I was at a freinds house in Richmond, B.C. last night. There was a nock at the door, it was a mid age woman asking for money… She said she felt really bad doing what she was doing but she needed help.
Unfortunately I couldn’t help her but I did tell her not to feel bad about going door to door. We all got to do what we got to do weather we like it or not.
What do the lenders care? They are on commission and…CHMC insured mortgages and…our wonderful 5/35 mortgage options and… the biggest joke of all, Conservative medalling.
Experience and ability counts for nothing when it is obvious to all those around, that the market is over bought, over priced, and headed downwards…….and the same goes for when it is climbing in price each and every month.
Today however, is the time when you need to price your home to “kill the comps” (undercut everyone else to draw buyers to your house) and sell it as a FSBO……you don’t need to give away $15-17K for absolutely nothing by hiring a realtor……all realtors will do is say “drop the price….drop the price”….while minimizing their out of pocket expenses in a down market. You can drop the price yourself and figure that much out without paying for it.
Anyone here ever watch “Million Dollar Listing” on Bravo TV ? It is an interesting TV show, mainly for the look at the Malibu and LA homes that get featured, but also it chronicles the day to day business of 3 different 20 something realtors WHO HAVE NEVER SEEN A DOWN MARKET and now are forced to come to grips with it.
It’s kinda funny……and it just goes to show how utterly useless realtors are in virtually all markets……when the prices are going up, all they do is sit back, lie to you about the future, and write offers….when it is going down all they do is sit back, lie to you, and say I am experienced and the best, now, “drop your price”.
Heh………ever wonder what happened to all those travel agents ? They are about to be joined be real estate agents. The most useless occupation on the planet.
Another comment…..with the recent PUBLIC statements this week by the banks, pressuring the government to reduce amortizations and increase downpayments they are telegraphing a message, and laying the groundwork, for the blame that will by flying around when the real estate bubble which we have had for 3 years finaly blows up, and everyone employed in or by the “REIC” starts to run for cover from the enraged public.
Bill White,
That’s a really clever video. Using only visuals you let people ‘in on’ how dumb, and smart, they can be.
Besides, it’s cute and fun to watch.
Bravo, “Little Tramp”, Bravo.
#133 knucklewalker on 02.07.10 at 10:40 am Garth…is there anyway that posters on here can PM individuals that share like minds?
I simply do not believe in the pollyanna “things will be just a bit rocky economically” mindset that many on here have. I do not wish to continue beating a dead horse in my assertions that we are headed for the greatest depression of all time….but I would like to communicate with the few on here that “get it”.
Anyone else on here with a “guns, gold and garden supplies” mentality interested?
First let me say sorry to you Garth for advertising this web site. (if you allow me to post it)
KWalker wanted to know about communicating with other like minded people on a forum type place. May I suggest that you take a look here at this site’s forums. It is a place I chanced apon during the storm in 08 when the squirrel recipes were flying in here. There are some good survival ideas here.
The sovereign debt crisis is Europe (and some Japan) focused, the USA and Canada are not under the same kind of pressure as many nations. This is not to minimise our issues in North America, but other nations have beaten us to the debt/deficit wall, where they are now impacting at terminal velocity. The entire periphery of Europe have overspent like drunken socialists for decades, and the party is over, only the debt hangover remains.
Financial Times Alphaville had a chart this week ranking the ‘most-at-risk’ on sovereign solvency issues, and neither the USA (nor Canada) made the top 20.
“…a composite of debt and deficits vs GDP for Sovereign Risk rankings:
[Way up there:]
Greece
UK
Spain
Ireland
[then at a lower ranking:]
France
Portugal
[then lower ranked again:]
Belgium
Italy
Netherlands
Austria
Germany”
Then many other European nations. Note Germany at #8 is because of national debt in spite of a large trade surplus, as is Japan. Credit problems will come to a head in most of the nations listed there long before it reaches Japan or Germany. But it is a fundamental factor against the Euro – if Germany is ‘expected’ to bail out the rest of wastrel Europe, but they don’t really have the credit to do so, even if they wanted to, which they don’t. Something about a bad episode about 70 years back. Open the door to bailing Greece admits the line up of welfare applicants behind them.
Any of the top 4 are in serious trouble, cough, Ireland, cough. Iceland is not ranked as they have defaulted already, I think. Very low chance any of the top 10 at least can avoid this fate. Germany and Japan may have to pay a point or five more in interest, while lesser nations collapse.
The US $ and Yen are looking better on comparison to the Euro. Japan has worlds highest ratio of debt to GDP. The USA is on track for that award, but is in a better relative position, which is reflected in the sovereign risk ratings. Japan now is where the USA would be in 5-10 more years without action to cut deficits.
The CAD $ actually gets some support out of all this, as we are perceived more fiscally responsible. Offset by weakness in commodities and the economy in general, while The Great Recession drags on.
Long term prospects for the CAD $ are excellent, as we will get our Budget in better shape and many years ahead of the USA, I have no doubt. Politicians in Ottawa are talking about spending cuts and raising taxes in a way that has not reached Washington yet. Canadians are more ready to accept Government tightening, we have seen it in the last 20 years, they have not till now. In the USA they are still delusional, talking about “more stimulus” as if it will revive the economy so the Federal Government won’t have to cut budgets. Ignore that epic plunge in tax revenues behind the curtain.
The real estate bubble in Canada is more likely to burst on (poor) employment and simple affordability (it’s not affordable! who knew?) and minor regulation tightening and HST – than because the Government is “forced” by “Bond market vigilantes” to raise Canadian interest rates sky high this year, or next. A correction is long overdue either way, throw in a bit of mean reversion – I see debt people in underwater mortgages.
harper is not a conservative. that is an illusion created by his puppeteers,the Illuminati, who created him to do battle with the enemy puppets. he is a promoter of cartels. observe cable, cellular, satellite . we All get ripped off. it’s illegal to steal telecommunications unless your name is Rogers or Bell- they steal, re-sell, and dont pay the broadcasters, sweet? steve gets gst on all those bills, guess what no tax on antennas, yet. cmhc is his private proxy printing press. he doesn’t think we will notice.
I see you’re finally coming to Calgary. You’ve heard the whispers finally..
‘The world awaits your word. You must speak.’
“I can’t.” ‘You must, it’s our only hope.’
“I don’t want to be an emperor. That’s not my business. I don’t want to rule or conquer anyone. I should like to help everyone if possible. Greed has poisoned men’s souls. The misery that is now upon us is but the passing of greed..”
I just realized Realtors, Buyers and Sellers (and yes even my fellow Bloggers) are all one and the same kind of person – Capitalists. Realtors, Sellers and recent Buyers have an interest in seeing the market increase to inifinity and beyond (at least until they make the sale). Buyers want the market to drop to nothing (at least until they buy). In a well functioning market the two balance each other out. The problem we are seeing now is that Politicians are getting in the way of the two balancing each other out!!!! The government has decided to coddle the Real-Estate industry and Big-Banks (through 100% risk-free, tax-payer backed CMHC mortgages) giving Realtors and Sellers an unfair advantage.
My point is: STOP blaming Realtors they are Capitalists just like you and me. If someone wants to knowingly and willingly over-leverage themselves in our market driven economy there should be someone who is more than willing to take their money! (Heck, I can’t imagine anyone turning down free and easy ‘commission’ money so let’s stop being hypocrites).
(P.S. Garth, I love your site and plan on buying your book – keep up the good work, it’s hard to get the ‘other’ perspective out when most major news organizations are supported by RE advertising but you’re evidence it’s STILL possible).
Post#9 KC, Yeah, thats a great site I’ve learned a ton over there. Building upside down fires with wet wood, building a rocket stove (check it out, amazing what a few twigs can provide for energy) Also some good reads from Jerry D Young in the stories section.
Also http://www.doomers.us/forum2/ Also known as life after the oil crash. I know knucklewalker and a few other regulars from here post there.
Some VERY BRIGHT people there.
But I still like this site best, good well rounded discussion from mostly average people looking for answers to lifes daily problems. I’m sure many people have beneifited from the info here.
