You might think that the best way to sell your house in a slumping market is to price it low and then just get it listed on every website you can. But you may find, like many of my neighbors have, that is not enough.
Seven years ago, the real estate market where I live - the west coast of Canada - was in a serious slump. Crushed by the Asian crisis of the late 1990s, the Greater Vancouver area just couldn’t seem to rally back. Houses languished on the market, and often slipped into foreclosure. Price reductions were the norm. It was a tough time.
In Stephen Covey’s best-selling book The 7 Habits of Highly Effective People, he recommends that you “begin with the end in mind.” And the same goes for real estate investments. It doesn’t matter if you plan to live in the property, rent it out, or renovate and flip it… before you buy, envision yourself selling it.
When you’re just starting out in the real estate business, take advantage of what others have already learned through experience… without sacrificing your own time and money. Here, for example, is a scam that you can sidestep by learning from my own mistake.
The Canadian real estate market isn't just for Canadians. Americans may wish to find shelter from the faltering housing market in the U.S. by making some Canadian investments. But first, there are some things you need to know.
When you get to know an area intimately, you can spot deals and snap up a property before anyone else.
By Julie Broad | Thu, Jan 1, 2009
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