Open House - The Real Estate & Mortgage Show: March 4th 2024

Date Posted: March 3, 2024

In this week's podcast featuring Sheri Creese, the discussion revolves around the current state of mortgages and the housing market. Despite a stagnant rate environment, there's optimism about the future.

Economists are predicting a drop in rates by June, although the exact extent remains uncertain given the complexity of various economic factors. Interestingly, the housing market shows signs of improvement, with increased listings, higher numbers of houses sold, rising average house prices, and decreased days on the market.

Pre-approvals and applications are on the rise, indicating heightened buyer activity. Notably, there's a shift away from over-market listing prices, particularly in the $500,000 to $750,000 range, which constitutes the largest bracket for average home prices. However, inventory remains a challenge, with builders slow to respond to demand.

The podcast also delves into the intricacies of mortgage arrangements, including the involvement of parents on title for their children, considerations for maximizing land transfer tax benefits, and cautions against joint titles with friends. Additionally, insights are shared on various mortgage options, such as the implications of the first-time buyer incentive and the advantages of shorter-term mortgages in a declining rate environment.

Legal aspects, like "renoviction" and tenant rights, are also highlighted, emphasizing the importance of understanding legal obligations in property management. Overall, the podcast provides valuable insights for both prospective homebuyers and those navigating the mortgage landscape.

To listen to the full episode, click here.