Welcome to my blog. As a real estate agent it will have a real estate focus to it. But be sure to keep following as sometimes I will venture “out of the box” with some interesting discussions.
As the calendar has turned to a new year, and the cold weather has set in, we can not only reflect back on what 2017 was, but what 2018 might be.
At this time last year the real estate market was as hot as ever. Houses selling in hours for prices well above what we ever thought the market could sustain. I know a lot of people will use the term “over asking”, but let’s call that as it is, a term that was misleading at best. Anyone could get over asking on their property just by adjusting their asking price, but over market value, well, that’s a whole other story.
The market was pushing prices higher and higher. Every new sale set a new record. There seemed to be no end in sight. Until of course, the government stepped in. New regulations on foreign buyers caused the market to take a deep look at itself, and the result, a massive slow down. Now, to be fair, the real estate market in the GTA was never dictated by foreign investors the way Vancouver’s was, but it sent a signal to those in the marketplace that things were not as they should be.
Not only as a real estate professional, but also as a parent, we look at the way things were and always wonder who and how can anyone afford to live in our city.
So what can really be said about 2017 that wasn’t already put under a microscope by the media. Well, it was a return to “normal”.
Houses shouldn’t sell in hours to buyers who can’t even do their due diligence. Houses shouldn’t sell for prices that cannot be supported by other sales. Realistically the housing market should be just that, a market. You should be able shop around, see different products, and make an informed choice. You should be able to sleep on a decision before you have to make it and know that you’re doing the right thing.
While there are a lot less listings now, people have choice. You can shop in the market and take advantage of what is a more reasonable period in real estate. And while there is growing concern as to what rising interest rates will do to prices, I am always reminded of something I learned when I first got into this business. If you are acting in the same market, as in buying and selling, then no matter the market, you are feeling no negative effects on your deal.
I know people look back 365 days and say “but my house was worth…”, and yes it was. But what was it going to cost you to buy the house you were looking at. I can guarantee that the sellers in that house are saying the same thing.
The media presents doom and gloom and has done everything every buyer hoped for, and that is to change the market. But houses are bought and sold on a daily basis no matter the market. The most important thing in a market like we are experiencing now is information. Knowing what is out there, knowing what it should cost, and making a solid decision, that is what truly empowers anyone in real estate.
I look forward to providing my insights into things to you and thank you for taking the time to read this. If you have any questions or thoughts, please feel free to reach out to me and I would be happy to help.
