I am sure the title of this post will anger more than a few Realtors or they will grin as there incomes if your a Brantford and area Realtor is about to rise. My intention isn’t to anger anyone but since I live in Brantford does the increase in property values actually help the folks who own the homes or increase the income of Realtors, home inspectors, lawyers, movers and all the other business involved in the Real estate transaction.
Last week a sign popped up on my neighbors lawn, now he has done improvements to the home since purchasing it in the $240,000 range 3 years ago but most likely the bubble markets of Toronto have gradually moved along the highway to Hamilton now are appearing in Brantford.
Weather this is good or bad depends on a homeowners plan, if you plan on selling and moving to a market that currently sells homes for say 30% less maybe it makes sense. The link below explains the technical side of a bubble and why we should be concerned.
So as a homeowner in Brantford it would be easy to jump on the train and stick a sign on the lawn to make money on my home. As the article above states the economics and common sense of real estate prices makes little sense. But what are you to do if you want to own a house, markets keep rising so buyers keep buying so the circle keeps spinning. Some experts and financial folks think buying a house is not a good investment, an article from the National post below with some facts and figures.
Renting vs. Buying: The True Cost of Home Ownership
As the cost of owing a home just keeps on rising, many feel renting is the better option for long term wealth and flexibility.
IMHO since most families income hasn’t even come close to the cost per month to own a home, today I wouldn’t buy a house if I was a first time buyer. I would wait for a correction or rent.