Is it me, or has there been a sharp rise in listings in the GTA in the last few weeks ?
The bond market vigilantes will eventually visit Canada – don’t you worry. If Jimmy wants to borrow at higher but better rates than the Europeans/UK, US,etc, he will need to deliver deep cuts in spending in this budget, or the next one at the latest. Once the bond market tanks in the US or a major country (watch UK/Spain/Ireland/Japan in the next six months), we ought to be hit within a few months after that should our deficit not come down. Ironically, given the near record deficits and eventual higher rates, deep spending cuts may be offset by sharply higher interest costs. Then, all those Keyensian clowns clamoring for bigger deficits and more “stimulus” will look like the complete morons they are.
The inevitable rise in rates over the next 5-6 yrs will wreak havoc with most home buyers who have less than 30-40 % equity. Add in exploding property taxes, utilities, insurance, maintenance and other costs such as food, and the real “strength” of the economy will become evident for the ponzi scheme it was (still is for now). People confuse non self liquidating debt for wealth. Once the bond market vigilantes come, confusion rapidly morphes into reality. For most recent homeBUYERS/speculators, that reality will be the following: mortgage renewal letter/or unemployment, inability or unwillingness to make the much higher payment on a depreciating asset, power of sale, bankruptcy, start over.
I wish this on no one. I am however sick and tired of seeing so many live a fake life by participating in a gov’t sanctioned ponzi scheme at the expense of the prudent people who avoided the scam and have ultra low rates, higher inflation (up until about 2 yrs ago), unaffordable homes, and eventually worthless currency delivered as a gift for being smart enough to avoid the highly leveraged frational reserve (should be stated fractional capital ), fiat money, debt based system.
Enough ranting for now. Got some temporary deflation in home values to plan for.
JO
#12 Got A Watch – “The sovereign debt crisis is Europe (and some Japan) focused, the USA and Canada are not under the same kind of pressure as many nations. ”
There’s always an alternative view and here it is straight from European Central Bank President Jean-Claude Trichet:
…Still, Trichet said the “solidity” of the euro area “is not necessarily very well known” and its situation compares “very flatteringly with a number of other industrialized countries.”
He said that according to the International Monetary Fund, in 2010 the average deficit for the entire euro region should be around 6 percent of GDP.
“Can I mention what it is for other major industrialized countries,” Trichet said. “The U.S., a little bit more than 10 percent, Japan, a little more than 10 percent, and you can find out other industrialized countries that are even higher than 10 percent.”…
What I’ve noticed myself is that news on Europe appears almost exclusively focused on the PIIGS on the basis that this represents the state of the entire union. Nobody mentions other countries such as the Netherlands who still only have an unemployment rate of 4% in the middle of this recession/depression. In fact, I decided to use the data on the EuroStat web site and discovered that the current unemployment rate of the ‘Germanic’ area of Europe (Austria, Belgium, Denmark, Germany, Luxembourg & Netherlands), the industrial heartland with a combined population of 125 million, is just 6.9% *. Take into account that European stats are more in line with the US U6 (17+%) and Canadian R8 figures (12+%) then this is really just corporate news to deflect attention away from home markets and/or to generate a crisis:
* throwing other ‘old’ European countries into the calculation such as France & Italy gives an unemployment rate of 8%, still less than some other places.
We are in a world of middlemen that thrive on our ignorance and fear from realtors, to churches, to marketers etc. Granted some are necessary in these modern times, but others are not.
It’s not unreasonably difficult to sell your own home and if you are not in a rush, it may be a good way to go. It may be good incentive if you offer to lend or give the buyers the money you saved on commission to help with their down payment.
As far as realtors, my advice on which realtor to hire is to find one who is enthusiastic and energetic and who ideally likes your house. I believe this will rub off on potential buyers. What is also important is to get a realtor that is willing be present when the buyers and their agents come to view your house. This way they s/he will get feedback directly from the prospective buyers on what they think of the house and if a common complaint arises, it can be remedied.
Ultimately because of complex circumstances, I hired two realtors to sell my place even though I had received offers which I did not accept on my own.
The first realtor did not bring an offer except for what was most likely a phantom offer on the last day of his contract (four months) and then came the pressure tactic to renew with him immediately lest the offer falls through. I didn’t go for it and SURPRISE, he said that the fellow interested could not be approved anyway. And this was a realtor I knew. He helped me buy that same house many years before and I hired him out of loyalty because he’d send calendars and “forget me not” flower seeds each year!
We agreed that the house showed well, so I asked him what the problem was that after thirty showings, not even one offer. His answer was that it is a two bedroom. Well, the ad stated it was a two bedroom. The people knew that going in, so I didn’t believe that was the reason. His attitude was quite unenthusiastic and I felt this probably had rubbed off on anyone he was showing the place to.
The second realtor was polar opposite. She was full of energy and really liked my house, which made a world of difference. She had the place sold in four weeks and was present (either her or her helper) at each viewing. She said that very few realtors do this, but it really helps to sell a house. I’d received two offers, one of which was from her helper.
Aside from the bidding war craziness in Van, Cal and Toronto, a very important thing is to offer the house at the right price and not 10K or 20K over just to see what happens because more than likely, nothing will happen. The first two weeks of a listing is all important. After that the place may sit for many months.
I’m in the process of trying to sell our Vancouver condo ahead of what promises to be a large assessment. After months of work, but no offers we interviewed other realtors, to determine if we’d been blinded, choosing to hire a friend as a realtor, instead of a realtor who’d demonstrated ‘results’.
Basically the counsel we received was “condos are a commodity” and “cut your price” for a quick sale – sometimes by tens of thousands of dollars. Quick claculations on a spreadsheet provided by our realtor herself revealed that a cut (loss to us) of tens of thousands of dollars to us equated to a reduction of less than $1000 on what our realtor would make if they delivered a completed transaction.
Gutting our price would make her job much easier – any trader will tell you that commodity will sell itself if its priced right – but would have cost us thousands, and put us in debt for years.
Not surprisingly, our agent had not even considered this perspective, when she’d given us the advice. Be careful of agents who advocate a sale at any price. They’re focusing on their bottom line, not yours. They are not impartial. They’re in this business not because they’re gifted thinkers, but because they’ve demonstrated an ability to fill in forms. In my opinion, the one advantage agents provide is ‘insurance’ in that they are someone to sue, if there are problems after the sale.
We decided to keep out place listed, at a high price to be sure, but also prepared to sell over a longer time frame, and wait for the right buyer to come along. The distinctive qualities of our place (location, size, quality, pet friendliness) will be the determining factor in the sale, not simply price, or how little our agent is willing to work for us.
Who determined the asking price? Was it based on comparables, or did you determine it by what you need to receive? — Garth
I watched “Meet The Press” today with guests Hank Paulson and Alan Greenspan. Couldn’t believe it when Paulson actually said he’d thought house prices would ALWAYS RISE…Yes Mr. Paulson you are a very intelligent man with a firm grasp of economics and common sense – clearly you deserved to be CEO of Goldman Sachs and Treasury Secretary and paid hundred’s of millions of dollars…
Interesting New York Times article on index fund investing… this might need to be updated in 5 years if Garth is right and the markets largely move sideways for a while.
Burton G. Malkiel (a professor of economics at Princeton University) has long said that no one can consistently pick winning stocks and bonds. He argues that index funds are the best, low-cost ways to invest money you will need. “We say to people in the book, ‘Don’t try to time the market,’ ” he said. “It’s not that you can’t do it; it’s that you won’t do it. The emotions will get a hold of you.”
He pushes everyone to stick instead to a balance of stocks and bonds that are right for their age and to rebalance this annually so the proportions remain the same. Yet in this sense, his advice is not so different from what strategists at wealth management firms do.
I forgot to mention that I listed with the new realtor for 10K less (her advice) than the previous listing. This of course was a very important factor in its sale. The house went for 5K below asking price, which is exactly what she had predicted it would sell for.
