What is the interest rate on your mortgage? Today I had a conversation with a mortgage broker who explained the rate for a 5 year fixed mortgage was 1.89% for a qualified buyer. Wow! Rates like that will probably keep the real estate market rolling along at a brisk pace while they llast. I am not a mortgage broker but when doing quick calculations, 1.89% clearly is a positive for most clients needing to renew a mortgage or get a new mortgage. He even talked about the value of breaking a mortgage, paying a penalty and renewing at the lower rate. Of course you would need to talk to an expert in mortgages to get the details but it is worth taking a look into your present situation to see how you might be able to take advantage of these rates.
Inventory is moving very quickly in the and many homea in good condition is selling within hours of being on the market! If you or someone you know needs help buying or selling, please feel free to call me and I will be happy to explain the current market conditions as it applies to their particular situation and guide them in the right direction to meet their real estate goals.
Quick Stats for the City of Saskatoon...
The average Sale Price in September was $343,785 compared to September 2016 $353,130. Houses are currently selling for 96.6% of their list price. The average days on market are 55 days.
Sales Volume year over year is currently down 21.3% while the number of sales were down by 19.1%
There are 2,082 active listings, 767 new listings in September. Our buyers market continues as we work through the abundance of inventory. For more information on Saskatoon and area real estate, please email,text or call me, I am always happy to research information for your specific needs. Whether you are thinking of selling and would like to see what your home is worth or you are buying and would like my help to find your first home, I am here to help.