R Parker works with local realtors helping both local and distant buyers to enter the PEI real estate market. Whether buying or selling PEI real estate, have professional help.
Is PEI real estate a good value today and would you think that I should buy into the real estate market on PEI now? A very famous personage once said that he liked to buy "sheep" and sell "dear". While this would be a very interesting trick if you could do it you can in real estate follow the natural cycle of the market and buy cheaper at the bottom of the cycle and sell dearer at the top of the cycle.
Well we all know that real estate throughout North America bottomed out this year, or did it? In a lot of locations it certainly did, as the thousands of US homeowners who lost everything will definitely attest to. However, here on PEI things were a little bit different. The PEI real estate market doesn’t experience quite the same highs as some places but conversely it doesn’t experience the same lows either. In fact I noticed the lower end market pick up price this year. Having said that there definitely has been a softness in the market from the end of last year through this season.
As a result now is a great time to pickup that home on PEI. You will have an impressive inventory to choose from and there are lots of bargains, especially on land and homes that have a waterfront or water view aspect. If you make your home on PEI now of course it is always a good idea to be invested in real estate wherever you live. Real estate offers the double advantage of providing you a place to live while still working for you to create a return on your investment. The fact that homes are almost always bought with a mortgage or loan allows you to leverage your income to create a nest egg for retirement as well as a place to live now.
If you are thinking of moving to PEI and making this your home then you should realize a good equity gain from the sale of your home in your current location to the purchase of a similar home here. In many cases if you live in a more expensive location like downtown Toronto or Vancouver you may be able to replace your home here for 35 to 50 % of the price that you realized selling. Regardless of the market there is always a big difference between prices here and in large Canadian cities.
If you are thinking of buying into the PEI real estate market by purchasing a recreational property then you should simply have a care that you can wait until the property that you purchase sufficiently appreciates. In fact this true of any real estate purchase. If your financial situation is such that you might be forced to sell to survive then you might want to think again about your purchase. You should be financially secure enough to wait out any blips in the market and in this way be sure to sell when prices are at their peak.
Good advice on buying and or selling PEI real estate or in fact any real estate. If you are looking for more of that good advice you should contact a member of the PEI real estate association, your local real estate agent. If you are looking for an agent check out the web.
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