Did you hear? IT'S A BUYERS MARKET!
Attention Buyers, you have complained about the high price of housing for years. "Oh... we can't get the house we want because every time we put in an offer we lose in competition" or " The price of housing is SO EXPENSIVE we just can't make a move right now" or 'There's a house for sale that I've always wanted but the price is just too high".
As a Full time realtor we hear all sorts of excuses, complaints and usually accurate comments on what, why and how the market is doing. For years buyers have wanted lower prices...well the time has arrived. The switch from the Seller asking whatever they want (and getting it) is over. Sellers are having a difficult time selling properties. We have a large number of inventory on the market not equalling the amount of Buyers. This is proving to be problem for Sellers.
However as I recently Blogged, this is a great opportunity for the Buyers. Prices have dropped impressively and suddenly and guess what? the interest rate to borrow is still very low! WHERE ARE THE BUYERS?
Now some of you are saying, 'hey I just got laid off', 'I don't know what the Global Market is going to do', 'I've lost too much money in the stock market'. Yes you are right, these are sudden uncertain times, and many families will need to tighten up, but what about the Guy who has a secure job, bought Stocks when they were low and has not LOST money, or the family that has been saving money with the intent of buying up! or the inheritance!
Remember in difficult economic times, there are those that seize the opportunity and benefit. IE: 15 years ago, a couple bought a house for $135,000. The home was 2800sf, 2 car detached, 4 bedroom, brand new in a new part of town. What do you think it was worth 6months ago? Did they make money? You bet! A lot of money. The prices have come down, a purchase now could get your family in what you have always wanted. The townhome could move into a Semi or small detached. The semi could get the larger Detached. The detached could get a well appointed downsize. It's relative, but you always want to buy in the LOW market, enjoy it and Sell in the high market.
Real Estate is cyclical, we have all heard it. Ups & downs. Every time it's up...it has to come down. When it's down (buy!) it will go up! When you bought your property 7 years ago it was much less than what this low market will pay now...you made money! Now the property you want is priced low. You sell -still making a profit but you benefit by buying larger at a cheaper price. Here's another example. I was at a gathering recently and as usual when someone finds out I'm in Real Estate everyone listens. This older couple proceeded to tell me that they have a beautiful Bungalow in a very well to do part of town with a large lot. Currently they have been on the market for sale for 135days - no offers! The original asking price was $849,000. Area sales would easily support this price. They had reduced the price to $799,000. No offers! They reduced again to $699,000, still no offers. Here's the kicker, prior to listing they purchased another home. They are now carring 2 homes! Sure they have still made money on thier original investment from 20 yrs ago but who has the opportunity NOW!
I guess what I'm trying to say is... you have made money on your property, don't think of it as a loss. if you wait for the market to get your money back you would have missed out on the opportunity, then what...more excuses.
Listen if you are on the edge wanting to Buy & Sell, CallPaul and I would be happy to discuss your personal situation.
Thanks for reading. I welcome any & all comments www.movewithpaul.com
Paul
Mississauga Real Estate
