Friday, February 06, 2009
Many buyers are sitting on the sidelines waiting for 'the market to bottom out" My observations in the past when we have gone through difficult real estate markets (as we are right now) is that sitting back for a while may be the best course of action to take for some.
With that said, we just purchased another investment property. I feel that at least the townhouse market in west Mississauga has already bottomed out and did so back in December of 2008.
The problem with our local real estate market is that we will not know until about 3 to 6 months AFTER our market has turned that it bottomed out 3 to 6 months ago. This is almost always the case!
Plus, when the market turns, it goes up very fast.
Currently, there is plenty of pent up demand in the real estate marketplace and there are many people with cash sitting waiting to purchase real estate.
Certainly interest rates are favourable, they are at all time record low percentage rates, so this is no excuse not to make your move up or purchase an investment property.
I hope this finds you healthy and happy,