Happy Monday Morning

Current 16274 units with 885 units sold (as of June 18th 2022) similar to last weeks inventory plus or minus 100-200 units.

The current climate in the market based on my experiences with current closes,

One of my several investment properties that I’ve sold earlier this year based on predictions of the market going into a deep dive with a recovery of 7 to 10 years to get back 2022 values just closed.

We had a little hick up with closing a day late based on an HST dispute but ultimately, I would imagine the buyers mortgage source could have been the problem. When dealing with B banks and credit unions the time line to receive Money on closing is usually late in the day or pushed into the next morning , This investment was closed Nov 9 2019 for 856k we unloaded at 1.7m with a profit after expenses 756k with a 300k draw last year.

One of our seller clients closing was delayed by 3 weeks due to the appraisal of the our buyers property falling short by 1m, our only course of action is take larger deposits when we agree to extend the closing date and sit and wait, Thankfully we closed late Friday.

Another one of my investments properties that’s set to close had a low appraisal come in last week by 10%, we have agreed to allow another appraisal to be completed by the buyers and there mortgage broker. This situation the only option we have as sellers/realtor is to allow multiple appraisals to be complete and help out the buyers agent with neighbouring comps.

Based on The federal reserve recent raise of the overnight lending by .75 % to slow inflation was a clear sign that America will be in a recession very shorty.