Christmas is a time when families are reunited, and have to reflect on the things that matter most. In this day and age of uncertainty, the time we spend with family and friends over the holidays takes on more meaning and importance.
From all of us here at RE/MAX in Parry Sound, we wish everyone a safe and happy holiday season. Enjoy the brief respite from the anxieties of our times and may 2009 be happy, healthy, and prosperous for everyone.
Last week, I received a telephone call from a seller who asked, “Jim, I realize the market is slow, so should I list my home now or wait until the spring? “. This seems to be a very popular item of discussion, as I have found myself answering this question often and see it commonly posed in the mainstream press and on the Internet.
For Parry Sound area properties, I think it depends on the motivation of the sellers, and the type of property they’re trying to sell. Seasonal access or water access cottages are almost impossible to get to as I write, as we have had unseasonably heavy snowfalls and lakes are still weeks away from being safe to traverse. I’d be waiting until the New Year at the earliest for these types of properties, and perhaps even delay selling until early spring.
If you have a residential property, there’s no time like the present. Motivated, serious buyers, especially for homes in the lower prices ranges, are out there won’t let the Holidays get in their way. There is little, if any chance that you’ll get a high price for your home by waiting until spring. In fact, it could be slower than expected if economic conditions worsen or the unemployment rate continues to rise.
Recently, the Federal and Provincial governments provided Parry Sound District with $107,000 in funding to provide down payment assistance to people under the Homeownership component of the Canada-Ontario Affordable Housing Program.
This funding is intended to provide down payment assistance to low and moderate income individuals and families. This is a secured, forgivable loan for down payment assistance only. The purchaser is responsible for all other related costs, including but not limited to, legal fees, title insurance premiums, and home inspection fees. The down payment loan is forgivable after 20 years, assuming no event of default occurs.
If you’re interested in this program, please contact me directly for more information.
Threat of global recession to hinder home sales in major Canadian housing markets in 2008 and 2009, says RE/MAX
Recovery linked to economic stability next year
Global economic uncertainty weighed heavily on residential real estate activity in most major Canadian centres during the latter half of 2008. Although the forecast for 2009 promises more of the same, most markets are expected to weather the storm, says RE/MAX.
Housing market performance will clearly be contingent on economic performance at a local, provincial, and national level in 2009. Issues affecting the overall economy are impacting housing markets across the country and the situation is not expected to be remedied until consumer confidence is restored. If inventory levels remain stable, pent-up demand kicks into gear, and lower interest rates stimulate home-buying activity, we could see a bounce back as early as spring.
Numbers presented today by the Parry Sound Real Estate Board show that, if anyone had any lingering doubts, that we’re officially in a buyer’s market.
Compared to the same month in 2007, total unit sales were down an astounding 70 percent. While some of the downturn can be attributed to the early winter weather, most of what we’re seeing is a direct effect of the economic uncertainty which continues to plague global markets.
I anticipate we’ll see similar number for December of this year as the Holidays are our traditional slowest point of the year. The mild winter being forecast Environment Canada, should get buyers an early start on the cottage and home market in 2009.
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