I was previously under the misconception that if the house is listed a little high, then anyone interested will make a lowball offer. Big mistake! It doesn’t work that way. If the price is even a little too high the prospective buyer probably won’t bother making any offer whatsoever. So, I’ve been guilty of greed during a temporary springtime rising market in 2007 that delayed the sale of my house for several months.
Some realtors won’t stress how important the price point is and go along with your unreasonable asking price so they won’t lose your listing. Then, they’ll work on you to lower the price after, but by that time it’ll be too late for a timely sale of your home. “Plug your nose” (just like you do when you’re in the voting booth) , and overcome the greed by asking your realtor what s/he feels your house should list for and go with it.
“$491,000 will help the Canadian National Goat Federation and the Canadian Sheep Federation to foster education within the industry on identification and traceability of goats and sheep. It will also be used to further the work done on the Canadian Sheep Federation’s Canadian Sheep Identification Program.”
Traceability of livestock is mandated by many global trading partners. The export of livestock both “live” and otherwise is a foundation of our agriculture industry. The second largest sector in Ontario and Nationally by some measures in Canada is Agriculture. If one sector for example “sheep” or swine have a health issue it must be traced to the farm of origin. All export markets are closed until the issue is address and remediated. Not as simplistic as a T.O. Boy might think. It is important that those dollars return a multiple of their cost.
Every Canadian knows that Garth has great bunker with a lot of food to survive few years.
The question to Garth:
How will you defense your bunker and food from dozens of thousands hunger men, women and children coming to your bunker to take some food from your storage?
Would you hire small army to protect your food from hungry people around?
Neat video. When we sell our home, I’ll ask the realtor if it can be listed and sold for a half-billion to GS. After all the legalese / paperwork, etc. are done we will have a nice retirement fund!
——
#25 Ghost of Tom Joad on 02.06.10 at 2:13 am — The video is very interesting, mainly for bloggers but not sheeple — they can’t handle truth.
#108 nostradamus jr. — “. . . the U S can bankrupt the world . . .”. — One way is printing without end, but the second (and vastly more profitable way) is to create wars here, there and everywhere.
Hence the trash talk on Iran, threatening China, etc. Rhetoric is growing louder about Iran’s non-existent WMD; about time someone (such as Mordechai Vanunu) spoke publicly about Dimona, exposing Israel’s, France and the US’ dirty little secret.
Further — Part Deux & Warhawks Driven by the elite, these two are what is helping to demoralize, destabilize and desensitize us to what is currently happening.
—— When did any of us last see the headline “China defaulting loans soar” in the same sentence? Probably hooks up with the preceding, as the whole mess is flushed down the toilet.
If you really want to see your stimulus dollar at work check out the Canadian Pavilion at the OWE-lympics. It is a freakin embarrassment. A total disaster. It completely blows.
The strange part is that host countries don’t usual do them or need them. China didn’t in Beijing and Italy didn’t in Turin. But WAIT – that is right – it is a great way to get free tickets for the games.
#108 nostradamus jr. — “. . . the U S can bankrupt the world . . .”. — One way is printing without end, but the second (and vastly more profitable way) is to create wars here, there and everywhere.
Hence the trash talk on Iran, threatening China, etc. Rhetoric is growing louder about Iran’s WMCottonballs; about time someone (such as Mordechai Vanunu) spoke publicly about Dimona, exposing Israel’s, France and the US’ dirty little secret.
Further — Part Deux & Warhawks Driven by the elite, these two are what is helping to demoralize, destabilize and desensitize us to what is currently happening. However this puts a new meaning on pre-emptive strikes.
#25 Ghost of Tom Joad on 02.06.10 at 2:13 am — The video is very interesting, mainly for bloggers but not sheeple — they can’t handle truth.
——
Neat video. When we sell our home, I’ll ask the realtor if it can be listed and sold for a half-billion to GS. After all the legalese / paperwork, etc. are done we will have a nice retirement fund!
——
Most know that Hell Froze Over when The Eagles reunited. This is the visual version. Could be why The Goon Squad met in the Arctic a few days ago.
Wazzup with this? Something is happening which we are not supposed to know about. Second para. and comments are interesting: “Most notably are telecoms, banks and energy companies. People who would have insider knowledge if something huge were about to happen.” Also, see if this company is in the Top 50 list.
When did any of us last see the headline “China defaulting loans soar” in the same sentence?
Probably hooks up with the preceding, as the whole mess is flushed down the toilet.
I guess I can be bad too. But I’m really dismayed by the spelling of many posters. There has been discussion in the news of late of the younger generation’s inability to compose a proper sentence. I encountered this about 35 years ago. Eighteen year old kids, fresh out of a one year programming course, were unable to compose a complete sentence. I’m dismayed to see the number of presumably educated people who use ‘there’ instead of ‘their’ and ‘to’ instead of ‘too’. Rant off.
“Realtors”? They thrive on the insecure, and on government edicts, laws and regulations…
Just tell me why in hell the buyers and the sellers can’t just sit down at a table in Starbuck’s, discuss the details, strike a bargain with a handshake (and just a Notary or Lawyer) if desired and cut these leeches out completely?
Otherwise, SOMEONE ~ or both parties! ~ are just paying a middleman….
It’s amazing that so many people wish to trash RE Agents but in the same breath, buyers look negatively at FSBO listings.
This is exactly what manipulation has taken place for years to think the RE agent MUST handle all the negotiations to get it done legally on top of the only way to find potentially buyers via marketing and MLS is the only way for people and other agents to see your home.
That’s a crock of you know what especially in a sellers market. Do your homework, get a good RE Attorney and price into the top of the market not below.
Today’s RE prices will only draw prospects if you are priced high as the buyers mentality seem to disregard right pricing today!
Click on the above article. It is about the US deficit. The numbers should make your head spin. I think we are in worst shape then even Garth is saying.
When we sold our last home (20+ yrs ago) a 3 level townhouse/condo, we chose a RE agent, not affiliated with any of the big cos. He put small ads in the paper, off days. It did take about 3 mos. to sell it and he arranged a 2nd mtg. for the young chap who bought it, IIRC. It was before ’staging’ a home. But, I kept it impeccably clean, neat and what is now called ’staging’ a home. When we sold the place, I scrubbed out every cupboard, closet, etc. I know I didn’t have to do that. Thankfully the house we bought was also spotless when we took possession of it.
@ Garth:we set our initial price with comparables,but then cut to what we could afford. We could go lower to make a sale, but I won’t pay out 40k from savings to just to have a sale tomorrow. I’d prefer to use those funds for a slightly larger place in which to start a family.
Hello Garth: As a newbie I have been meaning to write in for some time, but after seeing this video, you gave me no choice but to immediately comment. I am not one who is full of himself or even thinks highly of my profession, but I spent 5 years and then some in the working world to earn the right to call myself a ‘Professional’ Engineer. When I see a RE ’salesmen’ refer to themselves as a ‘Professional’, it does not invoke laughter … it actually makes me angry, as I take it as an insult. Its not that I think all realtors are incompetent, but I have yet to meet one that even remotely deserves to be referred to as a ‘Professional’…. and I am sure that I am not the only one that feels this way. I could go on and on, but will keep it short and sweet for my first jump into your blogging world. I have some baggage from selling my house a few years ago .. can you tell?
p.s. I am renting in TO until this market comes back to earth!
Re:Onemorething
There is a time and a place for a good realtor. They are your representative and will help you buy right. A top selling agent really does have the ear on a neighbourhood they work in.
Plus they have seen enough deals to think of the what ifs that can happen in your deal.
Long term prospects for the CAD $ are excellent, as we will get our Budget in better shape and many years ahead of the USA, I have no doubt. Politicians in Ottawa are talking about spending cuts and raising taxes in a way that has not reached Washington yet. Canadians are more ready to accept Government tightening, we have seen it in the last 20 years, they have not till now. In the USA they are still delusional, talking about “more stimulus” as if it will revive the economy so the Federal Government won’t have to cut budgets. Ignore that epic plunge in tax revenues behind the curtain.
