Buyers are returning to the market.... its a good time to sell
Buyers are back so it’s a good time to sell. Prices have settled through the summer and enough purchases have occurred that there are plenty of comparable sold properties on which buyers can base a purchase price. In addition, the biggest impetus for buyers is that the federal government announced in mid October a new stress test on mortgages, set for implementation January 1 2018. This new mortgage qualification rule is motivation for many buyers to jump in to the housing market. The new rule will reduce buying power by 15% on average, depending of the home price. The new mortgage qualification rule does not apply to purchase agreements that are accepted on paper prior to January 1, 2018 (regardless of closing date) will be exempt from this impending rule. Since the rule was announced last week, we’re already seeing listings getting far more showings and good acceptable offers. Read more
Why should Home Owners act now?
Well. In a few months (January 1 2018), the majority of buyers will see their buying power reduced. That will shrink the size of the buyer market for each level of home. Reduced market size usually translates into reduced prices.
We can help
We can help you to get your property staged, ready and listed to take advantage of this sudden surge in buyers, and avoid the negative impact of the January 2018 mortgage qualification rules. Call us to get started.
Linda Maguire
Sales Representative
905-220-7993
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