No doubt you have heard that our real estate market has slowed down. It will be probably a good 6 months before we know if the new 15% non resident tax was the catalyst that caused our marker to cool off. The Real Estate Market was cooling before the tax was implemented so we need a few months at least before we can know what the implications of the tax are.
For those of you looking to buy or sell this Fall there is still opportunity out there.
For home buyers the timing to make a purchase seems and probably makes a lot more sense now. If you have found a home you are interested in there’s a good chance there will not be multiple offers. You now have the chance to take your time and make a conditional offer allowing you time to perform due diligence. With interest rates remaining at rock bottom and the real estate market temporarily out of favour this is a great time to go home shopping.
For those of you looking to sell, don’t be too discouraged. Home prices shot up almost 30% in 2014-2015 and have climbed another 30% plus this year. If prices fall 10-15% over the next 6 months you are still way ahead of the game. There is no indication home prices have fallen at all since the tax and it's too soon to measure as there are just not enough sales out there to get a definitive read. What I can tell you is that so far we have not seen a spike in new listings and with that we are still in a fairly balanced market which is ideal for price stability.
In a softer housing market, you need a professional.
If you are looking to buy and or sell it always makes sense (and more importantly in a softer market) to hire a seasoned professional to help you navigate the softer market. In a hot market any realtor can list and sell your home. I mean, in the past 2 years buyers have literally been lining up to buy houses. In a tougher market the true professionals rise to the top.
Jill and I have worked in markets good, bad and in between for the past 25 years. We know what its like to sell in a market when very few homes are selling. Call us today and lets see if we can provide you with some great market knowledge to help you achieve success with your next property purchase or sale.
We look forward to hearing from you soon.
Andrew & Jill Hasman