To begin I must explain that the following is my personal view of the market here in Haliburton. A great deal is being said about how the market is down, sales are down, and "gee ain't it awful". But I am seeing many bright spots and an active market.
To begin, there are lots of buyers out there looking for properties. What has changed is that the uncertainty brought on by the US market, and the newspapers has resulted in buyers being more cautious. And, yes, the average selling price appears to have dropped from 2007. But they are still over 2006, and in 2006 the sellers were quite happy! Well priced properties continue to sell and sell quickly. Today's sellers just need to realize that we can no longer price ahead of a rising market. Work with your realtor and establish an asking price in line with the current market and you will do just fine. At the moment I can't say for sure if prices will continue to fall or simply stabalize. Which ever it is, the time is excellent to sell if you are thinking of selling. Properties at all levels are selling, again, if they are priced according to the value they truly have.
And, if you are selling, remember that there are more listings than we have had in years. So, you are competeing with several other properties which are probably similar to yours. Make sure you look the absolute best you can.
If you are buying, you likely won't turn a quick profit on any flips without considerable work. But if you are buying for the long haul, history has shown that real estate may go through a few ups and downs, but it always ends up "up". Work with your realtor to be sure you are offering a fair price, and you will do just fine. Why put off haing fun at your own cottage, for the sake of a few thousand dollars? You will forget the price when you are enjoying the benefits of cottage life. In only a few years you too will see the wisdom of your investment.
In summary, it's never been a better time for sellers to maximize their investment, and for buyers to get into a market that has been skyrocketing. Take your time to buy smart, but don't wait too long, or you will miss out on the one you like and it won't show up again for many years.