It's a great time to buy in Florida

[SHELLY]

It's a great time to buy in Canada!!

http://www.canada.com/edmontonjournal/news/story.html?id=d905a8a1-8ec9-4f83-a109-90258db991e1

EDMONTON - Don Campbell couldn't believe a recent scene among wannabe real estate investors at the corner of Yonge and Bloor streets in Toronto, site of a planned condominium complex.

"People slept there overnight for four nights," said Campbell, president of the Calgary-based Real Estate Investment Network and author of 51 Success Stories from Canadian Real Estate Investors. "A sign up above read '$500,000 to $1.3 million,' although you could go across the street and buy something very similar for $425,000. Then the developer had the gall to paste a six over the five to make it '$600,000 to $1.3 million,' and the crowd cheered, saying 'Look, it's going up.' There was even a fight in the line.

"When you line up around a block with 200 people to buy the condo in the sky that doesn't exist yet, put $20,000 down and plan to sell it as soon as it's built, look in the lineup and tell me how many people have the exact same mentality. Then all you need is for one guy to panic and drop his price to get out, and the average price in the whole building goes down, and you're completely at the whim of somebody else. You should only line up for U2 tickets."

--------------------------------------

We all know how this story is gonna end

---------------------------------------

.

 

[ktschris]

It's a great time to buy in Canada!!

http://www.canada.com/edmontonjournal/news/story.html?id=d905a8a1-8ec9-4f83-a109-90258db991e1

EDMONTON - Don Campbell couldn't believe a recent scene among wannabe real estate investors at the corner of Yonge and Bloor streets in Toronto, site of a planned condominium complex.

"People slept there overnight for four nights," said Campbell, president of the Calgary-based Real Estate Investment Network and author of 51 Success Stories from Canadian Real Estate Investors. "A sign up above read '$500,000 to $1.3 million,' although you could go across the street and buy something very similar for $425,000. Then the developer had the gall to paste a six over the five to make it '$600,000 to $1.3 million,' and the crowd cheered, saying 'Look, it's going up.' There was even a fight in the line.

"When you line up around a block with 200 people to buy the condo in the sky that doesn't exist yet, put $20,000 down and plan to sell it as soon as it's built, look in the lineup and tell me how many people have the exact same mentality. Then all you need is for one guy to panic and drop his price to get out, and the average price in the whole building goes down, and you're completely at the whim of somebody else. You should only line up for U2 tickets."

--------------------------------------

We all know how this story is gonna end

---------------------------------------

.

Good advise

 

[SHELLY]

Good advise

Yeah, even moreso considering it's coming from the author of "51 Success Stories from Canadian Real Estate Investors."

If you'll excuse me, I've got an appointment with an Elk Salesman.

/

 

[Matt J]

So, it's a good time to buy, eh?

 

[Geo]

I have a question for Shelly et al:

When is a good time to buy here?

I don't mean- predict a date/time. I mean- what universes need to be lined up for you to personally think it really is a good time to buy?

What would make you stop ribbing the agents for saying it is a great time to buy and actually utter this phrase as well?

Pls turn sarcasm and negativity off before you post...

Thanks.

GW

 

[Bobby J]

 

[Kurt]

Proof

 

[beachmouse]

When monthly mortgage costs for a non-exotic loan are within 25% of what it would cost to rent a similar property.

 

[Geo]

When monthly mortgage costs for a non-exotic loan are within 25% of what it would cost to rent a similar property.

My interpretation of this is-

It is a good time to buy when the sales price isn't much more than what it would cost to rent...

or in other words-

When the price is right...

Is that what I am hearing?

This makes a lot of sense to me if I am in the market to purchase rental property in the area. But what if I am looking for a primary residence in SoWal? Would you not agree that there *could* be an excellent buying opportunity irrespective of rental price to sales price ratio?

 

[Joefromseagrove]

Geowickey,
On another thread I presented some very discouraging news about the market as a whole in Sowal. I have disagreements with the "It's a great time to buy" slogan that NAR continues to spend my dues on. I know it is designed to help those sitting on the fence make a move. I meet people all the time that are looking for the bottom. If you remember what real estate was about before the flip fest such aswhen you bought your first home, you probably thought of purchasing your home as an investment in your life and not so much a move to improve your bottom line. I am a firm believer that you shouldn't put your life on hold over this stuff. If you are like most of the people I meet, you probably purchased/moved here because you had had enough of the daily grind and were going to enjoy your time on earth here and NOW, and you were willing to live your life by your own rules. Make sure you are aware of the market that your entering but understand that this market will correct when people see their investment as an investment in their life or their family's life and not so much as a bottom line move. People need to stop looking at others and outside data for answers and ask themselves, "Is this the right thing for me at this time?"