Our Take on The Market for Todays Buyers -November 2017

As you may know,

the banks will be introducing new lending rules in January 2018. Buyers with under 20% down have been qualified under these rules for some time already. What this means is that buyers will have to qualify at 2% higher than the benchmark rate. They will still loan at the benchmark rate. The talk seems to say that buyers will qualify for about 17% less. There is a lot of speculation in our industry that prices will adjust downward. This remains to be seen and may take until March April and beyond to take effect.

If this is true it is good news for buyers with good incomes. Opportunity to buy at lower prices than the last couple of years. 

That said as we approach December it is a great time to buy. You can qualify for higher amounts, there is inventory and choices and there are fewer buyers concentrating on buying Real Estate. It's Christmas party season. Another thing we are seeing in the market again is conditional offers on financing and inspection being accepted (in non-competitive offer situations) Far less offer days are being set. What is happening now are well-priced properties selling fast as buyers are excited to be able to offer right away and in some cases have conditional offers be accepted. The market has turned more in favour of buyers. There are still houses selling over asking and some offer days but not nearly as high over asking as the past couple of years. We are seeing some opportunities for those who are willing to try some offers. It's year-end and sellers are anxious to sell. We are here to help. Our guarantee is to provide the expertise that comes from experience and the youth factor to give you the best service and up to date technology, you will need to navigate the Etobicoke Real Estate market.

The Gordon's 

Posted by Kathy Gordon on


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