It is about that time again with winter gracing us with it's presence and daylight finally getting brighter. So I thought I’d provide you with a market update. The market right now is still slow but there has been more activity in the past few months this year then there was for the past couple years. It definitely is showing that the market is starting to take a turn for the better and we are hoping for an active spring. There still is a lot of competition on the market so price is everything. Buyers want to get the biggest bang for their buck and are looking for the best "deal" out there. To make sure your home looks the best on the market keep it clean and tidy and price it right. You don't want your listing to sit on the market for a long time becuase it will then become stale and may start being overlooked. Again folks, price is everything and with alot of competition out there, that is what helps your listing stand out from the rest...food for thought.
As for pricing, prices are not expect to increase but remain quite stable. The way prices on the market work is everything low end and everything high end has to move before the middle starts to move. We do however expect the middle end prices to start moving in 2012.
On a positive note, banks are keeping the interest rates lower and encouraging buyers to purchase through offering a hold on their interest rates for approx 90 days. In the broader market, Vancouver is starting to pick up, which is a good indication that the market is starting to see good things. Once Vancouver picks up it starts to trickle its way down and we usually start seeing the effects within 4-6 months depending on the market. Please see attached for some recent stats on the market (Market Statistics )
There is light at the end of the tunnel and with time any listing can be sold. Price is also an indicator of how fast your home will sell.
This a snapshot of what is happening on the market these days. If you would like specific information on your listing or home just let us know, we'd love to help.