Choosing the Right Market, NOT the Popular One.
Are you following the MACRO market or the MICRO market? There is a huge difference.
Understanding the real estate market can feel like trying to navigate a maze sometimes. You hear all sorts of things in the news – big predictions, sweeping statements about market crashes, and so on. But is that really what’s happening in your neighbourhood? Probably not.
Let’s break it down. There are two levels to consider: the big picture (MACRO market) and the small picture (MICRO market). The big picture is what you see in headlines and reports – it gives you a general sense of how the economy is doing and what’s happening in real estate overall. But here’s the thing: that big picture doesn’t always match up with what’s going on in your specific area.
Take, for example, the supposed major market corrections in 2017, 2020, 2023. People were talking about prices dropping by crazy amounts – like 40% or even 70%. But did that happen? Nope, not really. The best we saw was in mid-2023 at about 15%. Sure, there were some changes, but it wasn’t the end of the world. And it looks like there is a possible price increase coming for 2024 if interest rates drop and supply remains an issue.
Real estate isn’t a one-size-fits-all thing. What’s happening in one neighbourhood might be completely different from what’s happening just a few blocks away.
That’s where the small picture comes in. The MICRO market is all about the nitty-gritty details – like how long it takes for homes to sell in your area, or whether certain types of properties are in high demand. And let me tell you, those details can make a big difference.
For example, let’s say you’re looking to sell your house in Oakville Central. Well, you might need to be prepared to wait a bit – maybe 60 to 90 days – for the right buyer to come along. But if you’re in Burlington (Orchard)? You could be looking at a whole different story – houses there might be flying off the market in less than a week or two.
See what I mean? The real estate market isn’t just about what’s happening across the whole city or region. It’s about what’s happening right in your backyard.
As your real estate expert, my job is to give you the inside scoop on your MICRO market. I’ll dig into the data, crunch the numbers, and give you the lowdown on what’s happening in your neighbourhood. Because when it comes to making decisions about buying or selling a home, those details matter.
So, forget about the big headlines and the sweeping statements. Focus on what’s happening right here, right now. Because in the world of real estate, it’s the small picture that counts.
