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Cooler Market Affords Happy Shopping

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The Oceanside Area is Home.

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Jun 10th, 2022 at 9:25 am

It is finally June, but the West coast weather does not feel like June. The news does not feel much better in real estate, as the interest rates have crept up, mortgage qualification is more difficult and for those people who need high ratio mortgages, mortgage insurance is taking a huge chunk of the monthly mortgage payment. Good news for buyers however, there are more property listings and a wider choice of available homes. The frenzy has subsided a bit, though waiting on the sidelines, hoping for a substantial purchase savings may not work. There has been a bit of price softening in the local market, but mostly the lofty hopes of a Unicorn buyer offering a substantial premium above the asking prices has changed. Yes, certain homes are still hot, because they are rarely available, but if you are looking at a fixer-upper, or a home in need of extensive updating, you might be in luck. We say that tongue-in-cheek however, as local builders are still crazy busy with current projects, and material and supplies are still in a supply squeeze. Approach the real estate market with a bit of caution, and work with your Realtor, so the Realtor can work for you. If you have a good working relationship, you will find the home of your dreams and expectations.

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