tag:blogger.com,1999:blog-5936637281134795592.post5506820081199365278..comments2024-03-08T08:55:52.985-08:00Comments on Whispers from the Edge of the Rainforest: Optimism become Hopium, but it's still a failed strategyUnknownnoreply@blogger.comBlogger16125tag:blogger.com,1999:blog-5936637281134795592.post-72595554318982619532013-03-15T22:13:01.385-07:002013-03-15T22:13:01.385-07:00Hey Whisperer, on the topic of conspiracies, do yo...Hey Whisperer, on the topic of conspiracies, do you have any leads on whatever happened to the pre-sale buyers at the Olympic Village who were scrambling to get out of their contract? Did the City quietly settle on condition of silence?<br /><br />Kim Campbell is bailing out of the Georgia Hotel:<br />http://www.cbc.ca/news/canada/british-columbia/story/2013/03/15/bc-kim-campbell-hotel-georgia.html<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-6523193639179397222013-03-15T19:32:03.611-07:002013-03-15T19:32:03.611-07:00Agree about sellers.
On the other hand, I can'...Agree about sellers.<br /><br />On the other hand, I can't think of a situation where someone HAS to buy. And with the "Buy now or forever be priced out" realtor schtick rapidly losing it's validity, me thinks many stubborn buyers will "remain in a holding pattern"...alone. <br /><br />Berniebeenoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-86850766714143482132013-03-15T18:58:05.365-07:002013-03-15T18:58:05.365-07:00Simple...because they can (as sad as that is).Simple...because they can (as sad as that is).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-67904583486468423232013-03-15T16:56:38.306-07:002013-03-15T16:56:38.306-07:00Amen. Amen. macnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-8778502620311095712013-03-15T16:45:09.980-07:002013-03-15T16:45:09.980-07:00I often wondered why RE agents charge a % rate for...I often wondered why RE agents charge a % rate for the commission. Is it really twice as much work to sell a 1M property vs. 500k one?Seeking Knowledgenoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-30332995371063184642013-03-15T15:47:05.921-07:002013-03-15T15:47:05.921-07:00Exactly right, anon@2:28pm! Exactly right, anon@2:28pm! Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-13107971643233028012013-03-15T15:31:38.940-07:002013-03-15T15:31:38.940-07:00There are hundreds of houses asking for 2 millions...There are hundreds of houses asking for 2 millions +. I guess realtors had a hard time convincing sellers that house price peaked a year ago. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-75704216901936969822013-03-15T14:28:43.870-07:002013-03-15T14:28:43.870-07:00And yet even lower sales volumes mean even lower c...And yet even lower sales volumes mean even lower commissions. I have to disagree, if I were a Realtor I'd rather get commission on two properties sold at 80% of their assessed value than sell zero properties at 100% (or higher).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-69292734401098547492013-03-15T12:43:39.070-07:002013-03-15T12:43:39.070-07:00Lower prices mean lower commissions for used home ...Lower prices mean lower commissions for used home sellers. There is no way they are going to start educating sellers on the reality of today's market until any commission finally looks better than none at all. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-7266220664397281702013-03-15T12:40:21.605-07:002013-03-15T12:40:21.605-07:00Sellors will resist like mad. But some will have t...Sellors will resist like mad. But some will have to sell and set the ball rolling as re sales agents point to local comps to price property.<br /><br />First occurance will be estate sales. Usually these are a true "must sell" proposition.<br /><br />Second will be flippers and builders that will get out asap - either to preserve invested dollars or as lenders put additional pressure to protect the loans.<br /><br />Third will be lender forced sales.<br /><br />Forth, Joe6pak gets a reality check.