Paige is a wonderful realtor! She was very patient with me in my buying process - buying your first condo can be a very stressful time but Paige wasn’t pushy & was always quick to point out things I wouldn’t know to look for. Very trustworthy! Thank you for making my first time buying experience a good one!
Nancy Moro
Consumer Confidence is Critical
Consumer confidence is critical
by Contributed - Story: 43217
Nov 20, 2008 / 5:00 am
Although the differences may outweigh the similarities, there’s at least one aspect of the current real estate market that we share with the U.S. Both countries are dealing with dramatic declines in consumer confidence, and that lack of confidence impacts the intent to make large purchases, such as housing.
What is clear is the greatest minds in the world are not making accurate predictions... for example:
• In March, Goldman Sachs forecast oil to hit $250 per barrel this year, they were wrong, and now they suggest it is going to $50!
• In a Reserve Bank statement, oil was forecast at the end of 2007 to peak at $89 per barrel and trend lower for 2008... they were wrong!
• In September 2008 a large and wealthy hedge fund run by Texas energy king T. Boone. Pickens lost $1 billion on a bet that oil would go up instead of down... he was wrong!
• Harry S. Dent, a futurist that makes a living creating forecasts based on demographic analysis has been wrong on most of his predictions for the past 2 years including housing trends, oil prices and stock market booms!
No wonder the consumer is confused.
Simply put, as consumers you have to gain confidence in housing if the market is to stay strong. Just reading ‘doom and gloom’ financial headlines is not a great way to judge the housing market. As we have seen, most of this year's headlines have been wrong. After all, people buy and sell homes for lifestyle reasons. Births, marriages, new jobs, retirement and other major life events are all market drivers. Even in times of economic uncertainty, homes will continue selling when they are well-prepared for sale and priced right. Paige and Al can advise you as full-service professionals who know the market conditions and a home’s competition, to critical information to ready a home for sale.
There are many reasons why Canadians should feel confident about the real estate market. There are some strong economic fundamentals in place here in Canada, so we are not subject to the underlying causes that first started the problems in the U.S. Further, there are some several government initiatives that are intended to either stabilize or stimulate the housing market. Multiple interest rate cuts have resulted in some of the most affordable real estate that we’ve seen in years. So, think positive, be confident, and capitalize on today’s changing real estate landscape. With the help of Paige and Al, you can take advantage of some great market opportunities, while other consumers sit on the sidelines with a wait-and-see approach.
Contact Paige and Al for all your Kelowna real estate needs.
Each office is independently owned and operated.