Comments on: What Are Your Predictions For The Kamloops Real Estate Market?

By: OJ

OJ — Tue, 24 Feb 2009 03:27:11 +0000

The real estate market has been hot for a few years now, so this slow-down shouldn’t be surprising, since it was bound to happen very soon anyways (historically the boom-cycle only lasts about this long). Homes were getting far too expensive for the average person, so the market was bound to correct itself. The cloudy economic forecasts splattered all over the media may have contributed to the down-cycle coming a bit faster than it would have otherwise (it came maybe a year sooner than most models would have predicted). The ‘it-can-only-go-up’ buying frenzy is over, and now with the economic outlook not as good, the ‘wait-and-see’ mindset the media has been creating every single day with bad news story after bad news story has set in. Basically, what I’m saying is that the market will go up again within the next 5-10 years, so if you’re a buyer and you think you’re going to be in a house for that long, then get out there and buy (interest rates are at all-time lows so even if you buy at a bit higher price you may still be ahead than if you wait for a lower asking price if the interest climbs even 1%). Basically, what I’m saying is that buyers in this market have a psychological advantage right now – an advantage that might only be short-lived. Some nervous sellers may be willing to drastically reduce their asking price or accept low-ball offers. If the economy doesn’t totally tank within the next several months as the media has been predicting, then that psychological advantage the buyers have right now will be gone. We’re most likely at the bottom now in terms of real estate values in Kamloops – we’re still more affordable than other similarly-sized communities plus there’s lots of potential buyers taking the ‘wait-and-see’ approach, and as soon as there’s fewer taking that approach, some of the super deals we have right now may be over.

By: Anthony

Anthony — Tue, 10 Feb 2009 17:15:07 +0000

This spring we will see home prices stabaliize and I believe that they will stay in that range. I don’t see how home prices will fall more, we don’t live in the U.S. where they have so many mortgage and lending problems.

By: Tim Grazo

Tim Grazo — Tue, 10 Feb 2009 07:09:52 +0000

I enjoy reading your blog Kirsten. Thanks for keeping us up to date with latest news and stats. I think that Kamloops home prices will stay where they are now. Im concerned about U.S. and how it will affect us here in Canada. Keep up the good work.

By: Rose-Mary

Rose-Mary — Tue, 10 Feb 2009 00:12:06 +0000

In my opinion…and this is only my opinion, is that we are so far from the bottom we have still have a ways to go. There are way too many problems in the economy right now, the incremental job losses alone are very concerning. Who is going to buy homes if they don’t have a job, I can see more and more houses coming on the market as this storm gets worse.