We hope everyone is enjoying the beautiful Vancouver summer.
I get asked all the time about our Real estate market and what’s going on. Everyone wants to know where prices are headed. Everything I tell you here is just my opinion being on the front lines and seeing what’s happening at open houses and with home sales in our Vancouver markets.
We believe we are getting close to the bottom of the market for prices. I say that for the following reasons.
Interest rates are creeping lower. This is a complete reversal from where everyone was predicting they were headed this time last year.
Open Houses for certain types of properties are seeing increased traffic. Where four months ago you might have 3 to 4 groups pass through your open house we are now seeing number back to 15 to 25 groups.
Multiple Offers are back on certain types of well priced properties. In the past three weeks I have been involved in four multiple offers on different properties. One of those homes sold $ 100,000 OVER asking price. Buyers are recognizing some good deals out there and are now seizing on the opportunities that exist
Tough to predict whether we will see a pick-up in sales this Fall or not. We have a federal election in October which tends to keep markets cool during periods of political change and uncertainty. I do strongly predict that late Winter / Spring 2020 we will see a pick-up in sales activity and a stabilization of home prices in the lower mainland.
I am sure you have heard the saying, “ be greedy when others are fearful and be fearful when others are greedy.” We think this is a good time for those that have the resources to look for opportunities. We like single family homes and small multi-family properties. I would be buying close to transit lines, busy streets for possible re zoning. I prefer markets that have in the past and present are less reliant on foreign buyers. I would be careful jumping into the pricier upper end of the market and focus more on houses priced below $ 2 million.
If any of you have questions and or would like more information on our ever changing Real Estate market we are always available to be of assistance.
Have a great summer!