Donald pointed out this discussion over at the SeattleBubble blog about 10 reasons NOT to buy a home:
- Renters don’t have to fix leaky plumbing, pay for a new roof, or buy major appliances.
- The moment you sign the closing papers, you lose ~10% of your home’s value.
- Better job offer in another city? Hope you can afford to sell…
- Lousy neighbors move in next door? Too bad, you’re basically stuck!
- Your down payment and equity are anything but liquid.
Read the rest of the list at SeattleBubble.com. One interesting thing to consider is this list is based on a theoretical situation where home prices are at reasonable levels and supported by local economic fundamentals. In a hot housing market where prices only go up and people fight for the right to overbid on a teardown in a bad neighborhood it’s always a good idea to buy instead of rent. Always.
For most people a home is the largest purchase they will make in their life. And it’s so complicated!
Now you could do a bunch of research or you could relax and let an expert tell you what to do.
Fortunately there’s a whole bunch of people that specialize in the finer points of buying and selling real estate and they form organizations to help you, the potential buyer/seller.
In the USA there’s the National Association of Realtors or NAR and they put out this great ad in 2006:
LOL on bad timing. In 2006 in the US only one of those options was a good move. And yes, that’s a real ad. Found it over at Burbed with thanks to gordholio.
The telephone company is building a condo tower and they’ve sold out their pre-sales units.
“It’s all geographic who’s doing well.”
Recent figures from the Real Estate Board of Greater Vancouver compiled by various real-estate analysts indicate higher numbers for unsold inventory than past years at the same time.
Local sellers all say that it’s not foreign investors driving the market for the successful projects, but local investors and people planning to live in the condos themselves.
Ms. Goertz said Telus offered its employees priority in sales at Telus Gardens and 150 of them bought, even though the price discount was a modest one per cent.
BLISTINGAGENT had an interesting point in the previous thread: A couple of years ago when the market took a dive a lot of presales buyers tried to walk away from their contracts and developers sued them for the difference between their deposit and the current value of the condos. What happens if the market takes another dive and Telus employees try to walk away from their presales? Dock their pay?
Hey! A opening day presales condo in Vancouver SOLD OUT!
Marine Gateway, and the 415 pre-sale units that sold, is big news because at a time when listings are soaring and sales have been falling off a cliff, the pre-sales at this development have bucked the negative trend.
In fact it has completely turned that trend on it’s head.
Let’s put that into perspective.
A sell-out of pre-sale condo unit offerings hasn’t happened in Vancouver in over six years. As Global TV noted in this story, you have to go back to the Woodward’s presale in 2006 – before the collapse of the world financial markets – to match an opening day pre-sale sellout of a condo development.
Either the market is on the upswing again or Rennie is back with his marketing magic… Although he does seem to have lost the ‘be bold or move to the suburbs’ thing.
Check out Whispers from the Edge of the Rainforest for an examination of this sell-out.
Real professional posted an updated housing sentiment indicator over at Vancouverpeak.com
This is an excerpt from the housing bubble chart book produced by Pacifica Partners.