As you are of course aware, July was yet another record month for real estate sales in the GTA with an increase of 28% over July 2008. This hot streak continues into August with sales up 27% to date compared with the first two weeks of August 2008.
The only problem now is the lack of market inventory, however with such a strong sellers market, the time is perfect to present the market facts to potential sellers.
It can be very easy to become busy during a real estate boom, but it is important to keep prospecting. One mistake that many salespeople (and small businesses alike) tend to make is that when things get busy, they become complacent believing that the business will just keep coming in. They cut back on (or even eliminate) their promotional efforts. Busy streaks of course do not last for ever. The best way to keep a busy streak going is to set aside a period of time each day (or even each week) to focus on prospecting and lead generation.
We have seen some decreases in mortgage rates over the past few days, particularly in the 5 year fixed quick close at 4.09%, three year at 3.39% and the ARM has dropped 5 basis points to 2.55%.
Today's lowest rates:
1 year 2.75%
2 year 3.05%
3 year 3.39%
4 year 3.85%
5 year 4.09%
5 year ARM 2.55% (prime + 0.30)
Quote of the week: Do a little more each day than you think you possibly can. Lowell Thomas, author
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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