Do I Buy or Should I Wait

Jim McLeod September 26, 2010

I am getting asked by many people whether they are clients or acquaintances DO I BUY OR SHOULD I WAIT. This question is probably one of the most discussed topics right now no matter where you are in the world.

Two years ago when we were affected by the economic downturn everyone’s investments took a hit including their homes. We read about the markets bouncing back and therefore real estate rebounding, this may be true in the large financial centers but is it happening here in our local market? Are we in for another adjustment or a double dip as economists call it? I think you need to look at supply and demand because price movements are not always correct while the number of units sold is absolute. This is where my concern is because inventory levels are up substantially. Is there a problem with financing I do not think so. You can read all you want about the national market but you must remember that real estate is local and I believe that the oil industry is getting ready for busier winter based on what I am hearing and therefore in a few months the spinoff will be great for my business. The people that look at the opportunity today and act on it, will I believe have taken advantage of an opportunity we have not seen since the early eighties. In my opinion that opportunity is found in newer homes under $300,000.00 in Red Deer, Lakefront property at Sylvan Lake, and Valley of the Sun properties in Arizona. I am also seeing what I believe are buying opportunities in specific areas of the Euro zone because of downward price adjustments, currency differences and the biggest adjustment is yet to come because of the change the Euro zone needs to make to adjust to the new world economic realities.

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