November 2008
The Greater Trail Real Estate market has seen its ups and downs over the years and this year is no different. Globalization has made a larger impact then ever before, before cable and the internet 50 years ago you wouldn’t have know if the United States housing and economy were in decline until months after the event. Now a days you hear every bit of news (mostly negative) from every corner of the planet within minutes of it happening. It is very easy to get caught up in the hype and freeze like a deer in the head lights.
What the media doesn’t tell you is that with a changing market comes opportunity, if you are looking to upgrade to a larger home and thought that it was unattainable, maybe now that is a different story.
How can that happen if the market has dropped 10 per cent? If the home that you wanted was $400,000 and it has dropped 10 percent it would now be worth $360,000 and the home that you wanted to sell was worth $200,000 it would now be worth $180,000. The larger house has dropped $40,000 and yours has dropped $20,000. Making the new house $20,000 more affordable than it would have been last year. You can also reduce your debt and interest!
Here is the market activity for the Greater Trail area.
There are 205 active listings from Fruitvale to Rossland
11 Single family homes sold, 41 per cent of October 2007
246 Single family homes sold year to date 70 per cent of sales last year.
Median sale price year to date sits at $231,268 up 12 per cent over last year
Average days on market are up to 60 days 53 per cent over last year
If you'd like stats for your neighbourhood please email me. jayles@shaw.ca
Visit my blog for more Trail real estate information
www.trail4sale.com
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