I think if you are buying a home WELL WITHIN your means AND you are buying to live there (not as an investment), you can buy it anytime. If you can afford it completely, I don't see any problems buying it.

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Originally posted by ash_canada

I think if you are buying a home WELL WITHIN your means AND you are buying to live there (not as an investment), you can buy it anytime. If you can afford it completely, I don't see any problems buying it.

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Originally posted by rahul_singh23

For realtor/mortgage broker/banks: When is not the right time to buy home?



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Good question. I see a lot of real estate agents here. I would be interested in their honest answers.



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Honest answer for:

Homebuyer looking for roof over his head: When you cannot afford it.

Short-term investor: Invests cautiously. When deals are not available.
Long-Term investor: You have the power. You buy all the time. Experience tells you that property prices go up most of the time. There is never a time they don't buy.
Flipper: Game is up!

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK

Quite agree with the Rahul Singh and as Real Estate agents are sales persons and deal in sale or purchase of Real estate so their objective is to sell more and earn more which is reasonal. No sale no earning just like any other profession/business.

It is only in Canadian Market unlike Indian market that that some Real estate agents try to sell property of higher value to make more earning rather than letting buyer to decide his comfort level and his requirements. They also do not give the real picture regarding the property and its hidden maintenance, because of climatic conditions, house in Canada needs lot of regular maintenance expenses as compared to property in India. This way most of the buyers start suffering here in Canada as soon as they buy home beyond their requirement and comfort level. And after that most of the buyers for rest of their life remain in half wake up and half sleep state as they only earn to repay the Mortgage. While in India Real estate agents will never force anyone to buy property of higher value rather let buyer to decide as per his own requirement and comfort level.

Dear CD's

The real estate market is strong and WILL continue to be strong since our demand for real esate is real while supply keeping up.

The real estate market is influenced by the interest rate but real estate activity is more dependent on total monthly carrying cost and as long as monthly carrying cost remains affordable the market will continue to be active.

And Yes we realtors know the housing market since we are dealing with it day in and day out.

As mentioned by Rajeev do yourself a favor by reading major financial banks quarterly reports.

I am hearing such similar lines (not a good time for any real estate transaction) from last 3 years or so from buyers/sellers who are always WAITING for the BEST time to arrive. At the end when such consumers lose porperties around $300K thinking it's not a right time after couple of years same property price rises to around $350K.

Economist who are predicting that in next 20 years the housing prices will be doubled, where do you think this people are getting their data from for such predictions.

At the end of the day, I do believe everybody has their own of thinking but do check out the "figures/numbers" prior to making the comment that it is not the correct time for any real estate transcation.

Sumedha

Which part of India are you from ? ..... where you have "RAM"like property dealers !!!!!!

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Originally posted by kalia

While in India Real estate agents will never force anyone to buy property of higher value rather let buyer to decide as per his own requirement and comfort level.

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First, let me qualify my comments by stating that I am not a real estate agent. I am however a real estate investor.

When is it a good time to buy? Good question. What is it that you are buying... in the first place. Are you buying an investment? Are you in the market to flip properties and make money? If the answer is yes, I would be cautious.

SIDEBAR --> Traditionally the Canadian RE market has trended with the US market. BUT! it is also true that the Canadian RE market has somewhat broken free of the US lately. Also keep in mind that we have CHMC Insurance and very little sub-prime lending. The US does not have anything like the CHMC and sub-prime lending was rampant. Anybody who knows the retail sector will tell you that the days after a BIG SALE are always slow. And that is what is happening in the US Market.

But if the answer to the question is no and that you are buying a home for you and the family, then anytime is a good time to buy. Let us face it, you have to live somewhere, right? Why pay the landlord when if you could, pay yourself. The value of your property can go up or go down, what difference does it make to you? The answer to that is actually None whatsoever . So is it a good time to buy - YES.

SIDEBAR -->You only have to worry about the price of your property when you want to sell out. When I say sell out, I mean sell and not buy another property. If you want to sell and upgrade / downgrade - the difference in the price will trend togeather. Meaning, in a recession, you will get less for your property but the property you buy will also cost less. In a boom market - you get more for your property but the property you buy will cost more too.

I hope this helps the discussion and clarifies issues for those who are thinking about real estate right now. Am I going to make any money if you buy or sell your property? Not a dime.

BV