If you watch, listen or read the news on a regular basis, you’ve probably come across numerous stories about the housing market. One expert will claim that we’re in a housing bubble that’s doomed to burst. Another will say that housing prices will continue to rise at a certain percentage for years to come. Unless they can time travel, they don’t know.
It can all be very confusing, even a little scary, especially if you’re considering selling your property and/or buying a new home now or sometime in the foreseeable future (If you’re shaking your head “yes”, then call me now).
Most of the news you hear are generalizations about areas too large to be useful. They’re often talking about the national market (which in my opinion doesn’t exist), and unless you’re a real estate tycoon with properties across the country, that news won’t affect or interest you. If they’re addressing an overall municipal area and not any one particular neighbourhood, in my opinion this is still far too general. Even stories discussing the GTA or Toronto real estate markets don’t account for specific suburbs, neighbourhoods or communities. In fact, there are areas where prices can vary street to street. If you’re a condo dweller, you probably know that there can be 2 condo buildings right next to each other with significant price differences.
It’s the local market that directly impacts the cost of homes in any area, more importantly, the current value of your property, and how quickly you may be able to sell your home. For information to be valuable to you, first it needs to be localized to your immediate neighbourhood. Second, it needs to be taken from sources that take your type of home into account. The size of your home and the useable space within, the style of home, the number & size of rooms, and the degree of updates & upgrades are just some of the factors in knowing the answer to the ever popular question, “so, how’s the market?”.
How do you find out about the local market? Call me. I work in the local market everyday. I’d be happy to fill you in on what’s happening and what opportunities are available.
All the best!