During the past three years, we have seen one of the most heated and fast paced markets in the past two and a half decades. It seems that no matter where you are, whether in your car listening to the radio or sipping a latte in Starbucks…Everyone is talking about real estate. Will it go up? Will it go down? Is it a bubble? Is it not a bubble?
The most common thread that I am finding is that there is come dissonance between what people are reading in newspapers and how they actually feel about the market. Many times consumers are leary of articles written about real estate as they are commonly written by realtors.
Having always been a huge fan of people doing their own research, I just thought I would put together a few suggestions as to the ways consumers can stay in touch with the local market. A lot of what you read or what people say is opinion. I feel it is important to look to a diverse array of sources when gathering info and forming an opinion.
I prefer not to make predictions about the market.
I don’t have a crystal ball to see into the future. While I don’t offer ‘predictions’, I will say that I believe real estate is cyclical. Once you learn about the cycles of real estate and what causes them, it will be easier for you to determine the likelihood of the market going up or down.
SOURCES OF MEDIA THAT CAN HELP YOU IN STAYING IN TOUCH WITH THE VICTORIA, BC REAL ESTATE MARKET
THE LOCAL NEWSPAPERS
I know! I just said don’t trust everything that you read! That being said, it is important to read articles as they are often predictors of what regulations will be coming into play, what mortgage rates are doing, etc… Take everything with a grain of salt and remember to look to different sources and voices to either supplement or contradict these articles.
Ok, so YouTube is full of cute cat videos and old ice bucket challenge videos but it is also full of valuable contributors. I personally have 20-30 channels that I follow that pertain to real estate markets, global finance and current events. I watch everything from what’s going on in the US, London, Australian and Canadian markets. When you have a sense of what’s going on around outside Vancouver Island, it can give insight into the effects of regulations and rules being implemented in other markets.
BOOKS, BOOKS & MORE BOOKS
Put down the fiction once in a while and settle down with a cup of tea and a real estate book. A simple search around amazon will present you with many options that touch on topics such as real estate investing (these will talk about cycles), how to purchase real estate or books on the economy at large as this plays a huge role as well.
TALK TO A REALTOR… ER, ONE YOU TRUST
I hear ya, before I was a realtor I saw many Realtors driving around in their flashy sports cars looking like overpaid salesmen. I get it. It doesn’t exactly ignite the desire to sit down and get an honest discussion about real estate. On the otherhand, there are other realtors (myself included) that are in the business for the long run and have the desire to help people. Once you find a realtor who shoots from the hip and isn’t afraid of having honest discussions about the market…Hold onto them! Make friends with them and go for coffee periodically. Realtors love talking about real estate and many of them are social creatures as well.