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    « Investment in Home Improvement Key in Competitive Housing Market* | Main | Northward Bound - Shaping Oakville Development Plans »
    Wednesday
    Nov122008

    Protecting Your Largest Asset During Economic Uncertainty

    It is only natural to question your home investment during times of economic turbulence.  While newspapers and TV broadcasts report on national and global findings, real estate conditions vary from community to community. We are certainly not experiencing a sub-prime mortgage crisis similar to the U.S. but we also don’t live in a bubble. So how exactly do you determine the impact on your own home? Simply put, you need to be armed with local real estate knowledge.

    Like the rest of the GTA, Oakville has enjoyed a sellers market for several years with record housing prices, high turnover and quick sales. Many sellers found themselves in multiple offer situations. What we are now seeing is a return to a more balanced market meaning better buying opportunities, lower demand and longer turnaround times for homes listed for sale.

    The softening economy is slowing down real estate sales but underlying market fundamentals remain strong. Historically, Oakville home values have weathered well even in recessionary times. Oakville’s proximity to major urban centres within the Golden Horseshoe make it a desirable location for commuters. Combined with its reputation for great schools, community programs and community feel, Oakville will
    remain a desirable place to live for many years to come.

    Despite what many believe, Oakville home prices have actually increased on average by 8.18% in 2008. By comparison, in 2007 which is considered by most as an extremely strong year, the average Oakville home rose 4.72%.

    The biggest difference in 2008 has been a 15% reduction in the level of housing inventory. Historically low interest rates and positive returns have encouraged many people to buy and sell real estate over the past several years. As the economy softens housing inventories in Oakville are returning to more historical levels.
    If you are planning to buy or sell your home the best advice I have is to speak with a local real estate professional. As a RE/MAX sales representative, I live and breath the Oakville real estate market every day. I have access to local market statistics and will advise how best to prepare your home for sale, price your home for maximum dollar and attract qualified buyers. Simple steps make a big difference in the successful purchase or sale of property.

    Even in softening markets, homes that are prepared properly, priced correctly and advertised effectively enjoy large returns and quick sales.

    The selling process should be both a profitable and rewarding experience. I keep this in mind at all times, measuring my ultimate success on my clients’ satisfaction. If you are interested in selling your home and would like a free market evaluation of your property, please contact me at  905.338.9000  or
    lindsay@remaxaboutowne.com.

    All the best,

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