David's October Report 2012

Hello friends and clients,

What a beautiful summer we have had, weather wise that is.

From a real estate perspective the summer market was quieter than most anticipated. The reins the federal government put on the banking industry in the spring and the continued unease in Europe achieved what the government wanted, a cooling of our market. Sales dipped in most segments and prices followed. Our market is not in a major decline by any means but buyers have become very cautious with their money and there is more negotiation going on when offers come in on a property.

After a slow summer for sales we usually see a robust fall market, we are not anticipating prices to rise but we do see sales numbers picking up. And if the inventory levels start to diminish the gap between listing and selling prices will tighten again.

Interest rates remain steady with the prime rate holding firm at 3% and the five year closed mortgage dipping below 3% again and the 10 year fixed under 4%, it is a good time to reanalyze your mortgage. These rates have been relatively steady and the experts don’t see a change soon as long as the Federal government stays out of the picture. All in all it is still a great time to buy or sell.

Hoping everyone is healthy and happy,

Best regards

David

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