Looking ahead to Fall - September 2012

Sellers moving-up do well in Buyer's Market"

I've been through a few of these 'market breathers' during my nearly two decades in the business. However, when I compare this market to the last two corrections (can I call it that?) in 1998 & 2009, I've come to the conclusion that there's not really a good reason for this environment.

The Bank of Canada's efforts to cool the housing market by making borrowing a bit more difficult, mostly for entry-level buyers, has had a 'limited' effect on the overall market. Record low interest rates, with very little pressure for them to rise, the positive economy & employment picture PLUS adjusted prices in most areas makes the timing all the more attractive for prospective home owners.

As for sellers, it may not be the time to run and hide as this type of market has its advantages;

Competition of well-marketed homes can tend to 'dry-up' in this type of market as many sellers choose to withdraw from the market in hopes of a return to better days. The number new listings to the market last month declined 14% vs. August 2011 and was the lowest total that we've seen for the year.

Sellers planning a move-up may gain more ground in the transaction as the home that they're moving-up to will likely have fallen more (total dollars) than the smaller home that they are selling.

In addition, sellers moving from the city center to the suburbs will find some amazing opportunities as many of the outlying areas have been under some of the greatest price pressure.

If conditions permit, consider selling prior to purchasing so as to allow for a bit more leverage in your purchasing negotiations and a bit less financial stress during the sale.

There are signs of a busy fall market with sales improving. Those that take advantage now may find themselves ahead of the pack when the market heats-up again…as it most definitely will.

In the meantime, fingers crossed for more of this great weather.


Wayne

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