Weekly Notes: Why buy unique homes & interest rate are going up!
This week I was in some very unique homes for the creative spirits out there! Both homes were beautiful in their own way and bring different perspectives on living. Neither are necessarily cheap ($900-$1.2m), but I believe both will be much more expensive than their peers as the city and its development matures. Contact me for specifics!
An example of this belief is how well unique homes, intelligently designed condos and hard lofts are holding up in this market. I continue to see multiple offers or Day 1 sales for the best listings. The big difference right now is you can’t get away with overpricing or incorrectly evaluating the market for your property. If you do, you will go through a price reduction and risk your property becoming stale, which brings in the lowball offers.
The big news this week in the real estate world is the hint that interest rates could be going up sooner then predicted. Instead of early to mid-2018, there is now an over 50% chance we could see a .25 per cent hike this fall. While this initial amount is rather minuscule, more important is the indication of future increases. A less predictable environment to borrow money is not the environment the real estate market has been operating on the last few years. Fixed rate mortgages will be making a come back!
-Nick, June 16th
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