Quote:
Originally Posted by SeeGeeWhy
Yeah, now we're in the same boat, receiving the same advice.
This message sounds very similar to those telling people who invest in equities to hold off because the stock market should be retreating more.
Seriously, who gives a flying fata if you time each transaction perfectly?
What is the downside of buying now? And what is the probability of that occurring?
You buy now and the market drops another 10% in a year.
More people get in and the market recovers.
Then interest rates spike a year after that.
Then the market gets flooded with houses that people are defaulting on.
So the market goes down again...
ad naseum.
Are you in your house to make money, or are you in it to live there?
That's the way I look at it, and I intend to buy if I see something I like, even if I do agree that the market is likely to go a bit lower in the coming months.
I'd rather get settled in and moving towards other things instead of sitting reading charts and articles, worrying about how well timed all of my actions are.
Two things we will try to do, is stay as close to the inner city as possible where we're more confident in the value of the property, and not to buy the most we can afford.
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So you first admit to losing what must amount to half a years average Canadian salary (or more) on your home (and how lucky you are that is was not 2-3 times that amount) and now tell someone else to just not worry about it and do whatever they feel like because how bad can it be??
Wow.
I think in some ways this is exactly why the world has such a problem with real estate, and why it is going to keep getting worse for a while to come. An entire generation that cannot quite rationalize just how much money is changing hands. I have so many friends with this same attitude that have purchased $500,000+ homes like they were candy with zero appreciation for just how much money half a million dollars is and what basic mean revision in home prices would mean to their personal financial bottom line.
Claeren.