Thursday, 8 March 2012

2012 Real Estate Market Update

Hi All!
Just a quick note to let you know what's been happening so far this year.
Have a look at our local residential stats to the end of February, 2012. As we predicted in early January, the market has been pretty active, thanks to continuing low interest rates and mild weather. A bit of a surprise has been the Port Hope market, which outsold Cobourg in number of residential units sold in both January and February.
Prices are still not quite back up to peak levels of 2008, but holding very steady.
Some market forecasters are now saying that we are in for a big adjustment, but Royal LePage President Phil Sopher disagrees and so do we. There very well may be an adjustment to the inflated markets of Vancouver and Toronto, maybe even Ottawa, but our stable market in Northumberland should not be affected. We believe the biggest risk to our local market is still gas pricing.
With interest rates at below 3.3%, it's a good time to buy a house, which also means it's a good time to sell a house.
If you or anyone you know is thinking of buying or selling, or just want to talk about options, please don't hesitate to contact us!