2008 proved to be an interesting year for many in the market place, the year started off reasonably well, gains in real estate prices continued in to May, but then we started to see the tides begin to change. The summer market which typically does slow down, started to lose momentum, and from there we were heading into a price correction in the market place. There always has been a price correction through any real estate cycle. But what was unexpected was the global financial crunch we all experienced and that had a further impact on the markets! It undermined , and placed fear into the average consumer, and they began to pull back on any large purchases such as homes, vehicles, furniture, appliances and so on!
It shows how quickly tides can change, but there is something always positive about a changing market, it gives opportunity to many more buyers to purchase, an opportunity that may not have been there last year. I've noticed that there are still many buyers out there, that wish to buy a home, but are taking their time, because they have choice and continue to monitor prices. If you're looking to purchase a home to live in, as a long term investment, now is the time to look and buy, with mortgage rates so attractive, an abundance of inventory and already adjusted prices, why not! If you've bought already for the long term, you'll ride out any further correction. When the markets bounce back, historically they've always rebounded higher than the last cycle. Having been in the real estate business for almost 16 years, I've experienced the correction of the 90's, and the markets may slow down but homes continue to sell, it may take longer, and the seller's have to be more patient and competitive on their pricing.
If you're looking to sell right now and repurchase in this market place, it's all relative, you may sell for less than you would have last year, but you're buying for less! Many of the longer term homeowners have made great equity gains over recent years, which gives them the opportunity to make a move, if so desired. This is the time to consider buying as opposed to waiting till everyone else starts to feel confident in buying, when the prices would be going up again, and product choice would start to diminish. I not only speak as real estate agent but as a long term homeowner ( 29 years) that has owned through one of the worst real estate cycles in the 80's and then again through the 90's and have still seen a great equity gain in my own home!
When you're ready to buy or sell, take the time to do your homework, get all your ducks in a row, and then determine is this now the right time for me. Speak with a real estate agent, and speak to your lender, ask the questions that need to be asked and then decide! Feel free to give me a call!

Happy New Year to all! Wishing you a happy, healthy and prosperous 2009! I wish to thank all my clients, friends and family with their continuing support and confidence in my services and of the many referrals that I received from you! I always look forward to serving you in the future. Any referral never goes unappreciated, I value the success of my business and continue to strive to have long-term happy and satisfied clients!