Housing price correction is buying opportunity
There is no doubt the market is softer with more listings than sales. However, I don't find this is unusual. Listings increasing during Summer time is very common. Since the weather is better, lawn looks greener. Sellers think their house looks prettier with nice curb appeals. With interest rates stay low, prices in certain areas being adjusted, more listings on the market. Even with the new lending rules, Buyer can't asks for a better time to get into the market. In fact, I just received the most recent mortgage rate from a broker with 1-4 year rate under 3%.
Affordability is always a problem for those who are not into saving. Therefore, no matter the market is ups or downs, they will always complain and will never get into the market. They don't want to take on the responsibility of owning a property. They feel being a tenant, if they loss their job, they can just pack & leave. However, they still need to have a place to live so, I honestly don't understand their theory. I guess being a Chinese, we would rather spend less but we must have a roof over our head.
The reality is many people are psychologically worry about the global economic crisis which doesn't affect people who has positive attitude in my opinion. Therefore, I can see more people will tends to prefer renting. Well, Investors, this can't be a better time for you to buy. Soft price, low interest rate & lots of renters = better ROI! What are you waiting for?
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