Blog by Patricia Houlihan - Personal Real Estate Corporation

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It's a SCARY market out there.... Interest Rates up....and Prices???

It's a SCARY market out there.... Interest Rates up....and Prices???

 

For several months now we have seen a combination of government initiatives implemented which have significantly reduced the number of sales we are seeing and significantly increased the time it is taking to sell homes. There have been a lot of listings but very few sales. In part this is due to overpricing for the current market. Understandably, sellers are hoping to get prices that they would have obtained at the market peak.... that is now very unlikely to happen.

 

In addition to the government measures specifically designed to cool our market, we are now also seeing interest rates creep up. Generally when rates go up, prices go down. Forecasts are for further interest rate increases this year and next year.  

 

If you have any questions about the market and how it may affect you, please contact me.

 

I hope to continue to be, More than Your Agent, Your Ally.

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