DON’T JUST READ HEADLINES

 

“Real Estate in Vancouver is down 25, 35, 40% in some areas” are the headlines we have seen as of late. Since both the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board released their June 2018 stats last week. But these headlines don’t paint the actual picture of what it is we are seeing.

Inventory is up considerably from last year and the sales are down from last year’s levels. Does this mean prices are plummeting? No. What this means is the market is moving towards a balanced market (no longer a seller’s market). Seller’s market consists of when inventory levels sit around the 1-3 months of inventory (days on market comes into play here) balanced is 4-6 months of active inventory and 6+months is a Buyers market. In most cases with the low sales numbers (-38% from last year) prices are actually up a bit, the HPI benchmark price on townhomes, for example, is $558,000.

So what does this all mean?

If you are selling, now more than ever you need to speak to a real estate services langley professional who can show you what work needs to be done to your home before you list, that will attract attention (because remember inventory is up, meaning more competition). And price it properly! Most people arguably have made around $5,000 plus per month on their townhomes/ apartment for sale langley bc each month over the last two years, in some cases more. So if you have to price it lower than a comparable sale that took place in April, then that’s what needs to happen if you are effectively looking to sell. Gone are the days of “subject free” offers or offers are “6 pm Monday night.” We’re balancing, which is good!

If you are buying, make sure you absolutely get a pre-approval in line. Forget about the changing market, get that number so you can actually see homes that are in your budget. Speak to a real estate assessment professional and have them show you listings and sold’s in your desired area and look for any trends that have occurred. Getting your deposit in order to will also show to any sellers, that you mean business. Prepare to negotiate, that’s where your realtor comes in. Last but not least, have fun! You’re shopping for homes, go out and enjoy it!