Monday, March 12, 2007
What Month is the Best to Buy?
The discussion in the thread below got me thinking (thanks to Roger for all the links to info) about the state of the market, the impending correction, the past 6 month downturn (though slight) and the current talk from both our realtor and the MSM.
Our realtor expects roughly 10% gains this year. CMHC is predicting 3% gains this year.
Here's my dandy downfall of the week: downtown condo, originally listed for $235K, 3 price reductions of $230K, $225 and today $220K, BC assessment $237K, DOM 51; I've walked through this one, its OK, a bit dark but certainly not the worst one out there. It has a lot of upside compared to down.
Here's my question: has the release of the BC Assessment valuations created a new sense of over-inflation in some segments of the market? Or has it simply turned buyers off completely so that places like the Dandy Downfall have to change their prices south to get a sale?
Busy time in the RE market is just around the corner... I'm hoping the correction has started.