Happy New Year to all of you.
Lot of home owners are surprised by the increase in the Tax Assesment value on their property. And yes property values have increased in Nelson City - anywhere from 18% to 24% depending on the type of property. And certainly the rural areas have gone up as well.
The young buyers are not able to afford to buy in Nelson unless they have family assistance. In 2018 the banks introduced the stress test - that means you need to qualify for a mortgage 2% higher than the rate that you will actually be given. So if you havent requalified you should do so before you go to the market. This will include the family members who may have no debt and lots of equity - they will also have to pass the stress test. The days of going into a purchase with 35% down and purchasing with out having to prove income are gone.
With the every changing economies it will be interesting to see what unfolds in 2019. There are still a lot of buyers looking for a homes.
Look forward to an exciting year.
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