Report Summary – February 2016
As you can see in this infographic (view | download), there is currently a ‘perfect storm of conditions’ sweeping across the region, consisting of low supply, high demand and low-interest rates, pushing home prices through the roof and reducing the ‘time on market’ to less than a 48 hours for some single-family homes throughout Woodstock! This month we’re seriously urging homeowners to consider selling their home before it’s too late! Read the full report below.
MARKET REPORT: Woodstock-Ingersoll, February 2016
If you own a home in Woodstock-Ingersoll, this is likely the best time to sell in over a decade!
As more and more young families ‘look to the west’ for more affordable housing, inventory in the region has dried up significantly creating high demand and an immediate need for SINGLE FAMILY HOMES priced between $150-$350k.
If your home falls into this category, and you’d like a free, no-obligation assessment of your home, please let us know.
The Facts for February 2016
By the end of February there were just 324 ‘active listings’ in the region, a 21% decrease from this time last year.
Although inventory is low, demand is high, with 84 total home sales in the month of February, at an average price of $254,000.
This performance was almost identical to February 2015, indicating a steady market overall.
If you’re looking to BUY: Be patient.
Realtors everywhere are working overtime to bring new listings onto the market, meaning your next home could be right around the corner.
If you find yourself in a multiple offer situation during this time, trust your realtor, and don’t let your emotions get the best of you!
If you’re looking to SELL: Hustle, hustle, hustle!
This ‘perfect storm’ of high demand and low inventory is creating a sea of opportunity for homeowners across the Woodstock-Ingersoll region!
Many homes are selling within a week and often for 95% of list price of higher due to multiple competing offers from anxious buyers.
MORTGAGE REPORT: FEBRUARY 2016
Interest Rate Trends
According the latest from the Bank of Canada, lending rates look to remain stable through the first quarter of 2017, as CREA reports “Currently, the Bank is widely expected to keep interest rates on hold and not raise them until the second half 2017 at the earliest.”
This is good news for the housing market, as it almost guarantees that demand will remain high, as more first-time homeowners will enter the market, keeping prices in cities like Woodstock stable throughout 2016 and into 2017.
Variable or Fixed Rate Mortage?
With the bank rate remaining so low, there’s no clear ‘winner’ between variable rate or fixed rate mortgage products at this point in 2016.
Although fixed rate mortgages are starting to rise (slightly) they offer certainty in a monthly payment. According to Ratehub.com CIBC’s 5 year fixed mortgage is just 4.79%, and their 10 year just 6.09%.
On the flip side, variable rate mortgages continue to stay below 3% (CIBC 2.70%), but remain the riskier of the two mortgage choices.
Which should you choose?
Factors such as income, lifestyle and risk tolerance will weigh heavily on your decision, and inevitably determine which mortgage product suits your circumstances.
Have you met Shannon Woolley?
Shannon is our friend, and trusted mortgage advisor for many of our clients.
As one of CIBC’s Top Performers, Shannon doesn’t stop at helping you find the right financing solution, as she often provides sound advice and follow-up support while you settle into your new home and budget.
“As a mobile Mortgage Advisor, I’ll meet with you one on one at the time and place of your choosing. Whether at your home, office, or over the phone, I want to make the home financing process convenient for you.”
If you’d like more information about mortgage financing solutions, you can contact Shannon directly, or through our office.
Shannon Woolley | Mobile Mortgage Advisor | Woodstock & Tavistock Area | CIBC Retail and Business Banking | Tel: 519-536-6740 | Fax: 519-533-1544| Email:Shannon.Woolley@cibc.com