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Andrew Mckay
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Confused By Today’s Real Estate Market? So Are The “Experts”
“How’s the Real Estate market?”
One of the first questions a REALTOR® tends to be asked by friends, acquaintances and strangers alike.
The wrong answer is to discuss the “big picture.” The big banks and government don’t really know whats going on, so how can a local REALTOR® ?
Take the changes in lending policies introduced by the government last month. Both the government and the banks had been insisting that there was no “bubble.” Rising house prices were the expected response to built up demand from 2009 and historically low interest rates. The banks at the same time asked the government to tighten the lending requirements. So we have bankers and politicians solving a problem they say doesn’t exist??? Confused?
As an aside the banks could have instigated these new requirements themselves but do not want to loose market share; better to have the government impose them.
Anyway, don’t concentrate on the big picture. It will only confuse you ( and me.)
“How’s the Real Estate market?”
Think locally. How are homes selling in Wasaga Beach? Are the new developments at the east end around Stonebridge affecting desirability and prices? How much is my home worth. How will the new HST work. Will the new highway 26 by pass impact on housing along the current 26 between Wasaga Beach and Collingwood. Is it better to have a smaller cottage on the north side of Mosley Road or a larger one on the south side?
I won’t attempt to answer these questions now but hopefully you can see what I mean about thinking locally rather than the about the big real estate picture.
[...] Normally the most frequent question I hear is “How’s the market?” [...]