"David Lereah, chief economist for the National Association of Realtors, recently said that the home sale market has started to stabilize and could even turn around by spring 2007. Other economists are less optimistic. "
"Even though most housing experts would not recommend buying at the top of a market cycle, last years' home buyers bought with reckless abandon, confident that home prices could go nowhere but up. Now that conditions are generally better for home buyers, many are waiting on the sidelines for a clear sign that the market has bottomed out."
"However, savvy real estate investors take a different approach. They buy when the market is soft and sell when the market is hot. " Full Article.
Subscribe to:
Post Comments (Atom)
3 comments:
No softness in this market yet.
There is a definite decrease in sales volume and inventory is up YOY.
It's not bad enough yet that mainstream media has taken notice. They are still letting the CMHC do the talking.
This was the case in the US up untill November. Things became so obvious that the media started to report on the slow down.
I don't think we will see the major problems that US is going through. But there will definitely be some further softening in our market through next year.
By September it will be all over the news.
I don't feel we are in for a crash but a decline. A return to reality.
Good houses will still fetch a good price while bad houses won't. Last year everything was selling at a premium.
Buyers will have more time to look around and will be able to make better decisions.
If a property isn't desirable then it will sit until the seller drops their price.
Post a Comment