Big Cities are showing slow sales. Strathroy sales were still sluggish in December only 16 houses sold. Small towns like Watford and Alvinston have seen a slight increase in sales. This is good news for Sellers in this area.
Fortunately for home Buyers and Sellers, Mortgages Interest Rates are staying low at 3.25% fixed for a 5-year term. The slow down in Real Estate sales is caused by Government Policy and Canadian Mortgage and Housing Corporation (CMHC) new guidelines that are making it harder for homebuyers to qualify for a Mortgage, especially first time homebuyers that we need. It’s the “first time” home buyers that need to buy houses so other home owners can move up to a move expensive home or to downsize when retiring.
Good news for this area! Mayor Bradley says Sarnia and Lambton County have several big projects starting this spring. This should give a boost to Real Estate sales in this area.
We will continue to advertise your property and do all we can to get it sold! More then ever, the “right price” is the secret to selling your house. It continues to be a Buyers’ Market!
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Sincerely, Leo Shanahan and Paul Shanahan
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