Robert Valeriote 604.880.1300

Newsletter E-market update

October 03, 2018

October 2018 Newsletter

Market soft…… with a twist!

 I recall the recent market conditions of 2008 and late 2012 when the sales numbers were down. 2008 was not a good year to have to sell your home. Prices dropped, people panicked and there was a flood of new listings every day. Buyers could pick and choose their new home at a discounted price. While we are presently seeing a softness in the market, this time sellers are holding back and not flooding the market with new listings. The result is that there is no sense of urgency to sell (except in some cases) and no sense of urgency to buy. I like to compare it to a “slack tide” on the ocean where there is no current moving one way or the other. The momentum in our real estate market is at a soft standstill.

Unlike past years, this slowdown is more of a government-induced one with foreign buyers’ taxes, tougher mortgage stress tests and slightly higher interest rates. This is especially true of our detached home market where prices have softened. The condo and townhome market are also affected but remain in balanced market territory. Confidence in our market remains strong and the long-term outlook is positive. Sellers are not panicked, and buyers are taking their time to decide.

Properties that are well priced are still selling quickly, but those sellers expecting to get last year’s prices for their homes are having to wait until they reduce their asking price. There are definite buying opportunities in this market; a great time to upgrade or make an investment purchase. Buyers, for the first time in a long time, can complete their due diligence and negotiate on the property they wish to purchase. A lot of the buying stress has been removed in this balanced market environment.

I offer:

  • Over 20 years of experience in your market area.
  • Professional and honest expertise.
  • A full service and extensive marketing plan to maximize the sale price of your home.

Robert Valeriote
when it is time to sell…call me first!!!

Robert Valeriote, Vancouver Condo

View the current Vancouver Condo Real Estate Listings

 

This communication is not intended to cause or induce a breach of any existing agency agreement.


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