I read the newspaper every morning as I eat my breakfast cereal and drink a cup of coffee. And, I find it interesting how headlines don't always reflect the true nature of the story. But then, headlines are designed to grab your attention, right? Over the last few months, newspaper headlines have been a little scary i.e. the real estate market has "FALLEN BY 40%!!!" and "HOUSE PRICES TO DECLINE FURTHER!!!".
When you actually read the story below the headline, it's not as bad as it first appears. Upon examining the statistics for MLS areas, it's true that a few areas have seen declines in the overall value of real estate. Typically though, these areas have been "hot" over the last few years, i.e. lots of demand with larger than normal price increases, therefore any price correction in today's market seems to be much bigger.
I live in Bramalea (W24 is the MLS area where I live), and prices are still increasing - not much, but they're still increasing. Huh?? Yes, it's true. Since the silliness in the stock markets started back in the early fall, home prices in our area have typically maintained their value. I think it's because home prices in this area rose modestly over the last several years, instead of going through the roof.
Even in the areas where prices rose so quickly and price declines have happened, I'm willing to bet that most people have still seen an increase in value of their home - unless they bought 2 years ago at the peak prices. But, if they stick with their home for a few more years, it's going to be fine. Sort of like banking your money, right? Real estate really is a great investment over time.
So, MLS area statistics are great, but you still want to use a professional Realtor to help you know precisely what's going on in your specific neighbourhood (i.e. the few surrounding streets, or your condo complex, etc). And that's where I come in. Give me a call or send me a text at 416-819-2509, or send me an email at email@example.com. I'm ready when you are.
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