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A lot of my clients want to know whether we’re seeing a seller’s market or a buyer’s market taking shape in Kingston.
Although the rest of the nation is seeing a hot seller’s market, we are actually seeing the opposite. We have a lot of inventory available, and we’re in a buyer’s market right now. When you think about how incredibly low interest rates still are (2.49%), it makes it a great time to buy or sell a home. Variable mortgage rates can be as low as 2.3%, so this money is practically free!
If you’re a seller in this market, this doesn’t mean it’s a bad time to do so. You will most likely experience a very quick sale because demand is high right now, and you can then turn around and buy your next home affordably in our area. Although you might not have the advantage while selling, you will have an advantage while buying.
Overall, our market has been safe and steady over the years. Home prices have also increased by roughly 7% since last year, which is a tremendous amount of appreciation. This is great news for both home sellers and home buyers.
If you would like more information about our local market, please don’t hesitate to contact me. I would love to continue this conversation with you!
