Last week, the NSDCC count of active listings was 395. On Monday, it was 429.
Today it is 440, which is a 12% increase since the beginning of May.
Then I looked up the stats from last year. Last May, we had the same +12% increase!
Never mind – keep selling!
I’m NEVER giving up my 2% mortgage.
I know you just like messing with me but for the other readers, don’t be so sure about keeping your low mortgage rate forever.
What’s better than 2%? Zero!
As prices stay here or keep rising, the big equity positions make it tempting to downsize. Those whose homes are $4 million and higher in value and who can find a nice little bungalow for $2-ish will pay cash and really be in their forever home.
Especially if they can transfer their $400k tax basis!
Gonna take realtor commissions being cut by 50% and the abolishment of capital gains tax on home sale to get me out of my no mortgage coastal house. Pretty sure I’m not alone.
Im sorry I am not messing with you. I respect you greatly. I really do not want to give up my 2% mortgage. Even though I have large amounts of equity. Take care.
Yeah well except I have your IP address too. You change it, and your name, occasionally but the tone is the same.
Remember this gem? From “Jenny”?
‘I don’t want to pay a buyer commissions as a seller. Tired of seeing real estate agents driving around in G Wagons and S Classes.’
Gonna take realtor commissions being cut by 50% and the abolishment of capital gains tax on home sale to get me out of my no mortgage coastal house. Pretty sure I’m not alone.
Everybody likes to pile on realtors/commissions but you can list your home for sale for $100 today. Plenty of realtor choices – don’t let that stop you.
Point is, between 6% closing costs and capital gains tax of approximately 33% on gains, most people aren’t going to sell in order to downsize out of a 3% mortgage. Especially when you are talking about gains in the 7 figures.
> ‘Tired of seeing real estate agents driving around in G Wagons and S Classes.’
For the record I have divested of the R Class Wagon. What a pig. Among my worst vehicle purchases.
At least it spent all its time on dry land. 😉
Point is, between 6% closing costs and capital gains tax of approximately 33% on gains, most people aren’t going to sell in order to downsize out of a 3% mortgage. Especially when you are talking about gains in the 7 figures.
The crazy part of our analysis is that the people who aren’t playing don’t matter. Most people aren’t going to move every year – maybe 10% wil take the money and run like the good old days but it is more like 5% or less which is the flashpoint.
This year the active inventory is 20% more than last year. The same 12% increase correspond to more houses on the market in absolute number (although we are still at very low levels)