New Real Estate Boss Takes out Crystal Ball
If the high inventory is temporary and offers a great opportunity for buyers now, why wouldn't a seller wait for inventory to decrease and prices to increase like the CREB suggests? They do say that if you are selling then you have to buy so the selection is to your advantage. This fails to recognize the 30% of vacant listings or those that have already signed a contract to build that will not buy resale after they sell. The fact that buyers' "choice" makes it more difficult for a seller is not mentioned either. Anyway a similar message requires a similar response. Enjoy this spoof of the original NAR ad from patrick.net.
Q: What is going to happen this year?
A: That's the crystal ball. Employment is great, net migration is going to be down . . . but it still shows a great number which supports demand, interest rates (are good as is) the general economy of Alberta and the energy sector, inventory (of homes) is coming back down from a high standard. . . .
Using the basic principles of supply and demand, we're moving towards a balanced marketplace . . . 2008 is going to be a great year of opportunity for both sellers and buyers.
Q: Will 2008 be a buyer's or seller's market?
A: It's going to be a great market for sellers and buyers. In my opinion, a balanced market is a good market for both the sellers and the buyers.
Q: What is your advice to buyers in this market?
A: Buy as soon as possible. Buy now.
. . . From the buying perspective, there's no question in my mind that 2008 is going to be an excellent year and I believe that the prices will increase. So buy now while there's selection.
Q: What is your advice to sellers in this market?
A: Sell now. The reason for that is because we've got product.