First and foremost, I want to begin my note by thanking all of our wonderful clients this past Spring. These folks (and you know who you are!), made the 2017 Spring real estate season the most successful yet for The Phillips Team. We are always so thankful for our client’s trust in us, as we know how valuable your real estate resources are to you and your family. We truly get it! Karen and I wish each and every one of you peace and success in this next chapter of your lives.
And now, onto business. Is this the long awaited “crash or bubble burst” of GTA home sales that has been predicted for years and years? And, how might this slip affect our market in the Parry Sound District? While certainly debatable, only time will fully provide these answers. However, I always feel that it is prudent to spend time researching, reflecting, and of course, engaging in informed, knowledgable debate. To that end,I have the following thoughts.
There are just so many variables in our Provincial and Canadian wide real estate markets. As part of a global real estate market, there are additional considerations, interpretations and insights. From a global perspective, one could certainly argue, that the GTA is “catching up,” so to speak, with other world class city markets. We have fabulous metropolitan cities that have been highly undervalued for decades! Another part of the puzzle.
In my opinion, a slowdown in the GTA was not only inevitable but is hopefully a return to a fairer market for both sides of a transaction. That frenzied pace had “to give” at some point. The only ones that would disagree with this statement are those who bought firm with a house still to sell, or those that believe they waited too long to cash in! But when you are seeing multiple competing offers for rural Parry Sound properties, there really is cause for educated questioning. In fact, Karen and I went through this situation with our daughter and her bow, this spring. It was certainly challenging (from an emotional perspective), and quite puzzling on many levels – and we are in the business! Needless to say, it certainly seemed as though there were elusive influences at play – those that were affecting markets in ways that were highly volatile and anxiety ridden.
Having said all of this, Karen and I always approach real estate transactions in a consistent manner; a business transaction where clients always come first, and professionalism and expertise are a must. Negotiation is key and knowledge and skill are required. Always a great business practice when representing clients in a market that, in many ways, is unpredictable and demanding.
To change it up a bit, I’m hoping that perhaps, the real estate market will return to a “feel good” industry
instead of one plagued with anxiety, misconceptions, speculators and entrepreneurs. As much as I pride myself on being a business person with strong entrepreneurial skills, I also highly respect fair trade. Transactions that are grounded in real value, resulting in real estate deals that bring together genuine buyers with knowledgable sellers. Those are the best. That is when, I believe, the true entrepreneurial spirit thrives. Then it is about true negotiations – when there is a willing buyer and a willing seller. Everything on the table – no BS!
Time to tone it down! We are completely engaged in a very active Summer real estate market in our district and The Phillips Team is full out. We have busy lives – family, friends, home, cottage, and always looking to carve some time out for some good old fashioned summer fun! This July long weekend, we will be enjoying it with our terrific friends in our part of cottage country and will definitely be giving thanks to all that is great about being a Canadian!