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Real Estate & Land Values In Cobourg Port Hope and Northumberland

When it comes to selling or buying real estate this year the rules are different than they've been for quite some time along the lakeshore. For so long Cobourg, Port Hope, Grafton Brighton, Clarington and all the other communties along the lakeshore east of Toronto have enjoyed a steady demand from city people wanting to get out to the country. As the baby boomers retiring grew in numbers there seemed to be a never ending supply of real estate buyers and just a limited amount of inventory to satisfy the demand. This resulted in several years of very significant appreciation in property values. As real estate, property and land values climbed there came a real concern about sustainability. People on the street would ask "How high can prices get ?" First time home buyers were left behind, many families could not afford to move up into the size of homes they really needed.

But all has changed this year ... as the market slowed, as the economy slowed, as the manufacturing sector slowed, as the American Housing market fell ... we seen an adjustment in the local real estate market. Homes and prooerties are still in demand, however real estate buyers have become more cautious, they've started to realize that there will be homes for sale tomorrow. That there will be other properties come along if they can't come to terms on the one they like today. Also, and very significantly, older buyers don't have the same sense of panic when looking for a retirement property.

David Chomitz has been helping people buy and sell real estate in Northumberland for almost 18 years, during that time the real estate market has gone through several cycles, property values have gone up, but they've also come down. Buyers Markets have transitioned into Sellers Markets and back again. Through it all Dave has learned that as the market changes so must the tactics of the real estate profession. What works in an up market won't necessarily work in a slow market. The language of real estate is different in a sellers market than it is in a buyers market.