The past two years have been strong in terms of number of residential units sold in the Georgian Triangle. That trend continued until October 2007, with November and December showing even lower numbers.
What does that mean for our market? Now is the time to make an investment in Collingwood, Blue Mountain or Thornbury. Prices and interest rates are low and inventory high. It is truly a buyer's market. Many buyers are holding off, waiting for prices to decrease even more. Although we cannot gaurantee that prices will or will not decrease in the coming months, the opportunity for finding your dream home at an excellent price has never been better. Buyers holding out risk the disappointment of having little choice when the time comes to put in an offer. In summary, I urge my buyers to get out there and make an offer. One thing rings true - with the stock markets being so unpredictable, an investment in real estate offers more opportunity for growth.
Once this downward trend is behind us, Collingwood and Blue Mountain is forecast to experience another growth, as babyboomers retire in Canada's prime four season recreational destination. Already, many couples nearing retirement age are buying up property to use for the time being as a second home for family leisure time, with the plan to sell their city home and move to the area permanently upon retirement. With that in mind, the current market offers an exceptional opportunity to buy a second home now while the prices are low, and sell the family home later in an upward market.
Sellers, on the other hand, need to be aware of what is happening in the area and more specifically in their own neighbourhood. Pricing is critical and this is not the time to "try" a high price. For those who need to sell, a well researched CMA should be your guide to set price. Staging and finishing the "to do" repair list, is also critical, as with so much selection, buyers will naturally go with the home that is well presented and well priced. With the economy in flux, buyers are not as prepared to invest money after the purchase and are looking for move-in ready homes. Sellers also need to know that even the best priced homes are taking longer to sell - 90 to 120 days, so if you are thinking of a move this summer, now is the time to list!
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