Prices have begun to back off a bit in recent months. But Lethbridge has had only small fall backs in pricing. But even these small rollbacks can have a positive benefit to the buyer. And hopefully no negative effects on the seller.
The new qualifying rules have put a lot of pressure on the first time home buyer and scarred the hell out of even the most seasoned home owners. It makes it harder for the sellers to find approved buyers. And creates a stressful environment for the buyers. Although it is meant to protect the market, and the people getting into the market. By making sure that if a unforeseen circumstance such as a loss of one of the family members jobs. They can still pay their mortgage without causing any great issues.
That is a great idea in principal. But I am not so sure it has had a positive effect that was desired. Our market is still one of the best in Canada and recent studies show Lethbridge is growing both with new residents, and with new business, creating more jobs and a need for more housing.
All in all it is still a great place to invest in your future and family. There is an abundance of homes on the market that are in the first time home buyers price range. There are currently around 700 Single family homes on the market as of July. Of those around 60 fall under $200,000.
80 between $200-250,000
That is a great price for the first time home buyer. And in most cases. Easily obtainable for mortgage approval.
that leaves around 500+ homes in the higher end of the market. These can be a harder group to qualify for, but often are the ones that most people desire. We all have to start somewhere. Some of the homes that are for sale in the lower range are people just like the new home buyer that is trying to move into the market. And the people that are selling them are now selling in order to move into a higher level of real estate or newer home for their growing family.
Keep in mind. Lethbridge has always been a great place to buy and own real estate historically. So don't be afraid to take that leap of faith.
Just go get PRE APPROVED first. And once you have that out of the way. You will know exactly what kind of home you can search for.
Then the only thing left to do. Is Call me! I will find you the best bang for your dollar. And for sellers. Call me! All my CMA's are free of charge. But I know you wont be sorry.
Ken (SARGE) Murphy
Manager/Realtor
403-360-1210
MaxWell Devonshire Lethbridge
buyandselllethbridge.com
hirethesarge@gmail.com
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