March, 2007

Seller's Point of View...?

Morgan Florida Why Homes Dont Sell.jpg

Let’s look at things from the seller’s point of view. That’s not me now, but maybe it will be someday, like in 2015. So, for people not like me, but who are trying to sell right now, what are some useful things to keep in mind?

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Home Prices in Canada Up 12%?

I see today that the Financial Post is reporting big gains in the property values for the country as the spring bounce season gets underway.

In summary: Home prices rise 12% Quarterly rise shows markets has legs By Garry Marr, Financial Post Published: Thursday, March 29, 2007 Home prices for the first three months of this year rose almost 12% from a year ago in a clear sign that the market still has legs, says one of the country' leading real estate companies.

Is it a terrible time to buy?

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Is it a terrible time to buy here in beautiful West Coast Canada?
 
Things are currently worse in the US than in the local market, which is still testing new highs in average prices for single family homes, condos and townhouses, even though the sales activity has been slumping for more than a year.
 
Patrick Killelea has written an excellent exposition of the housing situation in California, currently titled "US Housing Crash Continues - It's A Terrible Time To Buy".
 
Some of the specifics of the problems in the US are not applicable in Canada, because the prevalence of no doc, interest only loans is less in the Canadian market, but my question is, are we facing similar problems in general - which were just delayed a little bit longer before showing their effects?
 
In other words, will people buying now rue the day they paid $450,000 for a starter home in Fernwood, or $450,000 for a 2 bedroom condo downtown? Read the arguments here, and post your comments.





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