Wednesday, October 29, 2008
CMHC forecasted this slow down over a year ago, kudos to them! If you want more info click or paste http://www.charitylinkrealty.ca/cityprofiles/london/index.jsp. On the right hand side click on the CMHC links, lots of good valuable information.
The good news is we will continue to move to a balanced market, that’s right no buyers market in sight. That means an equal number of buyers and sellers out there. Yahoo the strong survive! Prices won’t increase as quickly as in the recent past and sellers might have to negotiate a few more extras (yeah) such as appliances. The forecast does call for a moderate price increase. All in all we are headed into a nice steady market. I love these markets.
Too bad the papers are reporting negative news, it hurts us all. Take Stirling in St. Thomas as an example. The papers reported a job loss at the plant of 2,300 +- when there are actually only 700 +- jobs. Yes Stirling at one time employed 2,300 but not for a long time now. The plant closing will have a slow down effect as St. Thomas and the surrounding businesses adjust but I don’t think it has to be the doom and gloom we hear about. A lot of people employed at Stirling don’t even live there!
The 10 year average for home sales in London/St. Thomas for the month of September is 6,597; 5 year average is 7,269; this year 7,113 sales. Not as bad as you think.
As we approach Christmas our market naturally slows year after year after year. Mortgage rates are still great. If you are thinking of buying now is a fantastic time especially if you find a motivated seller whose house meets your wants and needs. If you are serious about selling call me for up to date market info that will help you achieve your plans. If we know what the market is doing we know how to price to stay ahead of the market. More on pricing next week.
What are your thoughts?