It’s going to be a very interesting year. The local real estate market has been constrained in the last few years and especially so this year by political decisions as well as economic ones. The introduction of new mortgage rules in Jan 2018 resulted in much larger consequences than many anticipated. As well, the politics around our energy sector and pipelines access has led to many speculative concerns, business concerns and a further slowdown in our local market.
This coming spring we will see a provincial election. This fall a federal one. In between there will be so much promise, rhetoric and speculation. Businesses will decide whether to hire or not and consumers will decide whether they make a real estate decision or hold off. The speculation always seems to keep buyers on the fence in times like these. All lined up waiting for the ‘big sign’. The challenge is that if there is a large announcement that will turn the tides many will jump into ownership all at once. Why not take the opportunity to purchase while there is less competition? It is also curious to watch our local builders to see how quickly new construction projects engage.
A buyer opportunity right now exists in the buyer’s market. Buyers have the time to review and pursue options with much less pressure than in previous times. Sellers can successfully sell their homes and have a positive outcome while acknowledging the current market conditions. It is going to take a bit more effort in preparation and staging; an adjustment to pricing expectations compared to previous years; and take a bit longer, but sales continue to successfully complete.
Moving between properties, especially moving up, is a great opportunity right now as higher end homes have adjusted more than lower priced homes and remain on market longer allowing folks to sell their existing home before moving forward.
As usual this time of year I am spending much of my time assisting sellers with home preparations, pricing evaluations and new home options as folks plan a future move. It is my pleasure to assist folks for their best outcome.
As well, many buyers watch their personal portals for that perfect home and I am happy to set up your personal portal to view homes that match just your requirements.
Let 2019 be a year of opportunity in these interesting times. Chat soon.
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