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The Sky is Falling!

Blog by Claire LeLacheur | October 20th, 2008

This Vancouver Real Estate market is officially a Buyers market.


But a Buyers market should be just that, Buyers who are buying real estate. It should not be a fence sitting, waiting, loitering, hesitating, vacillating, delaying, faltering, loitering, foot shuffling market.


Buyers should be out there taking advantage of the situation. By the very meaning of the term taking advantage, I do not mean, wearing down, and bullying the Sellers and their Realtors until they actually give you an unrealistic sale price just because they are so tired of you. I mean getting out and looking at real estate. At this very moment I am sitting at my second open house of the day that no one has come through. Not even the neighbors.


The great irony of this buyers market is that even though the opportunity is there to buy and it has been the best ever in 7 years that we in the Vancouver market have ever seen, Buyers aren’t even out and looking.


Two years ago, when it was trendy to buy, there would be so many people at an open house that I would have to lock the door just to keep my sanity. Not so very long ago everyone was excited about buying. Prices were escalating and it was a very difficult period for a Buyer to even get into the market. Buyers were afraid that they would loose out.


In these heavy economic times, there has been a mighty shift in the market and all of a sudden the tables have turned. Buyers have more opportunity then they have ever had, and the fear of paying too much seems to stop everyone in their tracks. Lemmings. The mob mentality and the herd instinct at its best.


Reading a quote this morning from Warren Buffet, stating that, when everyone is greedy be fearful, and when everyone is being fearful be greedy. Warren ’s take on the contrarians point of view is a time tested and true view at looking at not only real estate but investing.


Those who bought up land in bombed out Berlin after the Second World War were made some of the biggest over night millionaires in the world. Now that is guts. Yes I would admit there would and should be fear there.


Buy in this Vancouver real estate market – sure. It has finally gotten to the point where everyone has wanted it for years, and now those same people are crying because the sky is falling. I just looked out the window and the sky is where it should be.


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