******************************************
I’m thinking that–housing/commercial RE/auto/toy/credit card-default on a large scale hasn’t been figure into that statement–
Not to mention much more stimulus–
Politicians “talking” about reducing deficits and raising money through taxes,is just more impossible Keynesian beliefs–
How do you raise taxes to a highly indebted/low savings rate/high % unemployed/collapsing business revenues?
Of course they can and likely will raise them,but the total tax revenue will decline–
imo–you need to look at currency devaluation–
Europe will likely bail Greece out–by printing–devaluing the EUR–
This will benefit Germany as a leading export country–
It will also likely–as you say–be good for the CAD–
Just what our Politicians don’t want or the US–
Obama wants to double US exports (((:
Harper “needs” to keep exports flowing–
So,what i see–is competitive currency devaluation–
This is why very few hyper-inflate-it’s all relative-
Currency’s float and compete–
Not one of the exporting country’s wants a strong currency–
I expect our CDS risk rating to increase as we continue down the path of borrowing from the future adding to the deficit–recapitalizing soon to be–f—ked banks–
In order to maintain–or rather–prop up a failed system–
This is what printing has accomplished after 20 years of deflation for Japan–
Throw the empty box my way; add sugar, bourbon and presto — life is a joyous celebration after that!
——
#108 nostradamus jr. — “. . . the U S can bankrupt the world . . .”. — One way is printing without end, but the second and vastly more profitable way is to create wars here, there and everywhere.
Hence the trash talk on Iran, threatening China, etc. Rhetoric is growing louder about Iran’s WMCottonballs; ask Obama who the only country in the world was, who actually USED WMD on another country.
He may / may not remember Hiroshima and Nagasaki.
Further — Part Deux & Warhawks Driven by the elite, these two are what is helping to demoralize, destabilize and desensitize us to what is currently happening. However this puts a new meaning on pre-emptive strikes.
#25 Ghost of Tom Joad on 02.06.10 at 2:13 am — The video is very interesting, mainly for bloggers but not sheeple — they can’t handle truth.
——
Neat video. When we sell our home, I’ll ask the realtor if it can be listed and sold for a half-billion to GS. After all the legalese / paperwork, etc. is done we will have a nice retirement fund!
——
Most know that Hell Froze Over when The Eagles reunited. This is the visual version. Could be why The Goon Squad met in the Arctic a few days ago.
Wazzup with this? Something is happening which we are not supposed to know about. Second para. and comments are interesting: “Most notably are telecoms, banks and energy companies. People who would have insider knowledge if something huge were about to happen.” Also, see if this company is in the Top 50 list.
When did any of us last see the headline “China defaulting loans soar” in the same sentence?
Probably hooks up with the preceding, as the whole mess is flushed down the toilet.
Oil — A contrarian’s view, but now the real reason behind the Swindle of Copenhagen — to impose a new worldwide carbon tax so the oil companies continue making profits (they were behind this CC barf).
#48Taxpayer like everyone else on 02.07.10 at 10:16 pm
41 Dale in TO. I recall a few months back, “Devils
Advocate” played just that and tried to present realtors
as “professionals”. Numerous bloggers (including me)
pounded on him pretty good. My take is as yours, they
cover themselves with disclaimers so they take zero
liability on the transaction, and therefore are simply
salespersons.
42 OttawaMike. Also agreed. A good salesman will study the market as well as know the individual products. Have you ever noticed that good salespersons can sell anything? They just follow those guidelines and add some energy, charm etc.
Devils advocate: R U around these days? Please bring blog!
Yep, still around… just accepting things for what they are, flyin’ below the radar. As Garth says… expect volatility. Those who are bent on ridin’ high are in for a bumpy ride… those of us who lay low, live within our means, and enjoy what we have rather than what we want well… things ain’t so bad. Read Garths book…
On the REALTOR thing… there is a difference between a salesperson and an agent… Those who seek the former tend to resent the experience when all is said and done. Those who use that later often return and refer friends and family. As smokers reduce smokers so to do salespeople reduce salespeople… they just don’t last.
#42 Ottawa Mike…I’m not disagreeing on the use of RE agents but for home in Vancouver and TO with avg. single family dwellings pushing all time highs and RE agents (that are good, using same old % commissions), with it still a seller market for a least a few more hours, how can you justify them.
When those hours are up though, you will likely need an RE agent (only the best or those with a target outside of Canada) who will YES lower their commissions to get your business.
So I’ve been telling people I know that I might be interested in buying soon. It turns out many many people have some realtor, or mortgage agent they know that I “have to hire”. Three times in a week people here in Mississauga (and North York, and Brampton) have tried to point me to ‘their people’. In the end it turns out the people I know get a kickback for the referral (either RE agent or mortgage agent).
As a possible buyer, I have absolutely no interest in having a realtor help me in my initial search. In the past they’ve wasted my time and theirs as they pay very little attention to my direction as to the type of house I want. They focus like a laser ONLY on my price range and area of town, ignoring size, layout, features, and want to show me everything based solely on price and the area I asked for. They inevitably show frustration and always the line “…well nobody gets EVERYthing they want…”. I’ll use a realtor to finalize a deal once I have done the searching myself, and with MLS and FSBO sites its so easy these days.
I went to view a house in North Brampton this past Saturday. 3-bdrm with a basement apt to rent, couple of minutes walk to the GO station. The realtor had 27 showings for the time slot the tenants had agreed to (they agreed to two a week). And this was no lie…many people were there while I was and more were pulling up when I left. Outside as I was leaving, the selling realtor gave a small speech to me and a young couple, and he actually told us NOT to buy right now. He said the market is too screwy, he’s never seen anything like this. He said every listing he has he’s getting 25-30 showings at a time and offers are easy to come by. He told us all that if we can, wait till spring or summer or longer if possible.
I agree most agents are slimey. I sold real estate many years ago. The most important thing was not the customer it was the commission. There are no marketing tricks just better talkers. I know of a little blonde named Lisa in Kelowna that should have her licence pulled for some crap she’s pulled off.I’m sure she’s not alone..there are a lot of hungry agents out there that will lie, write double offers (one for the bank and one for the purchaser and vendor)and do whatever it takes $$$$ I’ve been there!!
Compare Best Home Mortgage Rates for Canadians at RateSupermarket.ca
55 comments ↓
Realtors are pond scum!
There, I said it!
Gunnite all!
Munch
Garth,
I was at a freinds house in Richmond, B.C. last night. There was a nock at the door, it was a mid age woman asking for money… She said she felt really bad doing what she was doing but she needed help.
Unfortunately I couldn’t help her but I did tell her not to feel bad about going door to door. We all got to do what we got to do weather we like it or not.
Really sad Garth.
I am ashammed of this Government!
About the video…
The lenders make this B$, all possible.
What do the lenders care? They are on commission and…CHMC insured mortgages and…our wonderful 5/35 mortgage options and… the biggest joke of all, Conservative medalling.
Experience and ability counts for nothing when it is obvious to all those around, that the market is over bought, over priced, and headed downwards…….and the same goes for when it is climbing in price each and every month.
Today however, is the time when you need to price your home to “kill the comps” (undercut everyone else to draw buyers to your house) and sell it as a FSBO……you don’t need to give away $15-17K for absolutely nothing by hiring a realtor……all realtors will do is say “drop the price….drop the price”….while minimizing their out of pocket expenses in a down market. You can drop the price yourself and figure that much out without paying for it.
Anyone here ever watch “Million Dollar Listing” on Bravo TV ? It is an interesting TV show, mainly for the look at the Malibu and LA homes that get featured, but also it chronicles the day to day business of 3 different 20 something realtors WHO HAVE NEVER SEEN A DOWN MARKET and now are forced to come to grips with it.
It’s kinda funny……and it just goes to show how utterly useless realtors are in virtually all markets……when the prices are going up, all they do is sit back, lie to you about the future, and write offers….when it is going down all they do is sit back, lie to you, and say I am experienced and the best, now, “drop your price”.
Heh………ever wonder what happened to all those travel agents ? They are about to be joined be real estate agents. The most useless occupation on the planet.
