No Time to Panic
No Time to Panic
Add fuel to the fire. The media’s favourite thing to do. If you read last week’s article in the Vancouver Sun, the headline, in large bold print read: BC Housing Sales will Plunge 28%. Holy crap, right? Why should I buy now, when sales are going to be down by almost 30% next year?! That was the reaction I got from several people that called me after reading this article. Did they actually read the article? I don’t think so. “Sales”, by definition, is the number of transactions expected to occur. Buried somewhere in the 11th paragraph of that story is the prediction about “prices”, which is our main concern.
Today, after (I am sure) much heat from the Greater Vancouver Real Estate Board, the Vancouver Sun printed a different article, stating that CMHC predicts a shallow real estate correction, calling these next few merely “slow-growth” years, and not no-growth or recession years. Population projections still point to long-term growth in the housing market once the pain of the short-term correction is over. Yes we are facing tough economic times, and yes the market is cooling, but I still firmly believe that this is no time to panic. Just remember why you want to buy in the first place, and make a decision based on what is right for your personal situation.
Here are my 3 tips to survive these uncertain times:
1. Do not panic. If you are buying real estate to call home, and if you plan on living there for at least five years, you should not, I repeat, NOT be checking the value of your house every week. We have enough unnecessary stress in our lives!
2. If you are going to read the newspaper, read the entire article, not just the headline! If you’re not sure that you understand the facts being presented, ask questions! Read the statistics from the Real Estate Board, get educated on the market, and remember that the media exists to sell newspapers.
3. Go with your gut. But remember that jumping into the market is a scary thing even when it’s heading up! It’s easy to get caught up listening to opinions, which may or may not be based on fact. Remember that if we could all predict the bottom of the market, we would all be rich. The best you can do is get in when the timing is right for you, and get on with enjoying your new home!