Posted on: 11-12-08 16:54:13
Hi All,
As all we know bank rate is going down, is it right time to but house and wait and watch for more months or buy ? as people are talking in market that after christmas home price will drop more.
is it time to buy a house as so many people loosing their jobs everyday.....
all feedback are welcome.........
Thanks
If you can afford what you are buying, then go for it. I think you can get good bargains if you really want to buy. Even though the Bank of Canada rates are down, the mortgage rates by banks are not the greatest. The best rates were offered few months before (I think in August/September) when banks offered prime minus rates.
Most of the people I know, especially the ones with good properties, are holding off their property from listing. They are all waiting for the market to recover to list their property. Good luck.
IMF chief warns financial crisis will worsen in 2009
International Monetary Fund chief Dominique Strauss-Kahn warned Thursday that the financial crisis would worsen in 2009 and affect the whole world, during a visit to Costa Rica.
"2008 was a difficult year in the world economy but in no way can we expect 2009 to be better," the IMF managing director said during a joint news conference with President Oscar Arias.
"This is true anywhere, all around the world, in the United States, in Europe. The IMF is expecting negative growth next year."
The IMF head said he was studying measures to tackle the crisis during his visit to Central America and the Caribbean, including the possibility of financial support.
"This crisis is a globalized crisis and there is no way for one country to have (an isolated) reaction or policy," he said.
"In Europe, some countries, especially Central European contries, may experience a very difficult situation because they have developed in the last 10 years with a lot of (foreign) capital inflows," he added.
The financial meltdown has eroded economic growth and thrown the US and other major economies into recession.
Strauss-Kahn again urged governments Wednesday in Jamaica to use spending, rather than interest rate cuts, to battle the crisis.
http://ca.news.finance.yahoo.com/s/11122008/24/f-afp-imf-chief-warns-financial-crisis-worsen-2009.html
Keep updated
Keep well,
Cheers!
I too have same question for CD members
I am negotiating with builder for new home
The price for this house was around $5,00,000 almost year back.
Last year my friend got at 4,40,000 around april-may 2008
Now there is one more lot next to my friend.
I negotiated & builder is almsot ready at 4,15,000 with all upgrades
Area around 1950 sq ft
So should I go ahead & accept offer or wait few more months for prices to further come down
Another problem is Mortgage. Now almost all FI are giving Mortagage at Prime + 1.0 %
Also worrying about job market? Already Lay-off's started at many places.
Will this Job market & economy go towards WORST?
Need soem suggestion?
Thanks
Quote:Where do you live?
Originally posted by m2611
Now there is one more lot next to my friend.
I negotiated & builder is almsot ready at 4,15,000 with all upgrades
Area around 1950 sq ft
500K is a lot for that size house.
415K is much better of course.
Try to negotiate further down.
Quote:The recession is not over by any means, in fact it is just starting.
Also worrying about job market? Already Lay-off's started at many places.
Will this Job market & economy go towards WORST?
But of course everyone's position is different, everyone's job and financial situation is different.
What is risky for one person may be ok for another.
You have to judge for yourself.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Hi thanks all of you for reply........ I got a news than in next year House market will go more down....but i am not sure how truth this news? I called one or two realstor and they told me "No....No.... this is right time to buy house next year everything will be ok and you would not get better deal."
I wondering how the things will change immediately without taking some strong actions against recession all our world? Everywhere financial crisis are running now a days.
m2611 is right now a days even Job market is also not stable. who would you know what will happen tomorrow? may you get lay-off from a job than what?
I think wait and watch is best idea......
Quote:If you walk into a barber shop and ask the barber whether you need a haircut, what do you think he'll say?
Originally posted by RBO
I got a news than in next year House market will go more down....but i am not sure how truth this news? I called one or two realstor and they told me "No....No.... this is right time to buy house next year everything will be ok and you would not get better deal."
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
