Nanaimo Real Estate Statistics
Perhaps you’ve googled your way onto this post because you wanted to find the latest Nanaimo real estate statistics. If this is you, you’ve found what you’re looking for. However, I just want to point out that just focusing on those kinds of ‘surface’ info is missing out on the real benefit of this blog and my services. Up to the moment real estate statistics are available on the Vancouver Island Real Estate Board website and here is the link.
If the latest statistics are what you had in mind, I imagine that you’re cruising the web looking for trends to help you decide what’s going on in the real estate market and how you should move (or not move) your money/real estate around so that you can improve your position in life. I also imagine that you’re hoping to predict future trends based on what you see in the latest statistics. I’ve spent an awful lot of my life doing exactly that and continually comparing my conclusions to the ever unfolding reality. One of the things I am doing with this blog is sharing insights on these thoughts and experiences. If those stats are all the insight you think you need to make and informed decision, please allow me to burst your bubble now to reduce the risk having it burst much more harshly some time down the road by the harsh and unforgiving reality that is the real estate market.
Before we get into said insights I need to point out that I am a firm believer that anyone who trying to tell you with certainty that the real estate market is about to do one thing or another is not someone you should listen to. Yes, I’m also talking about some Realtors of the less scrupulous ilk but worse than that is the mainstream media. No matter what is happening, it’s a crisis according to most of the reports I’ve seen over the years. The really fundamental thing that is continually overlooked by the media and people overall is that, regardless of what the market is doing it’s always a good time for someone and not a good time for someone else. It’s just a matter of what cards people are holding in a given situation. Knowing how to play one’s cards right is in some ways, timeless but in other ways the right strategy is market specific. Some strategies, for example, like pricing your home reasonably, are a smart move in any market as it generates more interest all at once and therefore more money since Buyers feel the need to grab it before someone else does. Others money making ideas like house flipping may be a good idea in some markets and just plain stupid in others.
Something that may sound like an insane statement if you haven’t considered it before is that there are no good markets or bad markets. I was already a Realtor when one of the veterans said this quite a few years back, and even then it took some time to digest. I too, was once very programmed by the news to think in overly simplistic terms of “Up = good. Down = bad.” but I grew out of it.
I always say that the best time to buy a home is when you need one and can afford one. It’s good to be informed but I’ve seen some people become so analytical and choosy that it ends up costing them time, stress and money while they wait for that ‘ultimate’ opportunity. If you’re not sure if you can afford one, find a mortgage broker, they will let you know.
With regards to market trends there are, certain patterns that have shown up in the big picture, but before we even get to that we need to establish a sense of your particular situation and goals. Many people start casual real estate conversations with me by asking “How’s the market?” which, again, is not as simple as saying “good” or “bad”. In the post linked to here I explore some example of how various people can be very differently affected a given market dynamic. The post was written in 2012 and it was pretty slow times which will one day return again as part of the larger cycle of things. I described the market at the time to give a context for the examples but the same people in the same life situations would experience the market quite differently now as the market has changed since then. And it will continue to change every day from now until forever.
So let me finish my diatribe with some thoughts to consider when trying to figure out what your personal position is and how it might relate to whatever the current real estate market is:
- Can you afford a 5% or more downpayment on something you consider livable?
- Can you afford to make the mortgage payments without much stress as well as maintain the property?
- Is your income stable enough or do you have sufficient savings or do you have sufficient support to be able to hold on to the property for at least a few years. (I recommend expecting to wait 5-10 years for the property to be at a higher price than you bought it for. This way in the off chance that the market does a nose dive right after you bought it, you already have a plan that takes this into account. You probably won’t need to rely on this plan but it’s good to plan pessimistically so that any surprises you get, are good ones.)
- If you are under a financial squeeze sometime down the road for some reason, could you rent it out in whole or in part?
- How handy are you? Doing work yourself will save you money if you can do a semi decent job and it also means you can be more flexible with what you end up moving into. AND it means you can save a lot of money on what you move into.
- Have you talked to a Mortgage Broker?
The theme here is financial stability. Yours. That comes first, and if you have that and have some patience and enough knowledge to see how real estate markets act your chances of navigating them without major issue are high. Keep poking around in this blog or contact me if you are looking for further insights.