It’s no surprise to most Fall and Spring are the two key times of year to sell or buy a property in Vancouver. With the market having gone through a substantial correction over the last year or two, we’ve seen signs of stabilizing behaviour over July and August. This behaviour has come just in time for the season rush. With home buyer demand already picking up, and now boosted by a typically busier time of year, it could be a much better than expected, few months for the Vancouver Real Estate market.
Open Houses have been SUBSTANTIALLY busier these last couple of weeks. Whether your looking at a $550,000 downtown condo or a $1.7M home in Coquitlam. It seems the level of buyer activity has certainly increased. To put this into perspective, it was not uncommon for a Realtor to host an open house at the start of the year and not get any one come through the door and show interest. These last few weeks have seen that change to easily 10+ groups a day coming through the doors. Not to mention seeing homes sell within days or a few weeks is not that surprising any more.
The Real Estate Board of Greater Vancouver will be coming out with the September statistics in the next 7-10 days which will show us exactly how the markets have performed in September. Some would even say this is a pivotal month with July and August showing much more promising results. Should September do the same, you are now looking at an entire quarter of increased activity in the market.
Of course there is still the talk on recessions, new construction being completed and flooding the market, however, until those circumstances take place we can only base the market on where it is today and what the trend is showing. In this case the trend pointing more and more to a balanced market.
One thing is for sure though, market value is still king. Although the increased activity has been at play since July, the numbers and DOM clearly show buyers are not willing to overpay. In a nutshell, yes you are more likely to be able to sell your home in a balanced market, however not if it is overpriced. Those looking to hopefully catch the market when it is back on the up have a long wait till we start even nearing that point.
Don’t forget, a market does not decline and then all of a sudden spike again. The ‘balanced’ side of the market is looking more and more where we will be over the fall period. Balanced markets are key to getting your pricing right. Buyers still have a lot to choose from in the market so be cautious of pricing yourself out of range.
Thanks for reading along this week! If you’re looking at ‘getting to SOLD’, give us a call and let us make that happen. If you are looking at purchasing, we can make that happen too!
Until next week,