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Serving the Communities of: Oakville | Milton (Campbellville) | Halton Hills (Georgetown and Acton) | Burlington |
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Buyers, Sellers Should Watch Local Market Home prices nationwide soared 39 percent from 1997 to mid-2002 - 6.5 percent of that over the past year alone - which has many people wondering how much longer the boom will last. Despite worries about a housing bubble, many real estate experts believe a lean inventory, low interest rates, strong immigration, and steady appreciation will continue to fuel the market. Regardless of what happens in the market as a whole, buyers and sellers should be primarily concerned about their local climate. According to sources, many markets nationwide are more than 10 percent overpriced while equally as many communities are "fairly valued," and others are drastically undervalued and potentially great bargains. In addition to location, value also depends on the home's price range, with those in the mid-range presently accounting for 42 percent of all sales while upper-end property prices are breaking. To avoid possible price declines, buyers should steer clear of sprawling suburbs and high-crime areas, instead looking for "no-growth" locales with solid infrastructure. Other warning signs include weak job growth, a high number of vacant rentals, and a wealth of tenant incentives. |
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