Housing Market Déjà Vu in January!
The new year opened predictably, with monthly figures close to the Januarys of the past three years. 2018 kicked off with higher rates and the official implementation of the new mortgage requirements. While it is too early to see the impact of these changes so far, January levels are consistent with what we saw last year.
Sellers needs to be aware of the competing supply in the market. This can influence the timing of their decision, along with setting realistic expectations regarding time on the market and selling price. For buyers, getting pre-approved for a mortgage is essential, along with getting advice from a REALTOR® to get into a home they will be happy with.
The detached benchmark price for January is…