So you would like to buy a house but suddenly the real estate market is looking looking rather scary. It is a good or bad time to sell or buy? Well I believe in in being honest folks so please read this blog and give it some thought.
Its true that the market has slowed up, especially when one compares this year to last year. From October 1st, 2007 through October 31st, 2007 there were 255 sales reported on the Quinte and District Real Estate Board website. For the same period this year, there were 209 or a drop of 18%. So yes, sales are down. But I think it is only fair to look at the big picture here.
The Intelligencer** recently reported that the number of homes sold through the Canadian MLS system were down in October signifcantly - 27 percent nationally and that is a very big number but locally our market was not hit as hard as the national market.
So what makes people stop buying and selling homes? Well for one reason, winter is upon us. Many people hate the thought of packing up and moving during the winter months. They much prefer to move during pleasant weather. But to me that is not the biggest factor now, what is the biggest factor is the economic uncertainty we are facing. The same story cited job insecurity, a slumping economy, and most importantly "the erosion of Canadians' sense of wealth". What does that mean? Mostly it means that Canadians fear for their jobs, they see bad news every day about the so called 'Big Three' automakers who face troubled times and the wild fluctuations on the stock market. It really means that Canadians 'feel' like they are less well off, whether that is true or not.
But not everyone is feeling the effects of the troubling economic times. Ask yourself, honestly, if your standard of living has actually changed. If it hasn't, you haven't been affected by the tougher economic times and if you haven't been affected by the tougher economic times what is stopping you from moving into the home of your dreams? Fear would be my guess.
The Canadian press loves to write gloom, doom, and bad news. They revel in it, they glory at bad times and bad news. True, we cannot stick our heads in the sand and pretend the economy is not suffering but we don't need to allow someone to drive unsubstantiated fears to the point it affects our lives. We hear about bad economic times, so we put our hands in our pockets and stop buying. This, in effect, makes tougher times for those who sell the consumables we refuse to buy - we aggravate the wound on the economy and we do it out of fear.
Its okay to worry about a large expenditure like a home, it is quite likely the most money you will ever spend at once. But don't let the fear of what isn't happening to you stop you from living as you desire. There are many great deals on really nice homes in the Quinte area right now, so if you have always dreamed about picking up an income property for down the road, I encourage you to look at what is available. LIVE your life, ENJOY your successes, and MAKE your dreams come true.
**(Canadian MLS home sales plunge 14 per cent in October; lowest since mid-2002 Posted By The Canadian Press. http://www.intelligencer.ca/ArticleDisplay.aspx?e=1297937)