So 1.8tradoman, when is the best time to buy?

*edit:
Also looking for a good site that I can browse through listings! Looking for houses mainly.. Not so much apartments or condos.

I'm not trado, but there are a few things to consider:

- what your wants/needs are (this is what Raybot is referring to)
- financially, there are many ways to figure out what is a "reasonable" price:
* via rent vs mortgage ratio
* via historical price graphs - what the "real" price of RE should be if it's adjusted up from the historical rate from about, oh, 2002 - before the bubble really started to inflate. Check out this graph:

http://www.affordablevancouverhomes....ges/416_27.jpg

Nice... now put this chart side by side with your chart : Median after tax income canada.

http://www.statcan.gc.ca/pub/75-202-...203690-eng.htm

And tell me what the problem is.

when 2 bedroom apts drop to under 200k I'll go looking.

also when mortgate rates drop more.. bank rates are way too high vs canadian bank prime. banks prime is droping, but lending rates arn't for new buyers they are still 4%+. while people who bought a mortage last year are paying around 2.75% now. every time prime drops they just tack more onto the lending rates prime ++ so new buyers don't win. only current holders.

damn i havent been checking this thread but look what ive started lol

Very good question. Read this first:

http://housing-analysis.blogspot.com...p-premium.html

If you can understand this article, its a little difficult to digest on the first read but read some of the comments and you'll find that there are actually people using LOGIC and common sense to determine when is the best time to buy. If you decide to buy on emotion and "pride" than anytime is a good time to buy according to real estate agents.

I have that -.75 below prime rate for another 4 years so win win for me. Smoke you Johny. :)

So any good sites to sift through for houses for sale?

mls.ca

Realtors are having tough time now moving the market

Onni's 40% sale happens in March - you can bet their huge team of business analysts crunched # that even at that price discount its far better than risk of having inventory ON HAND if shit hits fan some more.

Buyer's market now. It may be mean, but lowball the shit out of houses/condos!! Banks are still charging prime above+ , which makes no fundamental sense for consumers - pitch mortgage brokers against each other, commission-based compensation will ensure one side caves out of necessity.

Thank you kindly Sir

I'm planning to lowball and try to get some negotiations going but what is honestly a good lowball? In all reality, should I just get an agent to do the lowballing for me or should I do it myself? If a house is say 800k, what would my first offer be? How do I check how long the house is already on the market for? Looking to put some money down but don't really know where to start. Any advice is good. Other than look for a good agent which I already know is an option.

housing will decline for 5-7 years from what ive heard...
unless ur able to lowball like mad, i dont think it would be worth it

is there any website that will show DOM for houses or if the price was reduced?

I know you can get it through an agent but that will be my last resort. Any other way other than that?

Thank you in advance!

Unfortunately you will have to use a real estate agent to get access to the mls. Remember you don't have to pay them anything until you decide buy. There's lots of them around now with nothing to do. Give your agent some search parameters and get as much information as possible. Then get rid of him/her and talk to the selling agent privately. 2001 prices would be a good starting offer.

Prime -0.90 here :). My brother went in for a mortgage quote a while ago and there are no more prime minus mortages any more. It's prime PLUS now :(

How would I go about this? Do I just send an agent an e-mail and wait for the replies or something else?

Well you can't really use any of the agents on this board because they know you will dump them as soon as you find something you like. Just call the selling agent of a property that you are interested and book an appointment to see the place or just go to an open house. You can start your search using mls.ca. DO NOT talk about an offer. Just gather info. You can PM me and I could assist you when making a low ball offer.

You think asking for information from a random realtor, pretending to buy something through them, and using up their time and dumping them is 'COOL?'

Thank goodness I am not involved in a situation like this....but what kind of person finds it cool to manipulate people just for information??

Right now, Lowballing IS A GOOD THING TO DO at the time being....but if you feel comfortable on placing a 175k offer on a property thats being listed for 300k, then by all means....go for it, because thats what 2001 prices were.

CRS:
This is going to be my last post in this thread for obvious reasons....but i might as well state some advice that is somewhat reasonable, unbiased, and it STILL involves dumping your realtor. Obviously, i have nothing to gain from this, so why should i say something that i didn't beleive in....:
-As stated, theres more than 10,000 realtors in the GVan area, i am sure if you look in your facebook friend's list, you'll bump into one that you know. And if you don't, ask your CLOSEST friends if they have a friend....and ask them information.

*If you've never bought a place before, or have little knowledge on the whole process, try to get someone you can trust to explain the process to you....because, you or your representative will be giving the offer. Sometimes its the WORST thing to do, especially if you don't know the ropes, is to go to the selling agent. But if you know what you're doing...thats a different story. Why?? You do the math....selling realtor makes two times than he expects in one sale. Who's he seriously looking out for?

-Fact: There IS A LOT OF REALTORS that just want your sale, and will tell you advice otherwise...do your own research. Revscene isn't a source of research.

