Real estate fence-sitting in Canada seems like a pastime for anyone thinking of buying or selling a home. Why? Is it a buyer’s market or a seller’s market? Are prices too high? Are they unaffordable? Interest rates going up or down?
If Numbers Do Not Lie, Is It How The Numbers Are Created or Interpreted That Is Wrong?
I talk to buyers and sellers, Realtors, and mortgage brokers daily about the London, Ontario real estate market. At the end of most conversations, I ask, “Where did you get this information from?”
Now, perceptions of reality come to the forefront, reminding me of a quote from Miles Kington: “knowledge is knowing that a tomato is a fruit. Wisdom is not putting it in a fruit salad.”
Opinions are not facts.
Biases are not facts.
Are perceptions facts? Beliefs? Emotions? A gut feeling? Social media? Dreamers?
Where Do The Real Real Estate Facts Come From?
In London Ontario, The London Ontario St. Thomas Association of Realtors (LSTAR).
For Canada and all the Provinces: Canadian Real Estate Association (CREA).
However, from the two above, the numbers are at least one to two weeks old and are history. What was, is, today?
Your local Realtor, ONLY if he or she is in the market every day, talks to a minimum of 10 people a day about real estate and will tell you what is for sale today, what the prices are today, what sold today, and what did not.
Where Not To Base a Decision About Real Estate
Social media.
Your neighbours, your co-workers, your mechanic, your hairdresser, your pickleball friends or your golf friends.
Economists.
Provincial or Federal Government Forecasts.
Bank of Canada Forecasts.
Your financial advisor or pastor.
Now, you may think I am biased as I am a Realtor in London, Ontario. Nope, I am a realist. I know where most people get their advice, and when that advice is wrong, it is the real estate market’s or the Realtor’s fault.
In summary, real estate fence sitting could end up being a pain in the butt! Or not!
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