There is a lot of fear in the market due to the raises in interest rates: no one wants to buyand no one wants to sell because no one wants to buy.  

BUT IS THIS FEAR FOUNDED IN REALITY? We crunched the numbers to find out.

We took one house in East Abbotsford, one townhouse in Central Abbotsford and one condo in West Abbotsford that sold last February before the Bank of Canada started raising interest rates. The market was moving then. Was it better to buy then? Home prices HAVE fallen. What would these properties cost you now?  We analyzed the data, found the prices we would list them for today, calculated interest rates to figure out what you would be paying for that property TODAY.

Using these parameters: 

• Interest rates THEN: 3.19%, 5yr fixed.
• Interest rates NOW: 5.54% 5yr fixed.
• 25yr amortization.
• 20% down payment.

Here we go!

WHAT A DIFFERENCE A YEAR CAN MAKE! There is a lot of opportunity in the market right now and opportunities general don't last long, people get smart, start to buy and prices start to rise.  Interest rates are temporary, but a wise investment is forever. Take it from this old guy who knows a thing or two about investing:

"Be fearful when others are greedy, and greedy when others are fearful.”

- Warren Buffett

If you have questions we'd love to hear from you.  Reach out and say hello!

Steve & Selena
@TheGrowRealEstateGroup

Grow with Us / Local Experts / Abbotsford Homes For Sale