As a Windsor real estate agent, the last several years of the housing bubble bust in the U.S. and some parts of Canada (primarily in Windsor), have been challenging with the plummeting home prices and the increase in foreclosures. However, with brighter days ahead, it is important to take notice of the lessons many buyers and sellers learned during this chaotic period. It goes to show you that the real estate business is constantly changing. How it operates today will most certainly not be the case tomorrow.
The primary lesson in this buyer’s market is sellers had to adjust their expectations. You cannot count on a home to be worth more than what you paid for it in this day and age. Today, to generate any kind of equity, you must be in the home for the long haul. The days of record profits in a short amount of time are over.
Another lesson confirms what many of Windsor real estate agents already know: You can’t time the market. Unless you own a crystal ball, you cannot be certain that you will sell at the high point and buy at the all time low. Investing in real estate is a long-term approach and it is important to find a home that you will enjoy and whose value will increase over a long period.
Buyers have also learned some valuable lessons that should be passed along: Buy what you can afford. Can you make your house payment if you lost your job and had to relay on the sole income of your spouse. The importance of a monthly budget and living within your means is a valuable lesson that should not be forgotten any time soon.
Finally, as your Windsor real estate agent, don’t make your property unmarketable. The point is, if you find yourself needing to sell your home immediately, don’t overbuild or add over the top features unless you are absolutely certain you are not moving any time soon. Also, don’t let your home go into disrepair. Keep repairs current and your home well maintained.
Remember, there is always going to be economic downturns. There simply is no way of avoiding them. Following these common sense guidelines, you are on your way to protecting your largest investment – your home.