Today, some may find themselves looking back and saying ...
"... If only we had bought that house in 2008! Why didn't we? ... Oh ya, there were changes to the lending rules and lots of global uncertainty ..."
I have said before what we know for sure about real estate ... but here is what we know for sure about real estate:
Peaks and valleys are par for the course but there will never be a future peak that is lower than the past one.
Even if you buy high, time is your friend and can turn any bad real estate decision into a good one.
Diversify your portfolio. Home equity can supplement a pension and give you financial options later in life.
Accountability. A mortgage holds you accountable to a mandatory savings program.
20 years from now you could be looking back saying one of two things ...
"I'm sure glad I bought that house back in 2017", or
"I wish I had bought that house back in 2017".
The principles above can also be applied to those of us who have been considering buying up ... some of us for many years!
With all the market noise around us today, we can become paralyzed by fear but the fact remains .. To maximize your equity winnings one must invest in the best home in the best area they can afford.
So what are the factors influencing your buying or selling decision today?
New Mortgage Rules? The mortgage rules implemented in the last year can only work to your advantage. The rules imposed by the government will have the exact effect they were looking to accomplish and that is to slow down an overheated housing market. Now pricing can settle back into more balanced and sustainable growth. In addition, the banking and lending practices in Canada are some of the strongest in the world, serving to protect us from market collapses like what we saw in the US in 2008.
Global Uncertainty? Yes ... It's true ... Trump has the international economic community "uncertain" to say the least - however - this is not the first time or the last our world has faced uncertain times and yet ... your house is still worth more that when you bought it.
So what's holding you back? If you have been considering buying or selling a home in Surrey, South Surrey, Sullivan, or Panorama we can help. Let 2017 open the door to your best ever real estate decisions.