Posted on September 5, 2017
Below are the market statistics for this past year. The first graph explains that the number of listings over the past two years. The beginning of this year started off with a very low number of listings and picked up in May, levelling off over the summer. Compared to last year, however, our sales were still lower and when looking at the third graph, you will see that prices have come down a bit from last year reaching over $900,000 in the spring and dipping down now to just under $825,000 at present. It’s most likely due to buyer fatigue over multiple offers and possibly some speculation about what interest rates will be doing over the next year and how that will impact house prices. Still, it’s a great time to purchase if you are looking to own your home over the long term, as interest rates are still at record lows. If prices start to contract, expect it to start in outlying areas and then move towards city, also the higher end of the market will suffer. Also, expect that if rules around lending tighten, that first time buyers will have a harder time qualifying to purchase and that will also affect house pricing at the lower end. Remember when investing that location is more important than how well the house is decorated. Location! Location! Location is the key!! Call me for more information 250-744-0775!