Why a buyer's market is a first timer's market

Most first-time buyers today are hesitant and will end up waiting too long   before getting into the market, David Watt of the Real Estate Board of Greater   Vancouver says.

The irony is they are in a much better situation now in a buyer's market with   low interest rates. But they will wait until it's a seller's market before   making a purchase, Watt says.

"It's human nature. Buyers love to buy when everyone else is buying and that   is typically a seller's market," he says.

Watt adds he talked recently with a mortgage lender from one major charter   bank in Vancouver who reports there's a huge inventory of pre-qualified "people   who are just sitting on the fence."

"It takes more courage to go against the crowd and buy in a buyer's   market."

Others in the housing field agree it's unusual more first-time buyers are not   jumping into the market, considering the benefits. These include lower interest   rates and the ability to shop around to negotiate the best deal possible without   worrying they will end up in a bidding war or have to forgo the home inspection   clause.