-False Fact: "Remember you don't have to pay them anything until you decide buy" is FALSE. You NEVER have to pay a realtor anything out of your pocket, other than the expenses incurred in the purchase, where the 'proceeds' of the sale will go to the buyer's realtor. Close contact with a realtor that says their services cost something.....PERIOD.
-on a sidenote, buyers agency agreements is some tools realtors want to use, again, if they try to present that...close all contact with that realtor.

-Tell the realtor two things:
1. Your loyalty goes to the person that can absolutely get the best deal...obviously the realtor will be WORKING for their money, and you can see if they are even willing to work for you, or just get the sale.
2. Tell the realtor that OTHER realtors are willing to share their commission. Ask him if he's willing to do the same. Fact of the matter is that there are realtors willing to do it...because in this market, a small gain is better than redundant office fees.

-The moment you hear one thing that feels otherwise untrustworthy, again.....close all contact. Obviously, that person did or didn't do something to keep your loyalty. End of story.

-If the best deal lies within the option of dealing with the listing realtor.....then make sure you get part of his commission. They aren't gonna say no: they get two medallion points, they still make more money, and they can expense the share that they give you. They can't say no to that....


Fact of the matter, CRS, any buyer has TONNES of options...and if you don't feel that you know what you are doing, theres nothing wrong with asking for representation. Not everybody has the benefit and experience of buying/selling properties on a regular basis to the point that they know real estate like a science.

What i have stated above are OPTIONS that a buyer can use whether its a hot market or a slow market. Nothing wrong as using a realtor as your butler, and making him money IF he deserves it...

...but there are other options rather than the method used in previous posts. Obviously you don't want anyone to do it to you in your own job position...so why put it on someone else?

Thank you kind for all your advice and info!

This is my first time around it but I do know some agents.. I hear that housing markets are still going to go down for a while.. I think I'll wait it out for a bit but thank you all again for all your info and help!

Now I have seen it all... Real estate agent posts :

"-False Fact: "Remember you don't have to pay them anything until you decide buy" is FALSE. You NEVER have to pay a realtor anything out of your pocket, other than the expenses incurred in the purchase, where the 'proceeds' of the sale will go to the buyer's realtor." end quote.

Who pays the commission? Both parties involved in the transaction PAY THE COMMISSION. The realtors dice up the commission after the sale of the property! Please tell explain to me how you get paid other than from the pocket of your client?

How can anyone possibly believe that "You NEVER have to pay a realtor anything out of your pocket".

There is one statement that is very true in that post:

-Fact: There IS A LOT OF REALTORS that just want your sale, and will tell you advice otherwise...do your own research. Revscene isn't a source of research.

I agree revscene isn't a good source for research.

The seller (property owner) pays the commission....to both their own realtor and the buyer's agent.

Does the buyer pay something above and beyond the purchase price that goes to the realtor? No. They pay the purchase price and closing costs, just like its a private deal where there 0 realtors involved.

Does the buyer pay anything less if they didn't have a representative? No. They pay the purchase price and closing costs, just like its a private deal where there 0 realtors involved.

Don't tell me the realtor that you used to buy whatever property you got charged you out of pocket????

So let me reapeat that....You NEVER have to pay a realtor anything out of your pocket, other than the expenses incurred in the purchase, where the 'proceeds' of the sale will go to the buyer's realtor.

I am sorry, I must have misread your words.

If I had a house that was worth $500,000, and I wanted to sell it tomorrow, could you tell me what I (seller) would have to pay the realtor in commission? And what would the buyer pay in commission to his agent? just give me a round number...

between 5,000 (1% realty) to 12,000....plus gst.

Again...the buyer doesnt pay his realtor anything....but will probably make between 2500 to 6500 of what the seller had to pay their agent.

Just like many of the debunked statements made by realtors here like: "Buy now before you are priced out forever" "Anytime is a good time to buy real estate", Once again I have to disagree with Raybot and the propoganda machine called the real estate board.

The real estate industry argument that the seller is paying the commission is a myth. The fact is that real estate commission is already included into the sale price. So the TRUTH is that it is the market pricing mechanism that provide for the payment of commission in a real estate transaction.

As a buyer, you aren’t really getting the service for free!

Let me explain in a more practical way, the seller prices his\her property, KNOWING what he\she will have to pay in commission and prices the property accordingly. GUESS WHO pays the commission in a sale (in the end)? THE BUYER. The sale of the home is completely dependent on the guy\girl who writes the cheque at the end of the day, NOT the SELLER. You the buyer PAYS the commission. After you (the buyer)cut the cheque it gets distributed to everyone in the transaction (seller agent, buyer agent, government, lawyers, and finally the seller.)

It is hidden in the transaction, another debunked sales tactic used to get you to buy that over-valued, depreciating and leaking condo. Buyer Beware!

Well, considering theres two things in that post that are completely factually wrong....theres no need to explain considering that you're the expert.

I'm sure someone that does actually know will explain it.