i have the real estate crystal ball and I’m here to tell you whats going to happen.

 

 

Hey, look what I got, the real estate crystal ball, and I'm gonna tell you exactly what's going to happen.

Actually, I'm not gonna tell you because that's not a crystal ball.

That's a solar powered globe that I took off my front porch. Anyway, here's the thing. Nobody knows what's going on in the real estate market. I've been hearing a couple of real estate agents actually picking on each other saying, Hey, real estate agents don't know what they're talking about.

They're not economists. Well, guess what? Economists know what they're talking about. At least they should know what they're talking about. And they don't know what they're talking about. They keep changing their story. They've done it all year. They made bad predictions last year, and here we are in the mess that we're in. Okay, here's the bottom line. Prices are down in our area somewhere between 25 and 30%.

That is significant. Now, what you qualify for in terms of a monthly payment in the spring compared to now, it's probably the same if you're earning the same money, you qualify for the same payment, you do not qualify for the same mortgage amount. But the good news is as prices are down, okay, so no problem, you can get into the market for a lot less money.

That means less down payment, that means less closing costs, less land transfer tax. So why not take advantage of it?

 

If you don't feel comfortable acting in today's market, don't do it. Sit on the sidelines, Wait for prices to come back up.

That's totally up to you. Now, our price is done going down. I don't know, but neither does anybody else. But here's what I do know. We seem to have flatline probably since August.

There's not a whole lot of difference in values between now and August, so I have a feeling we're somewhere around the bottom.

But hey, again, I'm just the dumb real estate agent. What the heck do I know? But I do know this on boots on the ground and I know what people are doing out there.
We're still running into multiple offers. We're actually running into quite a bit of activity because the inventory is down.

The inventory is down quite a bit from July, I think we were sitting at about 370 listings in Cambridge in July, and now we're about 2 75. So it's down, let's say a hundred listings. So it's down quite a bit. Anyway, that's what's going on in the marketplace. The other thing is the US Fed is meeting tomorrow afternoon, and that should tip the hat of the Bank of Canada as to what we do here in December.

So keep an eye on that, and if you feel comfortable diving into today's crazy real estate market, give us a call, 5 1 9 2 4 0 0 3 6 0. We're here to help you. And if you need mortgage help, we're here to help you with that as well. We'll talk to you later. I hope you have a great day.