Isn't that a strange term when you really think about it? Who are these Jones's anyway? Being that I am a Smith from birth, I can relate to the name Jones's. How does this relate to the world of Real Estate? Well, nobody wants to be left hanging with the thought of should've bought when the prices were low or they should have kept up with the Jone's? It has been a buyers market for so long that we are almost used to the idea, however, nothing lasts forever.
British Columbia reported an 8.6 per cent jump in average prices and a 28.6 per cent increase in sales activity for August.
The increase in the market is due, in large part, to the increase in fixed-mortgage rates. The interest rates have been at a record low for quite some time and with the increase it has prompted many fence-sitters to buy while the gettin's good.
In my opinion, the prices as well as the interest rates will increase. It is said that the real estate market goes in cycles, below is an excerpt of one experts opinion and prediction you may find interesting:
Primary Drivers Of The Real Estate Cycle
1983–1988 Growth from an abundance of capital, financial engineering and tax incentives.
1993–1998 Growth from industry consolidation, securitization, and the digital economy.
2003–2008 Growth from an abundance of inexpensive debt, unprecedented consumer spending and a “bull” stock market.
Likely Primary Drivers of the Next Real Estate Cycles
2013–2018 Growth from recapitalization, generational shifts, global restructuring, “green” technologies, education, public infrastructure, knowledge- centered industries, energy, data storage and healthcare.
2023–2028 Growth from life sciences, bio-technology, Gen Y shifts, scarcity, artificial intelligence, alternative energy, fusion, oceanography, robotics, research, micro-farming and water reclamation. "Christopher Lee" 2011
So, are the Jones's buying or still sitting on the fence?