Monday, August 16, 2010

Market news...good and bad!!!

I don't want to be accused of posting only the real estate news I like or agree my preamble to this news report is that no one has a crystal ball...not real estate agents and not reporters. I'm currently working with some serious buyers are who looking for the right property at fair market value and so do most of my colleagues.

We have more inventory than we did last year and even six months ago, but in my opinion, many vendors are not realistic in their price expectations and want the same price as their neighbours who sold when there was a lack of inventory and sold in multiples. This is a different market but interest rates are still very low and consumers are motivated to buy properties priced at fair market value. With the Fall market around the corner and an influx of inventory, most sellers will come around and accept a fair price and sell their properties, but it will take more than a week.

I think you should take news all articles dealing with the future rather than the past or present as what they are...speculation! Most analysts predicted a much longer slowdown in Canadian real estate and the market bounced back suprisingly quickly. The truth is that only time will tell what's in store for the market. I do want to distribute all articles I find on the real estate market because information is power! So read on....

House prices forecast to sink further
by: Michael Babad for CTV News
Story Report on Business is following today

Canada's housing market is sinking, as expected, having surged in the first half of the year as real estate staged a spectacular post-recession comeback. Sales of existing homes fell 30 per cent in July from a year earlier, while the average resale price dipped 3.5 per cent, the Canadian Real Estate Association said today.

"While the softening in sales is very real, we continue to view it as a giveback (a big giveback, admittedly) to the surge in sales in the first half of the year," said BMO Nesbitt Burns deputy chief economist Douglas Porter. "Anyone who wanted to buy a home this year seems to have done so already."

Click here to read the entire article on CTV News