This site uses cookies.

The types of cookies we use, and the way we use them, are explained in our Privacy Policy. By clicking "Accept" or continuing to use our site, you agree to our use of Cookies. More information

Jordan McGarvey
Sales Representative

RE/MAX Niagara Realty Ltd., Brokerage

office:905-356-9600
direct:905-321-0778
Visit me on Facebook
Follow me on Twitter
Visit me on LinkedIn
My videos on YouTube
Best Fixed - 5 year
2.37%
Best Variable - 5 year
2.61%
Personal Information
Search For Property
Buying Home
Selling Home
Information Center
Important Resources
Client Reports

 

SHOULD I BUY REAL ESTATE AT THE TOP OF THE MARKET?

 

How will you know a good house when you see it? What if you buy a house and can't sell the one you own? How can you make sure you are making a good investment? What if you think you paid too much and home prices drop? After years of hefty home-price appreciations, it's natural to wonder how long the good times will last. Real estate markets are cyclical: prices go up and they go down. However, over the long term in this country, prices have tended to move higher. At the end of the 1970s, after a big run up in home prices, real estate agents had a hard time believing that prices could go any higher. The market did cool in the early 1980s. But today home prices are much higher than they were in the early 80s. HOUSE HUNTING TIP: To protect yourself when you buy a home, adopt a long-range horizon. Don't buy unless you plan to hold the property for at least 5-10 years. This way you can ride out any downturns in the market and sell when the market improves. Try to avoid getting into a situation where you are forced to sell in a down market. If you have any questions about how long you'll be staying in the area, postpone your buying plans until there's more certainty in your life. For the buy and hold strategy to work you need to make sure that the home you buy will suit your long-term needs. This usually means: don't buy a home that's too small. Many first-time buyers make the mistake of buying a tiny starter home because it's charming and it's in the right neighborhood. But, two bedrooms, one bath and a postage-stamp lot doesn't leave much room for growth. A better strategy to consider might be to buy on the outskirts of a prime neighborhood where you can buy a 3-bedroom, 2-bath home for the approximately the same price. You might not have the most prestigious address today, but you could experience good appreciation, which will finance your trade-up move. And, you'll be comfortable in the mean time. Some floor plans are better than others. Ideally, there should be good flow between the rooms. A home with a central hall that leads to many rooms usually is easier to live in, and often times more saleable when the time comes to sell. Considering central hall layouts rather than layouts that ramble; where you have to pass through rooms to reach other rooms. A home with indoor-outdoor living space makes a big difference. A deck or patio off the kitchen, family room or separate dining room provides additional usable space and makes the home feel larger. Some buyers put off their home buying plans for fear that the real estate market will fall. This seemingly sane strategy can be risky if prices don't drop. You could be kicking yourself next year when you haven't bought and home prices are further out of reach. THE CLOSING: Remember, there is usually no need to rush to buy in a market that's loaded with inventory, particularly if new housing developments are in the works near the home you are planning to buy. An over-supply of housing relative to buyer demand (supply and demand theory) puts a downward pressure on home prices. For more information on Home Buying or Selling Tips, Please contact me, I will be pleased to help you.

adminlistingsprivacy policycontactsite map
Re/Max Niagara Realty Ltd., Brokerage, independently owned & operated
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.

The listing content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals. Any other reproduction, distribution or use of the content, in whole or in part, is specifically forbidden. The prohibited uses include commercial use, "screen scraping", "database scraping", and any other activity intended to collect, store, reorganize or manipulate data on the pages produced by or displayed on this website.
The information contained on this site is based in whole or in part on information provided by members of The Canadian Real Estate Association, who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy.
This website is operated by a brokerage or sales person who is a member of The Canadian Real Estate Association.
REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA's By-Laws, Rules and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.

The trademarks MLS®, Multiple Listing Service®, and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
Canadian Real Estate Association Last Updated: 9/20/2019 11:21:07 AM

Copyright © 2002-2019. All rights reserved.
Web Site Design for Real Estate Agents by Lone Wolf Technologies.
Lone Wolf Technologies