Kamloops Real Estate, Comparative Analysis by Property Type, September, 2008.

Here is the latest Kamloops Real Estate, Comparative Analysis by Property Type for September, 2008. Supplied by the Kamloops & District Real Estate Association. With this chart you can get an idea of what property types are: Active listings, newly listed, # of units sold and the value of those units. These totals are down a bit from last month.

A quick summary for total residential active, new and sold listing for September 2008 for Kamloops and surrounding areas:

Residential # of active listings 1853
Residential # of new listings 428
Residential # of sold listings 200
Value of sold units $57,937,337

kamloops-comparative-analysis-by-property-type-september-2008 pdf

Kamloops Real Estate MLS Listings Comparative Analysis by Property Type, September, 2008

Kamloops Real Estate MLS Listings Comparative Analysis by Property Type, September, 2008

Canada may face housing bust: Robert Shiller

I hate to keep bringing bad news to the blog. Of course this is just another opinion. Robert Shiller is predicting that real estate markets in Calgary and Vancouver will be hurt the most if there is a serious down-turn in housing prices.

Canada may face housing bust: Robert Shiller

The Canadian housing market could face a similar housing bust to the United States, particularly in more bubbly markets as Vancouver and Calgary, said Robert Shiller, the Yale University professor who predicted both the 1990s stock market boom and bust and the US housing slump.

Mr. Shiller, co-founder of the S&P Case/Shiller Home Price Index, said psychology is the primary driver of bubbles and it appears that Canada has been caught up with home buying fever just as the United States and other countries around the world.

Asked whether that meant Canada could face a similar bust Mr. Shiller said: “Yes, especially in places that went up a lot like Vancouver and Calgary. I don’t think Toronto has been quite as extreme.”

Mr. Shiller said there was a natural connection between the United States and Canada.

“I would be surprised that the bubble that appeared in the United States and elsewhere didn’t appear in Canada,” he said in an interview with the Financial Post. “It’s psychology, I think that drives it.

Mr. Shiller, whose book Irrational Exuberance came out in March 2000 just as the tech bubble peaked, said it was essential for the U.S. government to pass a financial bailout, though he believes the United States is facing a “severe recession,” regardless.

“I’m concerned problems are deeper than can be handled by the bailout but that doesn’t mean the bailout doesn’t do some good,” he said.

He said a bailout might help restore some confidence to the stressed financial system.

“What creates a crisis is a lack of confidence,” he said.

He said the housing crisis was primarily a policy failure by U.S. authorities.

You can read the rest of the story below.

Link

5 Tips for Buying in a Buyers Market.

It’s a Buyers market! This is what we hear on the News, in newspapers and from professionals in our community. It is a great time to buy, prices are coming down, there are a lot of homes to choose from and sellers are getting more anxious to sell their homes. On the other hand there is the belief that it may not be a good time to buy because prices may fall further. How do you know when the best time is to buy? Below there are five things to consider if you are trying to decide if now is the right time to purchase a property.

  1. Timing the BOTTOM is very difficult for many reasons. The timing of the bottom of the market is different in every region. Just because the market has bottomed in one region of BC doesn’t mean that the same is happening here in Kamloops. There are many different factors that go into the state of every market. Waiting for the absolute bottom often causes buyers to miss it and get stuck in the upswing of the market, making purchasing a home more difficult. Buy a home because you need to or have found the right one for you, not because you are waiting for the bottom, often the bottom is seen in the rear view mirror.
  2. Often the best places sell FIRST. If you find a home that is perfectly suited to your needs and desires then buy it! When that perfect home comes along, and you chose to wait it can be scooped up from under you. Often if a home is desirable to you it is also very desirable to others looking. Buyers have to put some value on a home that meets or exceeds their needs that is not a monetary value. Desirable homes in desirable areas in a down market hold their value much better than less desirable homes in less desirable areas.
  3. Find a home you can GROW with. Think long-term when purchasing a home. Find a place that you can see yourself in for years to come. The Real Estate market is cyclical with ups and downs. If the market is on the decline now, there is no telling when that will change. We all wish that we could have a crystal ball to predict the future, but that just isn’t the case. Over the long term Real Estate has proven to be a good investment, so thinking long term will help with your decision.
  4. Use TECHNOLOGY in your search. Then internet has a wealth of information on home buying. Use the internet to your advantage! Educate yourself in order to prepare for that important purchase. The more you know the better off you will be. There are many free services you can find on the internet to make your search easier.
  5. BUYERS AGENTS are there to help you! Find yourself a good buyers agent who will help you search through all the listings in Kamloops. A buyers agent will find the best suited homes for you. There are other advantages of having your own buyers agent which are: they arrange appointments for you on your time, keep you up to date on current market conditions, prepare a comparative market analysis on any home you may be interested in purchasing and finally negotiate a contract. Most people are not well versed on contract negotiation and real estate purchasing, having an agent on your side is always beneficial. Don’t forget, the best part about having your own representation is it is FREE!

There are many factors that go into your decision to purchase a home. Buyers have their own personal reason for purchasing and you can’t time the market. Become an informed buyer, help yourself in this dynamic market. Remember, knowledge is power!

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