Salt Spring Island real estate buying tip to waterfront or not

Salt Spring Island real estate buying tip, to waterfront or not. Even if you can afford a Salt Spring Island waterfront home do you need one? Is it worth the premium that you have to pay? If you saved 500,000 on the waterfront home and bought a water view place could you get your waterfront fix on the water? In a boat. Does it make sense to buy waterfront when there are 50-70 places for sale and the prices are so overinflated.

I think that there is just to much waterfront for sale at the moment and prices need to come off. Sellers need to get realistic. The high Canadian dollar has driven off 80% of the US buyers. If in 2001 a house sold for $700,000, it may have been worth $2,100,000 in 05 but the market has changed and its time to reevaluate. IMO a house like that would be able to sell in the $1,400,000 - $1,700,000 range today. It all depends on how motivated the seller is to sell. If they really want to sell they will keep lowering their price. It is not a fun time to be a seller and see their equity go down but a house is only worth what someone willing to pay for it. If you don't really want to sell and are just trying for a high price it is time to take the house off the market. Houses that stay on the market a long time get stigmatized as if there is something wrong with them.

So there are deals on Salt Spring island waterfront homes it is just a matter of finding them by doing comparisons in person and finding out how motivated the seller is.

Cheers
Scott Simmons
Salt Spring Island real estate buyers agent
http://www.escapetosaltspring.com/