list your waterfront or recreational property as we normally get a busy early spring but a slowdown in the actual warm weather then a pick back up buy august and into the fall. Folks that have decided to buy want to be sitting on the water by the long weekend in may and the process can take 30 days or more for closing, conditions etc. Lots of folks are shopping online today. I have buyers from last year that have yet to find that perfect place that fits there budget so who knows....maybe I already have a buyer for you.
Call my cell anytime at 613-433-2254