Excerpts from an article in the Vancouver Sun, 28 Oct 2011, by Ozzie Jurock, publisher of the Jurock Real Estate Insider. The Sun comment section was closed for this piece.
“In 1960, … your home sold for an average price of $13,105. Yes! By 1970 we reached $24,000, by 1980 we clocked in at $100,000, by 1990 $230,000 and by 2000 $296,000. In the last 11 years we rocketed from there to where we now are at $1.1 million (average used home sale price between Lions Bay and Mission).
We have had massive inflation in housing prices, driven by excess, cheap easily available money and today we are doing more – much more – of the same.
Real estate remains cyclical. I have told my subscribers to expect a downturn in the Interior and Vancouver Island over a year ago and a slowdown in Vancouver, too. But, I remain convinced that the naysayers will be wrong again. Yes, the numbers are bigger, the zeros larger and yet each time – after climbing a wall of worry – we muddle through with the result that hard assets will be even higher five to 10 years later.
House hunting is a little like duck hunting. When duck hunting one has to lead the duck. You have to shoot ahead to allow for the distance the duck is going to fly while your shotgun pellets are getting to him.
If you don’t you’ll always be shooting where the duck was, not where the duck is. Same thing with the real estate market. It is always changing. You have to know what’s happening with the aspects involved in your potential purchase and the management of your existing property portfolio.”
Agree regarding the importance of doing your best to anticipate the market.
Does the “management of your existing property portfolio” ever involve selling? – vreaa