Question: “The local real estate market is due for a _______” (a) nosedive (b) steady year (c) increase.
Answer: It depends who you ask!
On any given day, I might hear any one of those 3 answers from people on the street. And for us Realtors, we hear it everywhere. Not complaining…it comes with the territory. A lot of people are homeowners so naturally, interested in market values and what their neighbours home sold for.
But we are asked in the check out line at the grocery store. At family get togethers. At the dentist while we probably can’t talk anyway. And again, nothing wrong with that. But the point is that the more people talk about real estate, the more opportunity there is for questionable sources and incorrect information.
In Niagara, there seems to be a pre-wired skepticism as to the market and where values are headed. For the last four years we have been hearing that this area is on the decline, there is no industry and general negative predictions as to market trends. My question is always, where are you basing your opinion from.
Thanks to the internet and general saturation of media, for better or for worse, there are opinions and forecasts covering all ends of the spectrum. I won’t go into average home price in relation to income or the comparison of value here versus 40 minutes up the highway but at the end of the day, the average home buyer can go out and buy a nice home in the city. Whether they are looking for a starter home downtown, a 3 bedroom townhouse near Lakeshore Rd or a detached home with a garage near the lake, there are plenty of options in our area for a comfortable home. And if renting is for you, then again, there are nice, safe dwellings for rent in various areas of the city.
Statistically, our region is akin to a gentle wave. No major upswings and no sudden nose dives. Even in 08/09 when the market took some quick turns, we recovered the initial losses within 10 months and have shown modest gains since then.
So, there is nothing wrong with having an opinion or thought on the market or where your home fits in. Only suggestion is to remember, the relevant data that should be considered when looking at the market is historical data (sales) rather than speculative data (what the house down the street is for sale for).
If you’re curious of the value of your home or the market in general, please feel free to call us or email us anytime.
Thank-you for visiting.