We are currently experiencing a Buyers market. Recent sales data shows us that the housing market in the Vancouver Region in the latter half of 2018 has slowed. List prices are holding steady, but we have recently started to see a downward trend in list prices and Buyers acceptance of offers below list price.
Now might be a good time to purchase a property. Sellers are becoming exhausted with the competition. Listing prices are starting to reflect Seller "Fatigue" in their MLS list price expectations and / or they are accepting offers below list price so they can make the sale and move on.
1. Bank Rates are still fairly low, but are creeping up.
Rates are on the rise, and it's been widely predicted that they will continue to increase. Buyers are worried that the longer they wait, the more expensive it will be to purchase a property. Buyers are following these rate inceases and thinking of jumping into the market, or upsizing their home before the rates get too high.
2. It has recently shifted from a Sellers to a Buyers market.
Sellers have enjoyed watching their property values incease significantly in recent years and they are now looking to capture significant non-taxable capital gains profit in their homes.
Now that the market has shifted in favour of Buyers, some Sellers are making price concessions and offering incentives to capture the attention of potential Buyers. Cash buyers and those with pre-cleared mortgages have a chance to snap up a home for an attractive price in this Buyers market.
3. Home prices are holding steady
The significant price inceases we witnessed in recent years have largely stalled in most areas. A range of International, National and Regional market forces have stabilized the market at all levels. The Vancouver Region is still a highly sought out as a stable, safe, comfortable and enjoyable destination for families and businesses. For these reasons, real estate prices may dip a little bit in the near future, but they are likely to stay high and continue to rise, albiet more slowly.
4. People have more money in their pocket
Consumer confidence, low unemployment, and stock market surges are giving people confidence to invest in real estate. Many current home owners are interested in "cashing out". They want to enjoy the significant non-taxable captial appreciation of their homes. There are also many members of our aging population who want to down-size. When these homeowners sell, almost all will need to purchase a replacement home, making the condo and townhome maket strong.
5. Millennials are ready to commit
Millennials, often crippled by student debt and low starting salaries, have been especially hampered by rising interest rates and increasing home prices. These first-time buyers have been saving their money and are now getting ready to take the plunge, largely at the condo and townhome levels of the market.
Now is a good time to explore the market. The stabilized prices, comfortable bank rates and ample inventory make it a very good Buyers market. Contact me for further market information in your region.
More Information: Richard White Sutton Realty 604.828.3847 firstname.lastname@example.org