Right now we are probably 6-10 months away from the bottom of the market. Some areas and types of products are already starting to balance out such as certain areas with single family detached homes. After 6-10 months prices will not start to increase dramatically right away but buying at great value will be tougher as the best deals are gone. We as people follow the pack. When the majority of people start buying, we do the same. This will ensure you do not get the best deal. The key is to buy when the bottom is deemed to be close, and get in first before the market turns.
The real opportunity is in the inner city condo market. With supply levels high and new buildings bringing new listings to the market, we are seeing another price correction. This is the time to start to watch for good deals as we are close enough to the bottom that if you get a property at the right price, you should pull the trigger.
Inner city condos if timed properly when you buy, can turn into a big profit when the market comes back a few years down the road. When the market is high you can turn around and sell the unit or hold longer term. Realistically you can buy and rent it out and at least break even with a big enough down payment and expect to sell for a good profit in 3-5 years. There is always the option of holding longer term and that will work as well as long as you buy low and sell high. The market will cycle over time and there is plenty of money to be made.
Author:David Jablonski Phone: 403-975-5915 Dated: September 2nd 2016 Views: 12 About David: Active in Calgary real estate since 2007, David has seen every type of market and knows how to help ...
View our latest blog posts in your RSS reader. Click here to access.
We specialize in helping people solve problems. We are not sales people, but instead trusted advisors.
Our goal is to help our clients make their dreams come true. We love what we do and have great energy that we pour into our business every single day. We bring a wealth of knowledge and experience to the table that our clients benefit from.
Contact us to see how we can help you!
David Jablonski - Team Lead - Jablonski Real Estate Group - Remax First