Another comment…..with the recent PUBLIC statements this week by the banks, pressuring the government to reduce amortizations and increase downpayments they are telegraphing a message, and laying the groundwork, for the blame that will by flying around when the real estate bubble which we have had for 3 years finaly blows up, and everyone employed in or by the “REIC” starts to run for cover from the enraged public.
Actually a good commercial, it is.
Bill White,
That’s a really clever video. Using only visuals you let people ‘in on’ how dumb, and smart, they can be.
Besides, it’s cute and fun to watch.
Bravo,
“Little Tramp”, Bravo.
5 % … 6 % … 7 % … more ? To introduce seller to buyer ? hmmmmmmmmm ….. Flaherty and Harper have more principles.
Nawwwwwwww …… wrong again … definately not !!!
#133 knucklewalker on 02.07.10 at 10:40 am Garth…is there anyway that posters on here can PM individuals that share like minds?
I simply do not believe in the pollyanna “things will be just a bit rocky economically” mindset that many on here have. I do not wish to continue beating a dead horse in my assertions that we are headed for the greatest depression of all time….but I would like to communicate with the few on here that “get it”.
Anyone else on here with a “guns, gold and garden supplies” mentality interested?
First let me say sorry to you Garth for advertising this web site. (if you allow me to post it)
KWalker wanted to know about communicating with other like minded people on a forum type place. May I suggest that you take a look here at this site’s forums. It is a place I chanced apon during the storm in 08 when the squirrel recipes were flying in here. There are some good survival ideas here.
http://www.whenshtf.com/index.php
cheers
Anything can happen in cartoons.
“Do it right…hire a professional”
seems strangely ironic, given the quality of the video production.
The sovereign debt crisis is Europe (and some Japan) focused, the USA and Canada are not under the same kind of pressure as many nations. This is not to minimise our issues in North America, but other nations have beaten us to the debt/deficit wall, where they are now impacting at terminal velocity. The entire periphery of Europe have overspent like drunken socialists for decades, and the party is over, only the debt hangover remains.
Financial Times Alphaville had a chart this week ranking the ‘most-at-risk’ on sovereign solvency issues, and neither the USA (nor Canada) made the top 20.
“…a composite of debt and deficits vs GDP for Sovereign Risk rankings:
[Way up there:]
Greece
UK
Spain
Ireland
[then at a lower ranking:]
France
Portugal
[then lower ranked again:]
Belgium
Italy
Netherlands
Austria
Germany”
Then many other European nations. Note Germany at #8 is because of national debt in spite of a large trade surplus, as is Japan. Credit problems will come to a head in most of the nations listed there long before it reaches Japan or Germany. But it is a fundamental factor against the Euro – if Germany is ‘expected’ to bail out the rest of wastrel Europe, but they don’t really have the credit to do so, even if they wanted to, which they don’t. Something about a bad episode about 70 years back. Open the door to bailing Greece admits the line up of welfare applicants behind them.
Any of the top 4 are in serious trouble, cough, Ireland, cough. Iceland is not ranked as they have defaulted already, I think. Very low chance any of the top 10 at least can avoid this fate. Germany and Japan may have to pay a point or five more in interest, while lesser nations collapse.
The US $ and Yen are looking better on comparison to the Euro. Japan has worlds highest ratio of debt to GDP. The USA is on track for that award, but is in a better relative position, which is reflected in the sovereign risk ratings. Japan now is where the USA would be in 5-10 more years without action to cut deficits.
The CAD $ actually gets some support out of all this, as we are perceived more fiscally responsible. Offset by weakness in commodities and the economy in general, while The Great Recession drags on.
Long term prospects for the CAD $ are excellent, as we will get our Budget in better shape and many years ahead of the USA, I have no doubt. Politicians in Ottawa are talking about spending cuts and raising taxes in a way that has not reached Washington yet. Canadians are more ready to accept Government tightening, we have seen it in the last 20 years, they have not till now. In the USA they are still delusional, talking about “more stimulus” as if it will revive the economy so the Federal Government won’t have to cut budgets. Ignore that epic plunge in tax revenues behind the curtain.
The real estate bubble in Canada is more likely to burst on (poor) employment and simple affordability (it’s not affordable! who knew?) and minor regulation tightening and HST – than because the Government is “forced” by “Bond market vigilantes” to raise Canadian interest rates sky high this year, or next. A correction is long overdue either way, throw in a bit of mean reversion – I see debt people in underwater mortgages.
harper is not a conservative. that is an illusion created by his puppeteers,the Illuminati, who created him to do battle with the enemy puppets. he is a promoter of cartels. observe cable, cellular, satellite . we All get ripped off. it’s illegal to steal telecommunications unless your name is Rogers or Bell- they steal, re-sell, and dont pay the broadcasters, sweet? steve gets gst on all those bills, guess what no tax on antennas, yet. cmhc is his private proxy printing press. he doesn’t think we will notice.
Garth,
I see you’re finally coming to Calgary. You’ve heard the whispers finally..
‘The world awaits your word. You must speak.’
“I can’t.”
‘You must, it’s our only hope.’
“I don’t want to be an emperor. That’s not my business. I don’t want to rule or conquer anyone. I should like to help everyone if possible. Greed has poisoned men’s souls. The misery that is now upon us is but the passing of greed..”
– Charlie Chaplin, from his hope speech, the Great Dictator
- speech remix, with ‘nudity’ and ‘pizzazz’ -
I just realized Realtors, Buyers and Sellers (and yes even my fellow Bloggers) are all one and the same kind of person – Capitalists. Realtors, Sellers and recent Buyers have an interest in seeing the market increase to inifinity and beyond (at least until they make the sale). Buyers want the market to drop to nothing (at least until they buy). In a well functioning market the two balance each other out. The problem we are seeing now is that Politicians are getting in the way of the two balancing each other out!!!! The government has decided to coddle the Real-Estate industry and Big-Banks (through 100% risk-free, tax-payer backed CMHC mortgages) giving Realtors and Sellers an unfair advantage.
My point is: STOP blaming Realtors they are Capitalists just like you and me. If someone wants to knowingly and willingly over-leverage themselves in our market driven economy there should be someone who is more than willing to take their money! (Heck, I can’t imagine anyone turning down free and easy ‘commission’ money so let’s stop being hypocrites).
(P.S. Garth, I love your site and plan on buying your book – keep up the good work, it’s hard to get the ‘other’ perspective out when most major news organizations are supported by RE advertising but you’re evidence it’s STILL possible).
Post#9 KC, Yeah, thats a great site I’ve learned a ton over there. Building upside down fires with wet wood, building a rocket stove (check it out, amazing what a few twigs can provide for energy) Also some good reads from Jerry D Young in the stories section.
Also http://www.doomers.us/forum2/ Also known as life after the oil crash. I know knucklewalker and a few other regulars from here post there.
Some VERY BRIGHT people there.
But I still like this site best, good well rounded discussion from mostly average people looking for answers to lifes daily problems. I’m sure many people have beneifited from the info here.
Is it me, or has there been a sharp rise in listings in the GTA in the last few weeks ?
The bond market vigilantes will eventually visit Canada – don’t you worry. If Jimmy wants to borrow at higher but better rates than the Europeans/UK, US,etc, he will need to deliver deep cuts in spending in this budget, or the next one at the latest. Once the bond market tanks in the US or a major country (watch UK/Spain/Ireland/Japan in the next six months), we ought to be hit within a few months after that should our deficit not come down. Ironically, given the near record deficits and eventual higher rates, deep spending cuts may be offset by sharply higher interest costs. Then, all those Keyensian clowns clamoring for bigger deficits and more “stimulus” will look like the complete morons they are.
The inevitable rise in rates over the next 5-6 yrs will wreak havoc with most home buyers who have less than 30-40 % equity. Add in exploding property taxes, utilities, insurance, maintenance and other costs such as food, and the real “strength” of the economy will become evident for the ponzi scheme it was (still is for now). People confuse non self liquidating debt for wealth. Once the bond market vigilantes come, confusion rapidly morphes into reality. For most recent homeBUYERS/speculators, that reality will be the following: mortgage renewal letter/or unemployment, inability or unwillingness to make the much higher payment on a depreciating asset, power of sale, bankruptcy, start over.
