Happy New Year to all of our valued clients. While it may not come soon enough for some of us, we can view the end of this volatile year with a boost of optimism.
In order to manage inflation, the federal government has implemented several interest rate increases this year, which has created challenges when valuing a property in today’s market. Pricing competitively has become much more important when listing your home, as the sellers’ market has eased. It is once again more common to negotiate a purchase or sale with both parties involved, rather than entertain a one-sided ‘demand’.
Real Estate economists are suggesting that the increase in interest rates will have a shorter life than previously anticipated; the most recent hike to 4.25% is considered by many to be the last one required to help curb inflation. This will open a window of opportunity for our clients to search a larger inventory, which is likely to appear in the new year. We have also seen an increase in the number of blended families purchasing properties, for example, adult children purchasing with parents to decrease the burden of a down payment or to reduce the qualifying challenges faced by a number of first-time buyers.
Along with the optimistic outlook for 2023, we also want to announce the opening of our new office "Open Doors Victoria Real Estate Group” located within our head office of Pemberton Holmes, located at 150-805 Cloverdale Ave. Our team is ready, and we look forward to assisting our many clients with all of their real estate needs.
Happy Holidays to each of you and here’s to a Fantastic New Year!
Greg, James, Tim & Marilyn.