I have been fortunate enough to be a Regina Realtor® and actively trade in organized Real Estate for 10 years here in Regina and surrounding area. In this tumultuous market the last few years there has been no end to the things that keep me scratching my head wondering; what the #@** is happening in this market?
Overall, money is still pretty cheap to borrow, what I mean is, I was going through some of my Mother and Fathers old documents last week and stumbled upon their mortgage documents for a house that they purchased in 1980. The interest rate at that time as 21% , and no, that is not a typo. Albeit the home price was a ¼ of what it would be today; but still it is still crazy that the interest rate was that high. The head scratcher here is, that people continue to rent instead of buying when our market is the lowest it’s been in a decade.
As of 8:00AM this morning on July 26th, 2019; we have 1559 active listings (434 Condominiums) on our MLS® system, we have had consistently high inventory available on the market for quite sometime here in Regina.
With plenty of homes to choose from, at record low prices, why isn’t anyone making offers on these homes? Where are all the offers at??