The date is August 8th, 2019. We’ve just released a blog titled ‘Did The Market Just Turn?!’. For those who have not read this blog, you can check it out here. But in a nutshell, this blog summarizes the July 2019 markets activity, as for the first time in a while, the figures were looking really positive.
The reason I bring this up, is we had an overwhelming response from our readers and viewers when we dropped this CRAZY topic, Heaven forbid someone should tell the truth, regardless of whether people wanted to hear it or not … What were we thinking!!! But on a serious note, out of these responses, we had a lot of people saying this was a temporary hiccup, fear of missing out (FOMO), a dead cat bounce etc etc.
Well we are not here to point the finger and say who was wrong and who was right, we are here to educate and update on Vancouver's real estate market. But it’s important to look at what has been happening since then, as a lot of people (us included) sometimes let their own ego/beliefs get in their way of them being successful.
If you had said back then the market pick up was a hiccup, and it was coming back down, I would 100% have listened to you and even gone as far to agree with you that this is a high probability. Now here we are 4 months, over an entire quarter later, with activity STILL looking positive and pushing the market in the right direction.
We are now, and I cannot repeat that enough, NOW at a critical time in the market. Right here is where people either make it or break it in real estate. Where you either make excellent decisions or harbour quiet regret. Right now activity has turned to a point we are out of the buyers market and into the balanced market. Plain and simply this means downward pressure has stopped on the market. You may have seen this via multiple offer situations coming back into play, fast sales taking place, missing out on your desired property and so on.
Yet despite this activity, we have now only JUST seen a very slight increase in some home segments pricing, 0.2% to be exact, see here for reference. This is a minimal increase of course, but if the market continues in this direction, we will be thrust back into a sellers market with more and more pressure on prices moving upwards again.
TO MAKE THIS CLEAR, YOU NOW HAVE THE OPPORTUNITY TO PURCHASE REAL ESTATE AT BOTTOM LEVEL PRICING!!
It has been 4 months of increased activity month over month. To those still calling a market hiccup, I ask this, how long does a trend have to take place to not be a hiccup? If the market increased year over year for a full 12 months, is that still a hiccup to you? That’s a pretty long hiccup if you ask me!
If we had seen numbers take a rise for a month or two, then started to level out and trend downwards again, then yes that would have been the sign of a market hiccup. But we are approaching 6 months, i.e. half a year of increased market activity. Don’t let ego and a refusal to believe the stats stop you from winning. Worst of all, don’t be the person shouting “It’s a market hiccup” over and over till we flash forward 3 years….
Thanks for joining us this week everybody!
Until next week,