I wish this on no one. I am however sick and tired of seeing so many live a fake life by participating in a gov’t sanctioned ponzi scheme at the expense of the prudent people who avoided the scam and have ultra low rates, higher inflation (up until about 2 yrs ago), unaffordable homes, and eventually worthless currency delivered as a gift for being smart enough to avoid the highly leveraged frational reserve (should be stated fractional capital ), fiat money, debt based system.
Enough ranting for now. Got some temporary deflation in home values to plan for.
JO
#12 Got A Watch – “The sovereign debt crisis is Europe (and some Japan) focused, the USA and Canada are not under the same kind of pressure as many nations. ”
There’s always an alternative view and here it is straight from European Central Bank President Jean-Claude Trichet:
…Still, Trichet said the “solidity” of the euro area “is not necessarily very well known” and its situation compares “very flatteringly with a number of other industrialized countries.”
He said that according to the International Monetary Fund, in 2010 the average deficit for the entire euro region should be around 6 percent of GDP.
“Can I mention what it is for other major industrialized countries,” Trichet said. “The U.S., a little bit more than 10 percent, Japan, a little more than 10 percent, and you can find out other industrialized countries that are even higher than 10 percent.”…
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aXpyzgEZsOgc
What I’ve noticed myself is that news on Europe appears almost exclusively focused on the PIIGS on the basis that this represents the state of the entire union. Nobody mentions other countries such as the Netherlands who still only have an unemployment rate of 4% in the middle of this recession/depression. In fact, I decided to use the data on the EuroStat web site and discovered that the current unemployment rate of the ‘Germanic’ area of Europe (Austria, Belgium, Denmark, Germany, Luxembourg & Netherlands), the industrial heartland with a combined population of 125 million, is just 6.9% *. Take into account that European stats are more in line with the US U6 (17+%) and Canadian R8 figures (12+%) then this is really just corporate news to deflect attention away from home markets and/or to generate a crisis:
http://epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home/
http://en.wikipedia.org/wiki/Unemployment#Measurement
* throwing other ‘old’ European countries into the calculation such as France & Italy gives an unemployment rate of 8%, still less than some other places.
We are in a world of middlemen that thrive on our ignorance and fear from realtors, to churches, to marketers etc. Granted some are necessary in these modern times, but others are not.
It’s not unreasonably difficult to sell your own home and if you are not in a rush, it may be a good way to go. It may be good incentive if you offer to lend or give the buyers the money you saved on commission to help with their down payment.
As far as realtors, my advice on which realtor to hire is to find one who is enthusiastic and energetic and who ideally likes your house. I believe this will rub off on potential buyers. What is also important is to get a realtor that is willing be present when the buyers and their agents come to view your house. This way they s/he will get feedback directly from the prospective buyers on what they think of the house and if a common complaint arises, it can be remedied.
Ultimately because of complex circumstances, I hired two realtors to sell my place even though I had received offers which I did not accept on my own.
The first realtor did not bring an offer except for what was most likely a phantom offer on the last day of his contract (four months) and then came the pressure tactic to renew with him immediately lest the offer falls through. I didn’t go for it and SURPRISE, he said that the fellow interested could not be approved anyway. And this was a realtor I knew. He helped me buy that same house many years before and I hired him out of loyalty because he’d send calendars and “forget me not” flower seeds each year!
We agreed that the house showed well, so I asked him what the problem was that after thirty showings, not even one offer. His answer was that it is a two bedroom. Well, the ad stated it was a two bedroom. The people knew that going in, so I didn’t believe that was the reason. His attitude was quite unenthusiastic and I felt this probably had rubbed off on anyone he was showing the place to.
The second realtor was polar opposite. She was full of energy and really liked my house, which made a world of difference. She had the place sold in four weeks and was present (either her or her helper) at each viewing. She said that very few realtors do this, but it really helps to sell a house. I’d received two offers, one of which was from her helper.
Aside from the bidding war craziness in Van, Cal and Toronto, a very important thing is to offer the house at the right price and not 10K or 20K over just to see what happens because more than likely, nothing will happen. The first two weeks of a listing is all important. After that the place may sit for many months.
I’m in the process of trying to sell our Vancouver condo ahead of what promises to be a large assessment. After months of work, but no offers we interviewed other realtors, to determine if we’d been blinded, choosing to hire a friend as a realtor, instead of a realtor who’d demonstrated ‘results’.
Basically the counsel we received was “condos are a commodity” and “cut your price” for a quick sale – sometimes by tens of thousands of dollars. Quick claculations on a spreadsheet provided by our realtor herself revealed that a cut (loss to us) of tens of thousands of dollars to us equated to a reduction of less than $1000 on what our realtor would make if they delivered a completed transaction.
Gutting our price would make her job much easier – any trader will tell you that commodity will sell itself if its priced right – but would have cost us thousands, and put us in debt for years.
Not surprisingly, our agent had not even considered this perspective, when she’d given us the advice. Be careful of agents who advocate a sale at any price. They’re focusing on their bottom line, not yours. They are not impartial. They’re in this business not because they’re gifted thinkers, but because they’ve demonstrated an ability to fill in forms. In my opinion, the one advantage agents provide is ‘insurance’ in that they are someone to sue, if there are problems after the sale.
We decided to keep out place listed, at a high price to be sure, but also prepared to sell over a longer time frame, and wait for the right buyer to come along. The distinctive qualities of our place (location, size, quality, pet friendliness) will be the determining factor in the sale, not simply price, or how little our agent is willing to work for us.
Who determined the asking price? Was it based on comparables, or did you determine it by what you need to receive? — Garth
@ #17 JO:
Listings in Toronto have definitely increased, but no more than the average January for the past several years.
guava.ca updates all of the key stats each month:
http://guava.ca/indicators.html
Their data shows that there were about 10,000 new listings in Toronto, but the every January has had 10,000-13,000 new listings between 2004 and 2009.
I watched “Meet The Press” today with guests Hank Paulson and Alan Greenspan. Couldn’t believe it when Paulson actually said he’d thought house prices would ALWAYS RISE…Yes Mr. Paulson you are a very intelligent man with a firm grasp of economics and common sense – clearly you deserved to be CEO of Goldman Sachs and Treasury Secretary and paid hundred’s of millions of dollars…
And Bill’s sales records are through the roof no doubt?
Interesting New York Times article on index fund investing… this might need to be updated in 5 years if Garth is right and the markets largely move sideways for a while.
Index Funds, Dowdy to Some, Get a Notable Endorsement
Burton G. Malkiel (a professor of economics at Princeton University) has long said that no one can consistently pick winning stocks and bonds. He argues that index funds are the best, low-cost ways to invest money you will need. “We say to people in the book, ‘Don’t try to time the market,’ ” he said. “It’s not that you can’t do it; it’s that you won’t do it. The emotions will get a hold of you.”
He pushes everyone to stick instead to a balance of stocks and bonds that are right for their age and to rebalance this annually so the proportions remain the same. Yet in this sense, his advice is not so different from what strategists at wealth management firms do.
I forgot to mention that I listed with the new realtor for 10K less (her advice) than the previous listing. This of course was a very important factor in its sale. The house went for 5K below asking price, which is exactly what she had predicted it would sell for.
I was previously under the misconception that if the house is listed a little high, then anyone interested will make a lowball offer. Big mistake! It doesn’t work that way. If the price is even a little too high the prospective buyer probably won’t bother making any offer whatsoever. So, I’ve been guilty of greed during a temporary springtime rising market in 2007 that delayed the sale of my house for several months.
Some realtors won’t stress how important the price point is and go along with your unreasonable asking price so they won’t lose your listing. Then, they’ll work on you to lower the price after, but by that time it’ll be too late for a timely sale of your home. “Plug your nose” (just like you do when you’re in the voting booth) , and overcome the greed by asking your realtor what s/he feels your house should list for and go with it.
