Over the past 2 weeks every time I turn to the newspaper, turn on TV or the radio, I read or hear recession, lay-offs, this economist says that, my uncle said this, a friend of a friend who knows someone who should know said_______!
No wonder people are scared, nervous and frightened. And perhaps a lot are and for valid reasons. Yet, lets look at some facts instead of opinions.
In London, Ontario we have a very diverse economy, our demographics are diverse and our real estate market has not seen the highs and lows of most Canadian cities.
Yes, our market has evened out and perhaps leaning towards a seller's market with an increase in listings of re-sale homes and new home sales slumping.
As a buyer, you have a great choice of properties, you may not experience multiple offers and you can purchase a home or condo at a fair price.
As a seller, if your home is priced correctly, marketed correctly and easy to view, your chances of selling your home within 30 days, receiving 97-99% of asking are great.
So what seems to be the problem? For buyers with excellent or less than stellar credit, they must have at least a 5% down payment and 40 year mortgages are no longer available. So true buyers who are qualified can purchase in their price range, have a great selection to choose from and a wealth of information to locate their new residence.
For sellers, if your home shows well, is priced well and can be seen by buyers, your home or condo will sell. Ask yourself this: Why do some homes sell within 5-20 days and others take over 60 days, if at all?
People are still moving to London, people moving away from London, people getting married, people getting divorced, downsizing, up-sizing or just plain old "Honey, let's move!"
So when all is said and done, when is it the best time to plant a tree?