ABSOLUTELY! 

In spite of the never-ending interest increases (yes it will end soon), and what appears to be dropping home prices, now is the time to “stretch back” a little and look at the true growth of your home.  I believe 2023 is going to be the REBOUND YEAR!  No, it will not look like 2020/21.  That was truly a BLIP!  I know – all Sellers want to see those prices again, but it wasn’t any more real than when the stock market hits some crazy high and everyone sells (not everyone as we know).  All those that didn’t sell wish they had, but the peak lasts just a few hours or a few days.  The real estate BLIP lasted longer.  Many people cashed out and were successfully able to move on to their dream life.  Others were not so lucky.  There were some disastrous results as well. But enough about that!  

Mortgage rates have roughly doubled since last March; however, house prices came back into line with what their “true value” would be had we not experienced that inflated market created by a pandemic, which included a shortage of inventory, the lowest interest rates we have seen in decades and people desperately searching for a change!  

LET’S KEEP IT REALLY SIMPLE …

Your home is likely worth more than you paid for it no matter when you purchased it.  If you could just zoom out a little (I like to go back to 2019) and see what a similar home would have sold for; and see where you would be today in value without the “blip”—chances are you have done well.  You cannot lose value purchasing real estate.  

BUYERS are just waiting and wondering when the interest rates will stabilize, and if prices will drop a bit more before they jump in.  I don’t expect to see prices much lower, as they have now hit the point where they are at market value based on growth expectations vs an inflated market.  

Housing will likely remain in short supply until at least 2030, meaning prices will eventually rise as they always do in real estate.  There is no such thing as “stagnant” home values,  if measured correctly.  

YES, we expect one more interest increase this week and, perhaps, we are all thinking – just get it over with ok!  Enough already.  So think “variable rate mortgage” for a year or 2, take advantage of the lowered prices, and know that when prices were sky high (low interest rates) the monthly payment was almost exactly the same as you will pay now.  Do the math, contact a mortgage broker and get READY FOR A GREAT MARKET!  

For a deeper dive into ALTERNATE LENDING OPTIONS and INTEREST RATE PREDICTIONS FOR 2023, check out my newest collaboration video with Christina Pentlichuk, Mortgage Agent with Vine Group!