State of the Market - Autumn 2008

Real Estate Agent with RE/MAX Parry Sound-Muskoka Realty Ltd.

The Parry Sound real estate market has exceeded most people's expectations, and although total unit sales are down from the previous year, the downturn is not as pronounced as in other cottage markets (Muskoka and Haliburton, for example).

For people looking to sell their Parry Sound area home or cottage, proper pricing is more important than ever.  While we have yet to see enough sales to accurately measure a trend, prices are definitely softening and I feel this will continue for at least the next six months.

As many economists are predicting mortgage rates to remain stable or edge lower, we are seeing some of the best buying opportunities in years. Listing inventories remain higher than normal giving buyers plenty of inventory to choose from.

Overall, the situation the U.S. housing market finds itself in won't extended to Canada, as our regulators and banks have better managed the excessive mortgage lending practices than our neighbours to the south.

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