Ask the Right Questions to the Right Professional


 

Last week I read an article where the author talked about the importance that people give to the main title in news, blogs, tweets, etc. He also said that most of the readers don't even take the time to read the entire article, taking at face value what they understood from the title, even if the article was written for someone who has few or no knowledge about the subject.

I can't agree more. Why? Because that is how ignorance, fear and misconception spread all over the word. Just because anyone who can type, decided to write anything only to express an opinion, that doesn't mean it's right or true. Actually, in most of the cases, it's the other way around. And that "powerful" opinion can covers any topic... including Real Estate.

Think about this: If you don't feel physically very well... Would you call your doctor or a carpenter? If you have tooth pain... Would you call your dentist or a locksmith?... Well... If you want to know about the market's conditions because you want to buy a property ... why don't you call an agent who knows instead of reading what anyone wrote in Twitter or in a Newspaper?

If you want to talk to your financial adviser, or to your cousin the cook, or to your aunt (who bought a house 30 years ago), that's OK. But..., before making any decision based on their opinion, ask them one single question: How many houses did you sell in the last 12 months? If their answer is NONE... Then disregard what they told you and talk to an agent who really knows.

You have to remember that Real Estate is LOCAL (very local) and that it's also a long term investment. What happens in Vancouver is different to what happens in Toronto. Don't expect to buy today for $400,000 to sell it next year for $800,000. But if you buy and keep it long enough, you'll always make a good equity.

Even if you read a "negative" report, take it with a grain of salt because, for example, six or seven years ago I read several reports written by "wise" economists working for big banks who said that condos in downtown were 15% overvalued and, to their surprise, the condos increased their value in about 10% p/year non stop since they wrote those reports. But, as you can imagine, they didn't write again to tell you that they were wrong.

Last example: Almost for the last decade, the monthly rental expenses was almost the same amount of money as the total monthly cost of Buying a property (including Mortgage, Property Taxes and Condo Fees).  For those who, having the money (or the possibility to get a mortgage) to buy, for example, a One Bedroom condo with NO parking in downtown, but decided to keep renting, they were giving away about $90,000 just in the last five years, instead of getting back into their pocket the same amount in equity if they had been the owners.

This could be my best advice: If you want to buy or sell a property, ask the right questions to the right professional and then, only then, make an educated decision based on what is better FOR YOU.

After all, it's YOUR money, YOUR home, YOUR future.

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Jorge Branca

Jorge Branca

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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