March 29, 2010
Are you looking for a new home? Do you feel that you have been fuelled by a “false sense of urgency”?
Here is an interesting quote from Derek DeCloet, in the editorial “Tone down the real estate speeches” in the Globe and Mail:
A funny thing happens to people when an economic or financial trend holds in place for a very long time. They begin to assume that “a long time” equals “forever.” You can see this clearly in the U.S. Its home prices hadn’t declined on a national level since the Great Depression, so buyers and rating agencies assumed they could never go down – until they did.
And though the case for a real estate bubble here is not clear cut, one can’t help but wonder if Canadians are falling into a similar complacency trap. How do agents play into that? Too often, by fuelling a false sense of urgency.
I guess it is an unfair question to ask, as the “false sense of urgency” can not really been measured until it is too late.