Monday, September 6, 2010
How Is The Low Number Of Recent Sales Affecting The Market?
Over the past four months we have seen a decline in the number of sold homes, and a general slow-down in our local Victoria Real Estate Market. I have seen some predictable things take place as a result of this slow-down. Before sellers became accustomed to this new style of market there was a bit of panic that spread through as sellers realized they were not guaranteed a timely sale. Many homes that are priced well, in good condition, and in good locations are not selling simply because there are more sellers than buyers. So far I have not seen any decline in prices over that of early this year, and we are seeing a 5% increase over last years prices. Sellers are increasingly careful with their pricing, but at the same time becoming less flexible on those prices. This is a tight market we are in these days, only time will tell where it will lead us.
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Prime rate of interest rising but conventional mortgage rates declining - what gives, and how does this affect house sales?
ReplyDeleteA friend of mine who has been a banker for many years says if we could predict the interest rates and how they effect the market we would own our own countries. :)
ReplyDeleteWe have seen very little movement in the market lately and I have heard from buyers that confusion from changing interest rates is a contributing factor to why they are hesitant to buy. Fear of falling prices is an equally popular reason as to why people are choosing to wait for their purchase.