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Now is the Time to Keep Things in Perspective

     With all the economic doom and gloom splashed continuously on the airwaves, it is very important to keep things in perspective. Especially with the real estate market here in our local area. Have we felt an impact yet? Yes, absolutely. Home prices have flat lined. I can not imagine prices rising in the coming year like they have in the past. But will we have a huge drop off? No. We are blessed here in the Upper Ottawa Valley.  To have significant employers like CFB Petawawa and AECL, right here in our community, means that our market can and will remain rather stable. We saw this phenomenon during the last housing crisis between the years 1989 and 1993.  While major centres saw significant decreases, this area remained relatively unscathed. Not to say that total numbers of sales were effected, rather the prices remained relatively stable. 

     However, if you are planning to sell your home in the coming year there are things to be aware of.  Now is not the time to "test the water" by listing your property high, with the thought of lowering the price later. Inventory is increasing, and it is taking longer to sell a home. With all the competition out there, your home must be priced properly right at the start. It won't take long to become stale, and eventually you will end up with even less at the end. If you do sell in the so-called downside of the market, yes you may get less than you thought you should. But, when you buy, you will also pay less than you thought you would. It is all relevant.

     Now is a great time to think about buying a property. Whether you are looking for a second investment property, a recreational property, or if you want to "move up" to a bigger home.  The interest rates have never been better. Don't believe that you can't get credit, or qualify for a mortgage in these times. If you have good credit, you will qualify. We do not have the same problems here in Canada like they have in the States. If you are a first time buyer, this is the time to take the plunge. I remember when I bought my first house. I thought I was doing good with a 12% mortgage rate. They are now under 5%. 

     The smart investor will always buy when the market is down. Whether it is in real estate or the stock market. The first house I bought I paid $62,000 in 1985. That same property, in todays market is selling for $230,000.  Real estate is about as safe as it gets for investment. Especially over the long haul. And by the way, you can't live in your mutual fund.

     If you have any questions about the local market, want to see any properties, or want lists of available properties sent to you via email, contact me anytime through my website at www.sellwithsteve.ca  .I look forward to your questions and/or comments.