May Market Update
Happy month of May! I don’t know about you, but I’ve been eagerly awaiting the coming days of warm weather and sunny skies to get outside and enjoy the beautiful place we call home!
Looking at the statistics, you’ll notice that prices have started to edge down slightly in some of the markets. It’s important to keep in mind that each micro-market is different; performance is not the same for condos and townhomes as it is for detached homes. When buyers get outpriced from a certain price or product category, the next market type generally starts performing better… and so the real estate game goes.
Those who have the lower rates locked in…get out there and shop, it will cost you less overall!
A couple of April updates for you:
• According to REBGV chair Daniel John, the return to a more traditional pace of home sales over the last two months provides hopeful homebuyers more time to make decisions, secure financing and perform other due diligence such as home inspections.
• Experts are recommending that current and future homebuyers effectively manage their personal finances, keeping in mind that lenders have responded to changes in the market by tightening up their lending criteria. On average, every additional $500/month in debt obligations decreases qualification by approx. $75K-$100K. With this in mind, it’s best to avoid any large, financed purchases until you’ve closed on your new home.