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Real Estate Market is Crashing - Not!

Home > Market News > Nancy’s Blog > Real Estate Market is Crashing - Not!

Do You Qualify for a Mortgage?

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Jun 24th, 2022 at 12:23 pm

June 24 /2022 The Market is Crashing - - - no it is not! There is a lot of hype about the current market, especially in the USA. People are not buying homes due to high interest rates and increasing prices, also leading to vehicles being repossessed. However, the truth is that qualified buyers have not stopped buying. Sub-prime buyers who cannot afford a proper down payment and mortgage rates are not able to make purchases. Buyers with their finances in order have more time to shop and negotiate, as the influx of new listings in the market gives them more breathing room. The resale inventory in Vancouver Island is still 50% below what is considered a balanced market, making it a seller's market. Real estate professionals are still facing a lag of two to three days on their new listings, which would normally take 60-90 days to sell in a balanced market. US news, the internet and shows such as Stephen Colbert Late Nite are focusing on politics and trends for ratings, so it is important to look at the real market to understand which information is truth and which is hype. We still believe that hiring a competent professional is the best way to achieve the best results for money and dreams. Work with a Realtor, so a Realtor can work for you.

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