The simple answer to the question above is…well…no, he wasn’t. But relativity still applies.
While many believe that the market has cooled, respectfully, it hasn’t. There’s never a bad time in the real estate industry. There are always opportunities. As such, let’s talk about how the current market presents an amazing opportunity.
Opportunity cost is a real thing. Opportunity costs represent the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another. So people may be thinking that they have missed out selling their house when housing prices were higher, and while the big numbers may have slowed down, everything is still relative.
Let’s look at relativity. No, I’m not talking about Einstein’s Theory of Relativity, I’m talking about how markets change perspectives. Let’s look at some simple math, when the seller’s market was at its peak.
t’s highest, a four-bedroom, 2,000 square foot home in Southwest London with mid-tier finishes, and a 0.25 acre sold for over $1,000,000. Now, that same house would likely sell for around $850,000. Might seem like a significant drop-off, and while it is a $150,000 difference, everything is all relative.
When you sell your house, you’ll still need a place to live. Now, keep this in mind during your real estate journey. If your current home value has decreased, keep in mind that if you are looking to move to a new (to you) residence, you’ll also be benefitting from that still discount on the buyer side.
Real estate consists of two transactions, the buying side and the selling side. So this means that if you buy and sell in the same market, everything will be relative. So when I say that there’s never a bad time in real estate, I mean it.
As a real estate agent in London, Ontario, I’m here to help you with all of your real estate needs. Give me a call to talk about the relative opportunities that present ourselves today in the real estate industry. Just don’t ask me to explain Einstein’s version.