Once a teacher asks three of his students to explain what the difference is between eyes and ears.
The first student replied that the difference is four fingers, because, an eye and an ear are four fingers apart in measurement.
The second student replied that what he hears from his ears becomes more believable when he sees it with his eyes.
The third student replied that faith comes by hearing the word of GOD. We have to believe our ears for our eyes cannot see the reality that faith declares to be so. And that this is the difference between ears and eyes.
While the third response has spiritual undertones, the first two answers can be applied to many material situations in life.
Let’s discuss the first two answers in terms of real estate market!
Monthly real estate market watch talks about numbers and measures real estate's performance on a monthly or annual basis.
We folks are hearing so much news in the media about the slowdown in housing. But when you really see it from a Realtor’s and client’s perspective, you will learn that our market is not doing that bad.
Just last week, I had booked showings on five starter freehold investment properties in Milton. Surprisingly, two out of three were sold before I could even receive an appointment confirmation. My real estate investors snapped up the other two before competition from other buyers could enter in. Speed is very important in real estate. While multiple offer scenarios are not common, no one can tell what might be in store for us in the upcoming spring market, which is normally very busy.
Real estate news is based on data that lags behind one or more months and sometimes it does not always present the right picture.
Sure the 25 year amortization rule for non-conventional mortgages has made it harder for many first time buyers to qualify for bigger mortgage loans (expensive properties), but at the same time it has created a lot of opportunity for entry level condos and freehold homes. In my opinion, this segment of market will see maximum growth in price appreciation in 2013, and beyond.
Local experience pays!
When looking to buy or sell real estate you should speak to the right professionals first. Local experts will agree that average prices have little relevance to a specific property. One can have different price growths within a neighbourhood (take different condo buildings at SQ One as an example), price range, street, type of property, building etc. There are many factors at play which an experienced local real estate professional can help you understand.
Always remember, local experience pays!