“Maybe you’re already into the investing game or you want to get into it; this kind of market is ideal”
Who should buy in a down market?
When it comes to stocks, they say “buy low, sell high,” and the same thing applies to real estate. We are currently in what is called a “buyer’s market.” This doesn’t mean you are going to get a home for 50 per cent off; most sellers are aware of the current market and have priced their homes accordingly. What it does mean is that there is a good amount of homes for buyers to choose from and, more importantly, you are getting into the real estate market at a lower price.
If you are getting into the real estate market for the first time, it’s a great idea to start by speaking to your bank or mortgage broker to see how much you qualify for and what options are available to you.
If you are already a home owner and are concerned about how much equity you have, one option you could consider is making your current house into a rental property. Of course, you’ll want to speak to the experts about the viability of this option.
Maybe you’re already into the investing game or you want to get into it; this kind of market is ideal. Just remember, real estate investments are typically a longer-term hold so it’s important to do your research and plan for the future.
With an investment of this size, whether it be for personal reasons or financial ones, it’s best to get professional advice from experts. One of the things I like to do is look at what a home would have sold for in the peak of the market compared to today. This can help buyers see the potential future value of their investment. It’s also important to understand the location of your investment and make sure that it has as much growth potential as the house.
Michelle Carre is a real estate professional with The Carre Group
