Posted on July 25, 2022 by Strudwick Real Estate Team
Hope you are enjoying this beautiful weather we are having! We wanted to give you a quick update on the market and a few helpful tips from our local mortgage broker.
What is going on with the market?? What I am seeing first hand is a big shift with the number of sales dramatically dropping. The rising interest rates have affected some people's ability to afford a home, but I have seen it be more of a mentality shift than actual unaffordability. Buyers right now are either sitting on the fence to see where things are going, or they are willing to buy but can't sell the home they are in. Saying that, some homes are still selling. I am seeing the most activity on the "cheaper" end of the market and on some luxury listings. Anything priced well will still get activity. What does this mean to you? If you are looking to pick up an investment there are some really good buys out there right now. Do you have someone in your household who was unable to buy before? Now maybe they can. Also, if you are thinking about moving up, this type of market benefits you! The gap from a townhouse to house, or house to nicer house is smaller than it was earlier in the year. Questions? Feel free to call me anytime.
What does this mean to you?
I don't think it will have any impact in a normal or Buyer's market. It will come into play when we hit another hot Seller's market in the future. I have a feeling there will be workarounds and that it is more of a PR stunt for the Government rather than actual protection for a Buyer. The flip side is something bias to a Buyer will negatively impact a Seller. To me, it is still too new to see what the details are in the rules but another attempt to cool a market and slow things down. This will be coming in too late to effect the boom we just went through that has already started correcting.
What do they say about stocks? Buy low and sell high. Right now the real estate market is down. We went from hundreds of people in line to buy a condo to developers now offering promotions and discounts. If you are looking for a long term investment now is a great time to pick up a rental condo. I know of several great sites in Langley and Surrey that can carry themselves. Real estate is down, but rental rates are still high with high demand. With my background in multi family development I am here to help answer your questions about investing into a quality building with good return on investment.
We recently chatted with our local mortgage expert Michael Atkinson with Dominion Lending Centres and he wanted to share some of his top tips to keep a good credit score.
If you like to learn more feel free to reach out to Michael and he'd be happy to help with any questions you may have.
Again, thank you for all of your support. If you have any questions about real estate we are always here to help.
- Scott, Caroline, Parissma & Shaelene
This communication is not intended to cause or induce breach of an existing agency agreement
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