Megann Willson's blog
Today’s fast fashion, fast shopping culture has had a noticeable impact on the expectations of some property buyers. They’re so used to thinking, “If I don’t like it, I can always return it”, and “I can go back to that store later if I don’t find a shoe/tv/coat/toy I like better”, that they’re ill-prepared for the reality of a real estate market where scarcity of supply is the norm.
Toronto real estate really IS a roller coaster ride right now.
Seller clients are looking at the comps and saying, “Those top three prices are what I want to get. My place is better than those!”
Buyer clients are looking at the comps and saying, “Those lowest three prices are what I want to pay. Or under asking, even. I hear places are going for under asking!”
This is a question I've been hearing a lot lately. Buyers who have been reading the latest news on interest rates, are wondering what the impact will be on the property purchases they are contemplating. Should they still buy? Won't their mortgage cost more? Won't it make prices fall, if interest rates go up?
Prices are up, I’m sure you’ve noticed! Inflation is definitely impacting everyone’s budget. If you’re a homeowner, the plus side of this is that the value of your home is likely on the rise as well. But the downside of that, is that the cost to carry your house, townhouse, or condo is also escalating.