10 secrets from a real estate agent

With the continuing economic forecast of doom and gloom, it's hard to imagine this being a good time to buy or sell a home. But despite the rocky economy, you don’t necessarily have to stay put, explains Linda Turner, a real estate agent with Royal LePage Meadowtowne Realty in Mississauga, Ont.

On average, properties are staying on the market longer and there has been an overall decline in how much homes are selling for, but properties are moving if the price is right, Linda explains. We're heading into the spring market, and that, along with the current low interest rates, should bring out more prospective buyers, Linda explains

As for people looking to buy, now is a very good time, she says. "With the all-time low mortgage interest rates, it is the perfect time for first-time buyers, investors and existing homeowners who are looking to upgrade to purchase a property."

We got Linda's best advice for weathering the current economic storm. Whether you're a buyer, seller or both, check out these 10 tips for navigating the real estate market successfully.


Tips for buyers

1 It's all about location
Whether you're a first-time buyer, investor or existing homeowner, you need to understand the best locations for your investment, Linda says.  "Buying the smallest house on the best street versus the largest house on a less preferred street will reap big rewards when it comes time to sell."  As an investor, a condominium that is near public transit or a university is a good move.

2 Think about a condo
There's a surplus of inventory in the condominium market, so your realtor should be able to negotiate a good deal for you when it comes to buying a condo, Linda says. If you're buying as an investor, rather than a first-time homebuyer,  you will want to consider leasing out your suite for the next four to five years before selling, she explains. "It's been suggested that the condo market should be in an upswing by 2013."