Good find. I laughed out loud.
Your stimulus dollars, hard at work:
http://au.sys-con.com/node/1275560
“$491,000 will help the Canadian National Goat Federation and the Canadian Sheep Federation to foster education within the industry on identification and traceability of goats and sheep. It will also be used to further the work done on the Canadian Sheep Federation’s Canadian Sheep Identification Program.”
Gives new meaning to the word ‘Sheeple’
#27 T.O. Bubble Boy
Traceability of livestock is mandated by many global trading partners. The export of livestock both “live” and otherwise is a foundation of our agriculture industry. The second largest sector in Ontario and Nationally by some measures in Canada is Agriculture. If one sector for example “sheep” or swine have a health issue it must be traced to the farm of origin. All export markets are closed until the issue is address and remediated. Not as simplistic as a T.O. Boy might think. It is important that those dollars return a multiple of their cost.
Every Canadian knows that Garth has great bunker with a lot of food to survive few years.
The question to Garth:
How will you defense your bunker and food from dozens of thousands hunger men, women and children coming to your bunker to take some food from your storage?
Would you hire small army to protect your food from hungry people around?
I will throw Timbits from the parapets. — Garth
Neat video. When we sell our home, I’ll ask the realtor if it can be listed and sold for a half-billion to GS. After all the legalese / paperwork, etc. are done we will have a nice retirement fund!
——
#25 Ghost of Tom Joad on 02.06.10 at 2:13 am — The video is very interesting, mainly for bloggers but not sheeple — they can’t handle truth.
#108 nostradamus jr. — “. . . the U S can bankrupt the world . . .”. — One way is printing without end, but the second (and vastly more profitable way) is to create wars here, there and everywhere.
Hence the trash talk on Iran, threatening China, etc. Rhetoric is growing louder about Iran’s non-existent WMD; about time someone (such as Mordechai Vanunu) spoke publicly about Dimona, exposing Israel’s, France and the US’ dirty little secret.
Further — Part Deux & Warhawks Driven by the elite, these two are what is helping to demoralize, destabilize and desensitize us to what is currently happening.
——
When did any of us last see the headline “China defaulting loans soar” in the same sentence? Probably hooks up with the preceding, as the whole mess is flushed down the toilet.
GS – AIG, but from a new angle.
Oil — A contrarian’s view.
First and last parts are good. A US – Cdn. perspective on ’socialism’.
Weekend consp. theory; involves salting the gold market with tungsten. Weird, huh?
Curry is tasty and healthy.
#27 T.O. Bubble Boy,
If you really want to see your stimulus dollar at work check out the Canadian Pavilion at the OWE-lympics. It is a freakin embarrassment. A total disaster. It completely blows.
The strange part is that host countries don’t usual do them or need them. China didn’t in Beijing and Italy didn’t in Turin. But WAIT – that is right – it is a great way to get free tickets for the games.
OWE Canada OWE!
#108 nostradamus jr. — “. . . the U S can bankrupt the world . . .”. — One way is printing without end, but the second (and vastly more profitable way) is to create wars here, there and everywhere.
Hence the trash talk on Iran, threatening China, etc. Rhetoric is growing louder about Iran’s WMCottonballs; about time someone (such as Mordechai Vanunu) spoke publicly about Dimona, exposing Israel’s, France and the US’ dirty little secret.
Further — Part Deux & Warhawks Driven by the elite, these two are what is helping to demoralize, destabilize and desensitize us to what is currently happening. However this puts a new meaning on pre-emptive strikes.
#25 Ghost of Tom Joad on 02.06.10 at 2:13 am — The video is very interesting, mainly for bloggers but not sheeple — they can’t handle truth.
——
Neat video. When we sell our home, I’ll ask the realtor if it can be listed and sold for a half-billion to GS. After all the legalese / paperwork, etc. are done we will have a nice retirement fund!
——
Most know that Hell Froze Over when The Eagles reunited. This is the visual version. Could be why The Goon Squad met in the Arctic a few days ago.
Wazzup with this? Something is happening which we are not supposed to know about. Second para. and comments are interesting: “Most notably are telecoms, banks and energy companies. People who would have insider knowledge if something huge were about to happen.” Also, see if this company is in the Top 50 list.
When did any of us last see the headline “China defaulting loans soar” in the same sentence?
Probably hooks up with the preceding, as the whole mess is flushed down the toilet.
GS – AIG, but from a new angle.
Debasing currencies.
I guess I can be bad too. But I’m really dismayed by the spelling of many posters. There has been discussion in the news of late of the younger generation’s inability to compose a proper sentence. I encountered this about 35 years ago. Eighteen year old kids, fresh out of a one year programming course, were unable to compose a complete sentence. I’m dismayed to see the number of presumably educated people who use ‘there’ instead of ‘their’ and ‘to’ instead of ‘too’. Rant off.
“Realtors”? They thrive on the insecure, and on government edicts, laws and regulations…
Just tell me why in hell the buyers and the sellers can’t just sit down at a table in Starbuck’s, discuss the details, strike a bargain with a handshake (and just a Notary or Lawyer) if desired and cut these leeches out completely?
Otherwise, SOMEONE ~ or both parties! ~ are just paying a middleman….
It’s amazing that so many people wish to trash RE Agents but in the same breath, buyers look negatively at FSBO listings.
This is exactly what manipulation has taken place for years to think the RE agent MUST handle all the negotiations to get it done legally on top of the only way to find potentially buyers via marketing and MLS is the only way for people and other agents to see your home.
That’s a crock of you know what especially in a sellers market. Do your homework, get a good RE Attorney and price into the top of the market not below.
Today’s RE prices will only draw prospects if you are priced high as the buyers mentality seem to disregard right pricing today!
What a joke!
I’m no marketing guru but that realtor’s vid is not a bad way to get his message out.
Still we all know the realtor (cess) pool is going to get culled over the next 5 years. The incompetent and lazy ones will be starved out.
http://www.edmontonsun.com/comment/columnists/eric_margolis/2010/02/05/12758756-qmi.html
Click on the above article. It is about the US deficit. The numbers should make your head spin. I think we are in worst shape then even Garth is saying.
When we sold our last home (20+ yrs ago) a 3 level townhouse/condo, we chose a RE agent, not affiliated with any of the big cos. He put small ads in the paper, off days. It did take about 3 mos. to sell it and he arranged a 2nd mtg. for the young chap who bought it, IIRC. It was before ’staging’ a home. But, I kept it impeccably clean, neat and what is now called ’staging’ a home. When we sold the place, I scrubbed out every cupboard, closet, etc. I know I didn’t have to do that. Thankfully the house we bought was also spotless when we took possession of it.
The video is cute, but would have been much more interesting if NIKKI was starring in it.
When I first started watching the video I thought that this was some sort of parody/joke. Sadly its real
I liked it.
Guerilla marketing at its best
I’ll be there March 31st in Calgary. Looking forward to attending and picking up a book.
@ Garth:we set our initial price with comparables,but then cut to what we could afford. We could go lower to make a sale, but I won’t pay out 40k from savings to just to have a sale tomorrow. I’d prefer to use those funds for a slightly larger place in which to start a family.
Wrong answer. — Garth
Hello Garth: As a newbie I have been meaning to write in for some time, but after seeing this video, you gave me no choice but to immediately comment. I am not one who is full of himself or even thinks highly of my profession, but I spent 5 years and then some in the working world to earn the right to call myself a ‘Professional’ Engineer. When I see a RE ’salesmen’ refer to themselves as a ‘Professional’, it does not invoke laughter … it actually makes me angry, as I take it as an insult. Its not that I think all realtors are incompetent, but I have yet to meet one that even remotely deserves to be referred to as a ‘Professional’…. and I am sure that I am not the only one that feels this way. I could go on and on, but will keep it short and sweet for my first jump into your blogging world. I have some baggage from selling my house a few years ago .. can you tell?
p.s. I am renting in TO until this market comes back to earth!
Re:Onemorething
There is a time and a place for a good realtor. They are your representative and will help you buy right. A top selling agent really does have the ear on a neighbourhood they work in.
