Thursday, January 18, 2007

Encouraged to wait...

Last night I was out for dinner with some friends. Of course, the topic of real estate in Victoria came up, as it so often does. One couple described the craziness that surrounded their house purchase just over a year ago. How at the peak of the selling frenzy, it was sheer panic to put in an offer as soon as possible. They looked back now and wished they had not rushed quite as much as they had. But they felt there was no alternative. They are now left feeling some slight buyer's remorse, wishing they had not paid so much for a house as small as theirs. They said that my wife and I are in a great position. We can now take our time in finding the right place because the craziness is over. I'd agree that things have calmed down, but prices still appear to be as high as they ever are. A more relaxed market does not necessarily mean that it has become more affordable. I think we all know people who have had thier house on the market for months and months, and who will sooner not sell their house than to lower the price. To me, this seems very greedy, unless of course, you don't really need to sell your house.

Wouldn't it just make sense that prices should start falling in Victoria, due to the supply and demand argument? They appear to be dropping in Vancouver already, as witnessed through VHB.

Maybe I am the greedy one in hoping that prices decrease in order for me to get a piece of the action.