Pete's Scuttlebutt Bungalow

May 2022 Edition


Your Scuttlebutt is here, with what really matters! Read Scuttlebutt below OR take it easy while I read it for you! To hear me read the wisdom of Scuttlebutt…CLICK HERE NOW! 

People are asking me this PERPLEXING QUESTION almost daily???

How do I respond to these good folks? With a Qualified YES!!!

YES, perhaps you should stay! YES, perhaps you should go! The QUALIFICATION is in IF!!

IF WHAT? If you and I have met together, so I can help you understand, how the potential real estate scenarios now at play might affect the purchase or sale of your home!

Friends, should I stay? Or should I go? This NEW age---old age question, which echoes a 1980s song, is ‘clashing’ with the sensibilities of a lot of my friends, neighbours and clients! Home sellers AS WELL AS home buyers, are trying to read the tea leaves, to figure out the rapidly changing economic terms confronting both sides of a real estate deal! Whether it’s potential sellers, ready to downsize, OR first time buyers, hoping to move into an initial home, both are looking for answers to the same confounding question! Should I SELL NOW? Should I BUY???

For me, I advise my confused clients so they can see clearly?

First, my friends, here’s the truth! There is no cookie cutter solution that fits every person’s specific circumstances! That’s right, there’s no universal remedy! No magic bullet! Will housing prices come crashing down? Or will they continue to rocket upwards? The so-called economic gurus can’t give a definitive answer. WHY? In the short term experts are as confused as you or me by the contrasting and competing forces at work in this market!

What are these COMPETING FORCES!

There’re 2 main forces working! First, rapidly increasing interest rates and secondly, greatly increasing immigration! Rising mortgage rates tend to KNOCK DOWN HOUSE VALUES! Why? Fewer buyers qualify for mortgages at EVERY price point! THE RESULT! FEWER BUYERS! As evidence, the Fed in the United States plans to increase interest rates up to 6 times this year.

Conversely, surging immigration escalates the demand for houses! The evidence! The Canadian government plans to accept 1.2 million new immigrants by the end of 2023! In London today, there is a massive lack of housing SUPPLY! New immigrants are great but their addition will magnify the vast housing shortage in London and drive house prices UP!

What You Need to Know Really Matters? Please talk to me!

In this COMPLEX market it’s crucial for BUYERS AND SELLERS to work with an experienced professional. WHY? The degree of uncertainty in the real estate market is at all-time HIGHS! Folks, in the current climate, it’s essential to have a reliable agent who has been involved first-hand, with changing economic times! The selling and buying strategies of the past 5 years will need to be adapted to these new multifaceted times!

Friends, I want to assure you that I’ve been through the wars. For decades, I’ve worked through virtually every inflationary and deflationary period. I have a good idea of what will confront us very soon. It’s important to know, the times are changing fast and depending on your personal circumstances, they will have an impact of your personal situation.
If you’re Concerned! Call me or text me at 519-902-3214!

Folks, before I sign off I want to let you know that once again RED DOOR REALTY will be working in conjunction with the LONDON FOOD BANK to sponsor a MUCH NEEDED local Food Drive. All of us at Red Door have a heart for those in our community who have suffered greatly from the Covid mandates. And now, in addition to Covid, many people have been affected by the double whammy of rampant inflation which is taking a bigger bite from their shrunken resources. Rising inflation, leads to rising food costs, leaving some of our fellow citizens hungry. Remember, for those of us who can manage the increased costs there are others who cannot! So, ‘everyone who has been given much, much will be demanded’. We need to step up again! It’s the right thing to do!

Red Door thanks every one of our treasured clients who have generously contributed to these efforts in the past. Very soon we’ll be asking for your help once again! Red Door believes we have a duty to help those who are less fortunate. I hope to have more details shortly as to the time and location!
Yes, for sure, our lovable Mascot Al Paca will attend to entertain the kids from age 3 to 103!!! AL PACA AT YOUR SERVICE!

Remember Us—when you’re buying or selling a home—you owe it to yourself to contact the Master Marketers at Red Door—London’s Unique Boutique!!

In all sincerity,

Peter Sisco
Red Door Realty Ltd. Brokerage, 4010 Brigham Road, London, ON. 
Peter Sisco Broker-Owner Phone/Text (519) 902-3214