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Could dropping interest rates = Real Estate buying window of opportunity ?

The shutdown in the U.S. Government has been a window of opportunity  for Canadians looking to buy a home or refinance their existing mortgage. It has caused investors to move from U.S bonds to Canadian bonds which lower bond returns and subsequently, mortgage interest rates.
September sales up 

Overall sales were up 3% in September, with a total of 614 homes exchanging hands in the London St Thomas real estate market.. Detached homes were up 5.3%, while condos were down 7.8%. The City of St. Thomas’s market performed well last month. 56 homes sold in that City, up 9.8%. 

The average price for a home in St. Thomas Year to Date stands at $195,537, up 2.1%. 

 The average price of a detached home Year to Date in London and St. Thomas Association of REALTORS jurisdiction is $262,001, up 3%, while the average price of a condo for the same period stands at $179,021, up 4.4%. The average price of all homes Year to Date in the London St Thomas Real Estate market is $246,849, up 3.4%. 

 London Middlesex home buyers continue to have a love affair with real estate despite recent increases in interest rates and tougher mortgage requirements for buyers.

For smart  house buying timing is important and right now might be the best time for people to buy or definitely to have a good look at their current mortgage. As well at this time of the year the buyers who are just testing the market tend to leave the market leaving more motivated  home sellers .

The U.S. Government will hopefully rectify the “shutdown” shortly, causing normalization of the markets.

Perhaps it’s best to act now. As a real estate broker/ professional I have access to various types of mortgage professionals who I can refer to meet your specific  needs . Regardless of your needs or motivations i.e. wondering how much you can afford ,help with your down payment, cash back mortgages, rent to own options or just the lowest rate. I empower you with information and advice that enables you to make decisions that save you time ,stress and money.

Published Tuesday, October 15, 2013 10:17 PM by Jim Straughan


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