Quote:
Originally Posted by Winsor_Pilates
This reminds me of another important piece of advice.
You will hear "expert" crystal ball predictions like this from almost everyone you talk to about buying your first home.
I've seen a lot of first time home buyers get stressed out over hearing this everywhere and feeling like they need to time it perfectly.
Truth is, no one know for sure what the market will do, so decide for yourself if it's the right time to buy, and ignore most opinions like the one above, unless they have substance to back it up.
Also, consider the effect of mortgage rates on your house price. A 1% increase in rates will equate to about 5% increase in cost. So if you think the market will go down another 5%, but rates will come up 1, you should consider this.
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You sell condo units. You're definitely an impartial source.
Want proof..? Roughly 5000 oil and gas layoffs since November. People are leaving the city for elsewhere, usually home.
http://www.calgaryherald.com/Busines...361/story.html
Heres an article in todays Herald stating a 12% decline since last year. Just imagine what the stats would be since the peak. On a $450,000 house thats almost $55,000. I doubt anyone pays off that much principal in a couple years. I see many people in this thread that were pretty adamant that prices would continue to climb after the peak. Just wade through the first 5-10 pages of the real estate predictions thread.
Just curious whats going to drive the prices higher or stablize things in the current economy??