<br /><br />Outcomes:<br />Mov'in on up will be difficult 'cause unless you are shopping w/ cash it will be hard to sell the first home, and sales will swill - toilet style<br /><br />Munis will see revenue shortfalls and begin to reevaluate budgets<br /><br />Labor will be less mobile<br /><br />Lending will become more difficult and first time buyers will be shunned (add to this the mortgage insurance tightening)<br />Keep in mind, most morts are five years...so the count starts now as far as how far most newer buyers will be underwater<br /><br />More consumer sadness (negative wealth effect) will dampen retail/consumer sales. Further, as prices go down, expectations will be set into motion - "Marge, we can get a house cheaper next year" <br /><br />The credit cycle tell us interest rates wont be going down very much so the prospect is some what higher interest rates in the future<br /><br />Unknowns<br />How cash rich are local folks<br />How leverged are local folks<br />How job secure are local folks<br /><br />Positives<br />Home owners insurance will or should go down in price<br /> <br />Land Taxes might do down<br /><br />Home improvement costs will fall (I'd give that 2-4 years)<br /><br />Conclusions<br />Bubble. The re cycle is 6-7 years, typically.<br /><br />The higher and bigger it swelled amplifies the contraction.<br /><br />If you bought at or near the top or re-fided to do improvements or wanted a new 150 - a lot of pain on the horizen.<br /><br />Recommendation: If one was looking forward to having a nice retirement using a place as equity - get out asap...cash out now...oh yea, rents should follow the decline in re values.<br /><br />Editorial Comments<br />I'd guess the job market in the Lower mailland is a tough one. Looking at income levels I see not much of a middle class w/ disposable income and good savinga rates - working comfortably and living a modest life. The top have already cashed out. Whats left?<br /><br />Sorry - That last bit came off as a snark...but Im leaving it in. Feel free to dis me :)<br /><br />Got popcorn?<br /><br />AB<br /><br /> Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-80153386013322273032013-03-15T11:53:50.571-07:002013-03-15T11:53:50.571-07:00OR:
Muir’s estimate is that with sales down for s...OR:<br /><br />Muir’s estimate is that with sales down for such a long period, there are enough potential sellers who haven't been able to sell that there is what economists call “pent-up supply” building in the market reasonfirsthttps://www.blogger.com/profile/02787594578611685612noreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-35439466545923931872013-03-15T10:19:09.105-07:002013-03-15T10:19:09.105-07:00Now that "value" is a moving target lend...Now that "value" is a moving target lenders may be forced to think harder about LTVs (to stay in compliance with OSFI).<br /><br />Might even complicate the securing of financing for a recent Three Harbour Green purchase?<br /><br />It definitely should make refinancing harder.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-68662337426729157502013-03-15T09:52:04.672-07:002013-03-15T09:52:04.672-07:00I'm a future buyer, but I don't look on bu...I'm a future buyer, but I don't look on buying till maybe 2014/2015. I've been renting since selling RE and it's great : saviing cash every month for kid's education and RRSP. Only fools would rush in to buy now and that is what the bank hopes to see....fools.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-84703631552332321922013-03-15T09:20:22.442-07:002013-03-15T09:20:22.442-07:00Damn realtors cannot even use the correct damn/dam...Damn realtors cannot even use the correct damn/dam in their press release. Shows the true professionalism of the entire industry right there.<br /><br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-68750118860926531902013-03-15T08:33:02.447-07:002013-03-15T08:33:02.447-07:00"Why is it so many in the industry think that...<i>"Why is it so many in the industry think that buyers 'have to buy' whereas sellers 'don't have to sell' and can wait out the buyers?<br /><br /><br />The reality is that neither side has to do anything."</i><br /><br />Actually, some sellers do have to sell. Divorce, death, and job transfers tend to force the issue. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-83398573721479990662013-03-15T08:14:49.234-07:002013-03-15T08:14:49.234-07:00And the Anti-Muir said:
"Anti-Muir’s estimat...And the Anti-Muir said:<br /><br />"Anti-Muir’s estimate is that with sales up for such a long period, there were more actual buyers who had advanced their buying decisions that there was what economists call “demand brought forward” building in the market and “it was not a matter of if, but when home sales would lower above their current pace.”Anti-Muirnoreply@blogger.com