Friday, July 04, 2008

a buyers' market



Yay! It's a buyers' market!

At least, that is what was breathlessly reported on the CBC Vancouver news at 11:00 PM. The Reasoning is a 43% decrease in sales (timeline not provided), and an 18% increase in listings (ditto, and Huh? It must have been an 80% increase in listings...?). But, it was said, 'prices are still rising, just not at the same pace as recent years.'

Well golly! Colour me finicky, but as far as I'm concerned, the market for any sane buyer will be when the 50% haircut is realized.

And that nice family looks so happy...

side note - I read today (from an unverified authority) that natural gas prices are going to go up by 35% by winter. And that is not going to be due to any carbon tax. Oil hit $145/bbl today.

Energy prices are going to kill the RE market, and the economies of the world. The big shakedown is on. Banks collapsing in the US.

And what would inflation be right about now? 2%? Snicker.

Oh my. If video killed the radio star...

12 comments:

Anonymous said...

That there nice family is definitely a home buyin' family, not a home sellin' family!!! LOL

Happy Days are here again, and they are only going to get better. A LOT better.

Anonymous said...

Looks like rents are going to be headed skyward in response to rapid energy increases.

On a side note, maybe time to stop shoeing away that pesky natural gas reseller? Lock in my gas rate maybe?

Ano-doremi said...

"...reported on the CBC Vancouver news at 11:00 PM. The Reasoning is a 43% decrease in sales (timeline not provided), and an 18% increase in listings...."

heck .. busted @RET

http://tinyurl.com/6k3t35
ahchu on Thu Jul 03, 2008 8:18 pm
Anybody else notice that there was no mention of the ~53% rise in active REBGV listings from June 07 to June 08?

patriotz said...

as far as I'm concerned, the market for any sane buyer will be when the 50% haircut is realized.

Amen.

IMHO, it's a buyer's market when the buyer is making a smarter decision that the seller, and that's at the end of a bust, not at the beginning.

Clarke said...
This comment has been removed by the author.
Clarke said...

One wonders when the news headlines will shift from "buyer's market" to "housing appocalypse".

greg said...

As far as I can tell, when industry players and the MSM tell you it's a "buyer's market", it most definitely isn't a buyer's market yet. What that really means is, they have a shortage of buyer's, that's all....

Anonymous said...

Housing apocalypse headlines?

About 12 to 18 months away.

Sooner if Bush nukes Iran; about a month after then.

Cherry said...

I cannot help but feel that the author of this blog is a jaded, bitter person who didn't have guts and vision to buy when the prices were still low, got preapproved when the prices were rising sharply, but could not stomach competing offer, and now ridiculously priced out of the market, feels foolish, bitten, and resentful (oh, those sour grapes). He will also remove my post as soon as he gets to read it, but that doesn't matter becasue I got three condos and when going gets tough I will rent the one I live in and guess who will be paying my mortgage down for me and writing rants about ridiculous rents.

solipsist said...

guess who will be paying my mortgage down for me and writing rants about ridiculous rents

Not me, that is for sure.

I will let your post stand for posterity. I'm just not that vulnerable (though, you do sound a bit worried, and bitter yourself - now that you are facing negative equity, and oh, so much debt. Yikes!). You can come back and delete it in about 14 months. Better yet, you can print it, and eat your words.

Good luck. eh?

Ah, just did some due diligence (ever heard of that cherry?), and it revealed your one and only post on your blog (December 2007!) - It looks like my 10 year relationship with my boyfriend tha seemed to be so promising is heading for a demise. Sad. Numb. Confused. Bewildered. Helpless. .

Oh cherry, you went through the first couple of stages of grief, but now you seem stuck on anger - also known as bitterness. I'm sorry that it did not work out for you, but not all of we men are jerks - or was it you that was the jerk?

What that really means is, they have a shortage of buyer's, that's all....

That is about it. patriotz has the right call on what a buyers' market really is - ...when the buyer is making a smarter decision that the seller, and that's at the end of a bust, not at the beginning.

solipsist said...

Oh, and cherry? Why did you decide to sneak your snarky comment in on a 6 day old post? Why not on a current post? Are you still feeling Helpless? (aka: impotent) Hoping that I would not read it, and thus, not delete it?

No wonder he dumped you - you are not honest, or upfront, and you have little courage.

And you can't spell in your impotent fury.

Anonymous said...

I enjoyed the last few comments. Thanks for the giggle.