Dave Dry

Prices on the rise.

                                                         May market numbers

For the third month running the average selling price has risen over the previous month. Have the prices bottomed? Are we going to see a steady increase in prices?

With average selling price for the month of April sitting at $312,127, from a high of $354,718 in July of 2007 (inclusive of duplexes and row housing not calculated into above summary). With houses at $353,386 and condos $236,020.  This is a great time for those buyers looking to purchase their first home or to move up and benefit from the low prices and low interest rates. A $300,000 (Value as of July 2007) that has lost about 13% in value is now $261,000. A loss of $39,000.

 The $500,000 home is now valued at $435,000, showing a $65,000 loss in value.

 While both properties have decreased in value the savvy buyer will notice that the higher priced home has lost more in dollars and cents, possibly making it  affordable for those who previously may have thought this home out of reach.

 If we add into this mix the all time low interest rates and government incentives the idea of buying looks more and more intriguing.

 There are some possible pitfalls however, that buyers should be aware of before making the decision to move to your dream home. Consulting a professional and getting all the facts is the best place to start.

Now could be the right time for you.