Location Housing Market

When buying or selling real estate we've all heard the long-term mantra of location, location location. And today, more than ever, this stands to be true. Hi, I'm Amanda Oldfield with exp Realty. During the last couple of years during the pandemic there was a national frenzy to purchase real estate. As buyers spent thousands of dollars on homes just about everywhere. This created multiple offer scenarios and drove real estate prices up. However today there doesn't seem to be a national housing market but rather a very regionalized local market with different scenarios happening around the country and provinces as mortgage rates continue to increase some markets are experiencing a slowdown while others are heating up a little home. Prices are accelerating in some places and others are seeing drops. Bidding wars from one neighborhood might not be happening to the next where they are happening. The real estate market is all about location. But why is that? Well, according to Ally Wolf, chief Economist for Zonda and I quote, since interest rates have risen inflation is higher and there is more economic uncertainty we're reverting back to very localized housing markets. There's no national housing market as every single city and street has its own unique housing market. Now, with all that being said, there is still one big caveat. The low supply of housing has Buyers around here are still willing to pay a premium for a move-in ready home. So if you're planning to enter the housing market and are feeling a bit confused about what's going on it's best to consult with an experienced real estate agent.
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