Paula Gaul

News:  Evergreen Ridge subdivision release, between Happy Valley and Pinewood in Rossland - if you would like further information, let me know, as they are working with all realtors on this one.  I think it looks really interesting, but have yet to see the pricing on it.

In my last blog, the Canadian and US dollars were at par, and Americans just couldn't bring themselves to invest in real estate up here, knowing the currency risk that they would be taking.  Now, however, the world has changed - the Canadian dollar is back down below 85 cents and doesn't show any sign of rocketing back in the near term, since it is based on the price of oil, and the price of oil is largely based on projected US demand for oil.  With the US in recession, demand is no longer forecast to be so strong. 

The low Canadian dollar really could lead to some good deals for Americans who have kept some powder dry and can now make offers on condos which have been languishing on the market for months. At least they won't be betting against the greenback anymore.

For everyone else though, who lives around here already, there is a price "correction" going on; it feels to me like pricing is about where it was 2 years ago.  For many, this is a good thing, as it gives the opportunity to finally afford a home in Rossland.  Find a few houses that might work for you, and start making offers - you just don't know what they'll take if you don't try.  Realistically, offers more than 10% below asking price aren't usually accepted, but you just don't know what the seller's situation is, and it's a starting point.  This is the right time in the cycle for the lowball offer. 

If you are considering upgrading or downsizing, it really doesn't matter that the prices are lower, because if you are selling and buying, it is only the difference between what you buy and what you sell that matters, and theoretically, if both are lower, the gap should be about the same.  For you, it is time to enjoy the much greater choice that is on the market right now.

Yes, your home is probably the most important investment you make, but it is so much more than that.  The current economic environment is nothing to be afraid of if you approach it carefully and with the help of a professional, to help you to find the best, most appropriate home for you, and to structure your sale or purchase to limit your risk.