Can this ride continue?

Well as we near the end of May, it would appear there is no end in sight to the bidding wars, multiple offers and craziness in the real estate market.

I have been asked numerous times, do I see an end in sight?  Will this last?  What will happen IF ….

ALL of these are valid questions.  I too am asking myself, how long can this continue.  Homes are selling for record high prices.  Homes that last year in Pickering were 400 and 500 are now selling for up to 100K more.

Is it because the Toronto market with the double land transfer tax has forced people to come East to Pickering and Ajax and drive up the home prices? Possibly…. or is it that Pickering and Ajax home prices were the slowest to increase in the past years and now are playing catch up.  Maybe !

With interest rates at an all time low, I have wonder what would happen if the rates went up, even 2% over the next few years… could people afford to pay their mortgage if it doubled?   I don’t know, I guess it would depend on income, down payment and debt.   I just keep scratching my head on this one.

They say the rates are not going anywhere, anytime soon.  So can the prices keep continuing to escalate… at such a fast pace.   Some say they will.  Others are skeptical that this can last.  It definitely is a Sellers market here in GTA and Durham.

As long as the rates stay manageable and the market is strong with Buyers out in droves, things will continue to flourish.

If for some reason, the markets takes a small correction, all you have to do is ride it out.  It eventually rallies back… like it did in 1990… my fear is the people that cannot ride it out.  Then what?  Power of Sales will pop up more and more.  Let’s face it, if you bought with 5 or 10% down and prices take a dive, what equity do you have … unless you can “HOLD” for the time it takes to ride it out, many people will end up walking away… am I making sense?   Sometimes I think faster than I type.  LOL

Well just take this as a warning.  When buying or selling, hire a full time professional who knows the market and prices and will protect your interests. That is all that concerns me with my clients.   Yes, enjoy the new found money when selling at all time highs but remember you have to buy too and then the shoe is on the other foot.  So think it through and talk to your local Real Estate professional and figure out the best strategy for you.

Should you need direction or have questions about the market or neighbourhood sales, call me.  I am always thrilled to talk to real estate.

Have a super evening and enjoy the market everyone…may it long continue to thrive and prosper.

And for those sitting on the fence, remember this – never have I heard people lose money on real estate.  My parents paid 16K for their first home and it is worth about 800K… just be smart, maximize your equity and remember, you can’t live in a Mutual Fund !  LMAO

Cheers xo

Thinking on buying or selling a home?

Are you thinking on buying a home?  If you are like most, you think you need to search the internet endlessly

Passion & Real Estate = Success

to find your Dream Home.  Most people don’t realize if you choose a reputable full time Realtor to work with, THEY will find you the right home for the best price.  They know the market.  They know if a home is over priced or in a bad location.  

Trust is hard thing to earn and you can lose it in the blink of an eye.  That is why I am writing this.  I work hard for my clients.  I don’t sell them anything that I personally don’t feel is the best value for their dollar.  Just as many of you, I always think sales people are just out to make a quick buck.  Maybe that is why I am a little different.  

I always think if it walks like a duck and talks like a duck… chances are… It’s a DUCK !!  Working alongside myself you will see a different quality of real estate.  One that is filled with knowledge, laughter and most of all integrity.  It is my reputation on the line.  I have no interest in being a “walk-away-Joe”… sell you a home and never see or hear from me again.

I am going to become an integral part of your home ownership.  I will update you on market trends and recent solds in your neighbourhood so that you are always aware of your home’s value.  I am in the business of building – relationships.  Once we work together, you will see that the home buying or selling relationship last well beyond the actual closing of the sale.

If you are looking for a professional, trustworthy Realtor to protect YOUR best interests and serve your needs, answer your questions and educate you on the sales and listings in your neighbourhood.  Give me a call,   I would love to hear from you.  Also feel free to visit my website

Looking to find a helpful friendly and knowledgeable Realtor in Durham Region and surrounding areas, why not see if I can assist you.

Have a super day everyone and remember, you deserve to be treated like you MATTER !!  I will do my utmost to make that happen.

Talk to you soon !  🙂