What really bothers me is realtors, developers, really anyone who has a vested interest in maintaining artificially high house prices. I started doing research a few months ago and doing some reading on some different blogs.
One thing I have learned is to always follow the money. If someone is telling you something, or making a prediction on where house prices, or anything for that matter, are going to be, I now ask my self, Why are they saying that? It goes for both people saying there are going to be price increases and people saying we are in for another bust ala 1980's style. Follow the money...
Like seriously, whenever I read something (aside from
todays article in the Herald) from anyone in the Real Estate business, it is ALWAYS a good time to buy. They spin and spin, and pump the market with no concern for long term sustainability.
Anyways, that is my rant on the industry. We sold our townhouse a few weeks ago and negotiated a long possession. With the amount of listings, hopefully we can take our time and find something that is going to fit our family for the next 10+ years.
If I was a first time home buyer though, I would be licking my chops. Rent for another year and you will see some serious drops, especially in the condos.
Should be interesting to see how the next few months play out. I can't believe how much inventory there is out there. Also, when the media starts reporting on dropping house prices, as they did today, how much does that affect the psychology of buyers and sellers? Especially with the way things are playing out in the States right now.