Plus they have seen enough deals to think of the what ifs that can happen in your deal.
(No I’m not trolling the forum!)
#12 Got A Watch on 02.07.10 at 2:17 pm
Long term prospects for the CAD $ are excellent, as we will get our Budget in better shape and many years ahead of the USA, I have no doubt. Politicians in Ottawa are talking about spending cuts and raising taxes in a way that has not reached Washington yet. Canadians are more ready to accept Government tightening, we have seen it in the last 20 years, they have not till now. In the USA they are still delusional, talking about “more stimulus” as if it will revive the economy so the Federal Government won’t have to cut budgets. Ignore that epic plunge in tax revenues behind the curtain.
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I’m thinking that–housing/commercial RE/auto/toy/credit card-default on a large scale hasn’t been figure into that statement–
Not to mention much more stimulus–
Politicians “talking” about reducing deficits and raising money through taxes,is just more impossible Keynesian beliefs–
How do you raise taxes to a highly indebted/low savings rate/high % unemployed/collapsing business revenues?
Of course they can and likely will raise them,but the total tax revenue will decline–
imo–you need to look at currency devaluation–
Europe will likely bail Greece out–by printing–devaluing the EUR–
This will benefit Germany as a leading export country–
It will also likely–as you say–be good for the CAD–
Just what our Politicians don’t want or the US–
Obama wants to double US exports (((:
Harper “needs” to keep exports flowing–
So,what i see–is competitive currency devaluation–
This is why very few hyper-inflate-it’s all relative-
Currency’s float and compete–
Not one of the exporting country’s wants a strong currency–
I expect our CDS risk rating to increase as we continue down the path of borrowing from the future adding to the deficit–recapitalizing soon to be–f—ked banks–
In order to maintain–or rather–prop up a failed system–
This is what printing has accomplished after 20 years of deflation for Japan–
http://2.bp.blogspot.com/_nSTO-vZpSgc/SP4hNtRP4tI/AAAAAAAADmE/a5CAK1WrYqU/s1600-h/%24nikk-monthly.png
Here’s some of the voodoo we were operating our Keynesian system with–
http://3.bp.blogspot.com/_nSTO-vZpSgc/SZzYPiH691I/AAAAAAAAFpc/5B_Od1tGKSU/s1600-h/demand.png
http://4.bp.blogspot.com/_nSTO-vZpSgc/SZzZtStc2EI/AAAAAAAAFpk/gzygqs0mKRA/s1600-h/wages.png
All these multipliers and formulas have stopped working–
The reason why is simple–
You can’t create wealth by borrowing and spending–
Something had to give–
It did–jmo
A question Garth…does CMHC have a fund to handle the costs of defaults? ..or do the premiums just go into the general coffers?
I will throw Timbits from the parapets. — Garth
Throw the empty box my way; add sugar, bourbon and presto — life is a joyous celebration after that!
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#108 nostradamus jr. — “. . . the U S can bankrupt the world . . .”. — One way is printing without end, but the second and vastly more profitable way is to create wars here, there and everywhere.
Hence the trash talk on Iran, threatening China, etc. Rhetoric is growing louder about Iran’s WMCottonballs; ask Obama who the only country in the world was, who actually USED WMD on another country.
He may / may not remember Hiroshima and Nagasaki.
Further — Part Deux & Warhawks Driven by the elite, these two are what is helping to demoralize, destabilize and desensitize us to what is currently happening. However this puts a new meaning on pre-emptive strikes.
#25 Ghost of Tom Joad on 02.06.10 at 2:13 am — The video is very interesting, mainly for bloggers but not sheeple — they can’t handle truth.
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Neat video. When we sell our home, I’ll ask the realtor if it can be listed and sold for a half-billion to GS. After all the legalese / paperwork, etc. is done we will have a nice retirement fund!
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Most know that Hell Froze Over when The Eagles reunited. This is the visual version. Could be why The Goon Squad met in the Arctic a few days ago.
Wazzup with this? Something is happening which we are not supposed to know about. Second para. and comments are interesting: “Most notably are telecoms, banks and energy companies. People who would have insider knowledge if something huge were about to happen.” Also, see if this company is in the Top 50 list.
When did any of us last see the headline “China defaulting loans soar” in the same sentence?
Probably hooks up with the preceding, as the whole mess is flushed down the toilet.
GS – AIG, but from a new angle.
Debasing currencies.
Oil — A contrarian’s view, but now the real reason behind the Swindle of Copenhagen — to impose a new worldwide carbon tax so the oil companies continue making profits (they were behind this CC barf).
41 Dale in TO. I recall a few months back, “Devils
Advocate” played just that and tried to present realtors
as “professionals”. Numerous bloggers (including me)
pounded on him pretty good. My take is as yours, they
cover themselves with disclaimers so they take zero
liability on the transaction, and therefore are simply
salespersons.
42 OttawaMike. Also agreed. A good salesman will study the market as well as know the individual products. Have you ever noticed that good salespersons can sell anything? They just follow those guidelines and add some energy, charm etc.
Devils advocate: R U around these days? Please bring blog!
#45 Taxpayer like everyone else
Yep, still around… just accepting things for what they are, flyin’ below the radar. As Garth says… expect volatility. Those who are bent on ridin’ high are in for a bumpy ride… those of us who lay low, live within our means, and enjoy what we have rather than what we want well… things ain’t so bad. Read Garths book…
On the REALTOR thing… there is a difference between a salesperson and an agent… Those who seek the former tend to resent the experience when all is said and done. Those who use that later often return and refer friends and family. As smokers reduce smokers so to do salespeople reduce salespeople… they just don’t last.
Cheers
#42 Ottawa Mike…I’m not disagreeing on the use of RE agents but for home in Vancouver and TO with avg. single family dwellings pushing all time highs and RE agents (that are good, using same old % commissions), with it still a seller market for a least a few more hours, how can you justify them.
When those hours are up though, you will likely need an RE agent (only the best or those with a target outside of Canada) who will YES lower their commissions to get your business.
So I’ve been telling people I know that I might be interested in buying soon. It turns out many many people have some realtor, or mortgage agent they know that I “have to hire”. Three times in a week people here in Mississauga (and North York, and Brampton) have tried to point me to ‘their people’. In the end it turns out the people I know get a kickback for the referral (either RE agent or mortgage agent).
As a possible buyer, I have absolutely no interest in having a realtor help me in my initial search. In the past they’ve wasted my time and theirs as they pay very little attention to my direction as to the type of house I want. They focus like a laser ONLY on my price range and area of town, ignoring size, layout, features, and want to show me everything based solely on price and the area I asked for. They inevitably show frustration and always the line “…well nobody gets EVERYthing they want…”. I’ll use a realtor to finalize a deal once I have done the searching myself, and with MLS and FSBO sites its so easy these days.
I went to view a house in North Brampton this past Saturday. 3-bdrm with a basement apt to rent, couple of minutes walk to the GO station. The realtor had 27 showings for the time slot the tenants had agreed to (they agreed to two a week). And this was no lie…many people were there while I was and more were pulling up when I left. Outside as I was leaving, the selling realtor gave a small speech to me and a young couple, and he actually told us NOT to buy right now. He said the market is too screwy, he’s never seen anything like this. He said every listing he has he’s getting 25-30 showings at a time and offers are easy to come by. He told us all that if we can, wait till spring or summer or longer if possible.
I thought the video was a parady of a realtor.
Its a real realtor made the video.
What balls.!
Creative video! Ah, must be nice to be making 3.5/7% comission these days.
Flat fee mls listing from $999.
http://www.calgary-fsbo.com/page_content-0.html
I agree most agents are slimey. I sold real estate many years ago. The most important thing was not the customer it was the commission. There are no marketing tricks just better talkers. I know of a little blonde named Lisa in Kelowna that should have her licence pulled for some crap she’s pulled off.I’m sure she’s not alone..there are a lot of hungry agents out there that will lie, write double offers (one for the bank and one for the purchaser and vendor)and do whatever it takes $$$$ I’ve been there!!