The last factor that you have to take into consideration for your house price is the state the economy is in.
This factor is something that you cannot control, but it will definitely affect your house price.
What the economy particularly influences are interest rates. Higher interest rates mean it costs more for mortgage, in which fewer people tend to buy homes.
When this happens, we will see the price of homes to fall.
With lower interest rates we have a boost in purchasing homes, and prices will rise. The problem with this is that house prices will go up for a while, but it will come down in a bit.
You have to pay attention to the state the economy is in before you put your house on the market because if you want to get the most for your house, it helps to have the economy doing well to promote people to buy homes.
In the past few months we have seen low interest rates do its share as house prices have increased making new highs every month. With interest rates expected to increase by the middle of 2010, you might want to look at homes now to lock in a low interest rate.
Jeff Markewich
Broker of Record with InfoMarket Group GMAC Real Estate
www.imgrealestate.ca
