The January stats show a slow start to the year and lower prices, but even so it feels more active and positive than the past couple of months. Still, I expect to see a more subdued spring market than the past couple of years.
If you hold a variable-rate mortgage, or are considering buying a home, the higher mortgage rates are certainly stressful. Our own mortgage payment has gone up significantly in the past year. If you are one of the smart/lucky ones who locked in earlier at a low rate, well done! If your mortgage is coming up for renewal and you're concerned about qualifying, reach out early to your lender to discuss options.
These current market conditions are an excellent time for making a lateral move in the market. With properties sitting on market longer, sellers are more willing to accept a condition allowing you to sell your own home first. Expect to see more options and inventory this spring... consider getting ahead of that with your own property in order to take advantage of an increase in choice properties to purchase after yours has sold.
That's all for now!
Andrew Plank
250-360-6106
www.andrewplank.com
