Good News For Buyers
April 16, 2012 | Posted by The Rocca Sisters & AssociatesSome very strong economic factors lead us to believe that the housing market will likely reach equilibrium in 2012 and that is great news for first-time home buyers and move up buyers alike!
Low interest rates and the loosening of credit will make borrowing easier – especially for first time buyers. Interest rates are expected to remain low for this year and perhaps into the early part of next year. With five-year fixed mortgage rates available at under five per cent and six-month to four-year rates ranging well below that, the time seems right to be taking advantage of those low rates to buy a home.
Relatively low unemployment, good employment prospects and business growth are good signs for the housing market, and they are all present in our local markets. Unemployment figures for the Hamilton, Burlington and Oakville areas indicate our rate is lower than the national average and compare even better to the Ontario average. We have seen new employers bringing successful and active business to this area recently and we are seeing local jobs maintained as well. Employment stability will increase consumer confidence in our local economies and more confidence in the housing market.
Increased Activity in the Renovation Sector – you may be noticing a lot more construction bins sitting outside of homes lately. It’s not your imagination! Home renovation is on the rise in our markets and renovations are very often followed by a For Sale sign. Burlington, Oakville and Hamilton have a significant number of baby boomers that will very likely be planning to downsize in the coming months, freeing up much need move up inventory.
Our area provides the stability home buyers should be looking for when they are purchasing a home, and a wide range of housing options and opportunities. It looks like 2012 will prove to be a very good year to buy a home! If you have any questions or would like more information on market conditions in your community, don’t hesitate to contact us at The Rocca Sisters Team office. We would be more than happy to help you find your dream home!