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Fuck it, if you want to buy a house, buy a house. Every month you wait is a month spent letting finances rule your quality of life. If you're worried about how rate changes over the next few years can affect your ability to pay your mortgage, you're probably not in good shape to buy anyways. But to sit in a rental house and pay someone else while you speculate about the market is foolish. Worried about the value of your home going down? You can counteract a lot of it with sweat equity. There are ways around everything, you just gotta be prepared to take a leap or put in some effort from time to time. |
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Do what you wish, I will still be spending money as per usual. |
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Thanks Enraged. Yes, single family house prices have fallen about 60K since April. April 2008: 630K average, 558K median. Sep 2008: 549K average, 500K median. Cue the "well it's probably not going to get much lower, Victoria is special" rhetoric in 3... 2... 1... :) |
btw, were the same houses sold in Sept as were in April? Those numbers have always bugged be a bit as they are trends of houses within a range. Interestingly, exact copies of my house are selling right now for exactly the same price they were in April. The benefit of a new house is that there are bound to be others exactly like it so you can look at trends for the same house, not just the market as a whole. Keep waiting to buy though, it is in everyone best interest. btw, I live in Langford...the one you didn't circle as for having a price drop. |
Bumping to the top. Circuit City US and Canada (The Source) filed for Bankruptcy today. And mixed in with GM running out of cash by January... figured it was a good time to bump the thread. |
Circuit City closing has more to do with the fact it just sucks than the economy. |
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how about gas being under a dollar. That scares the shit out of me. |
i love it it be rad if 94 was there |
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8300 people lost their jobs in BC last month Those numbers are supposedly skewed by temporary jobs related to the election, but 8300 people laid off this month is about 1 in 500 for the entire province. Quote:
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i like home home and condo prices went up last month in victoria. |
sales fell off a cliff, so a few higher dollar value sales can really skew the numbers for the month. ha, looked up the sales for oct 07 vs oct 08, more than a 50% drop in sales. a few more months of this, and prices will start dropping even more. |
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Average SFD sales price was up in October due to several $2M - 3M houses selling. Median SFD price was down. The average price in Victoria jumps around too much to be a reliable indicator--especially when only ~175 houses sell in a month. Sales were extraordinarily weak this month, no doubt because of the financial crisis which occurred started the beginning of October. Housing supply is now up to 8 months of inventory, condo and townhouses WAY up at 16 MOI. It's nothing compared to Vancouver though. |
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Some of the "New Price" signs don't really mean much. You can price a home 100k more than it is worth, drop the price $100k and advertise it as a 100k discount/price drop. I did a real estate project/investment this past year where I subdivided a lot and built two IDENTICAL houses on it. 1st House - Sold in March, asking price: 440k, selling price: 440k, days on market: 20 2nd House - Sold in October, asking price: 489k, selling price: 467k, days on market: 63 Second house took 43 days longer to sell and I sold it for 22k less than asking price! Obviosuly that sounds a lot worse than the actual situtation. I agree prices will fall and I am not going to be doing any real estate projects/investments for at least 10 months or so. However, prices most likely won't drop 15% from where they are currently and it is probably going to take some time. |
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Addressing the original question, some people are definitely pooched... autoworkers, certain business sectors, people who bought at the peak of the housing market, etc... But that doesn't mean there isn't money to be made... |
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You might not have to forclose on you home, but having a larger morgage than the value of your house would suck! |
The house market will pretty much always recover. Unless someone needs to sell their house they can hold onto it and ride out the decline. Your comparison to stocks is really not related, but yes having a mortgage larger than the value of the house sucks, but that has happened before and it will happen again. |
Yea, the stock market always recovers as well, so unless someone has to sell their stocks they can ride out the decline. |
Not if the company goes ka-put :p |
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