Having been a trusted agent in the real estate business for 25 years, I have seen many different markets. This current one has been one of the more difficult ones - especially for sellers. However, as with every dark cloud - there is a silver lining. There has never been a better time for buyers to make a move - either into the real estate market for the first time, or become a move-up buyer.
There are many factors that affect affordability for a buyer: Inventory, Home Values, Interest Rates and Tax Incentives. Right now in our current market, the affordability index is the highest we have ever seen it. Typically, an index over 100 indicates a good market for buyers. The affordability index is now at 184.5! This is because we have historic low interest rates, a tremendous selection and very motivated seller pool.
We are seeing more showings on our listings recently- indicating that buyers are getting this message, especially since interest rates have inched up a bit! A 1/2% increase in rates can transfer into a 5% decrease in price for buyers, so with the recent slight increase in interest rates, buyers are starting to get off the fence. Move-Up buyers are also seeing that by taking advantage of this current market and low interest rates, they are able to leverage themselves into a more expensive home.
Now is an incredible time to buy! Together with all their resources, the Vanneste Group is to assisting homebuyers achieve the social and financial benefits of owning a home.