With positive stats being reported at both the North Shore and the overall (Greater Vancouver) levels, I believe we are coming to the end of a turnaround summer.
I’d like to highlight a quote made a day or so back, by this year’s REBGV President, Sandra Wyant – “People entering the market should not confuse stronger sales activity with rising prices. Home prices have been quite stable and consistent for much of this year.” The core of this message is the status of our current market and I wholly concur.
Well, what does that mean to buyers and sellers? To buyers – with shrinking inventories and some evidence of an uptrend in mortgage rates, a message to acquire the new home before the inevitable (albeit gradual) rise in prices. To sellers – take advantage of the growing demand, or, if you wish to, and have the luxury of time on your side, gamble on the upcoming stronger market for that same increase in prices. Where this “gamble” is not advisable, is if you’re planning to move up (buy a more expensive home). Remember that any price shift in the market in percentage terms will mean that the gap between what you net on your sale in the future and the price you’ll be paying will be higher in actual dollars. (e.g. sell today at $800,000 and buy in this same market at $1,000,000 = $200k injection of cash on hand or debt vs. waiting for a 10% increase in the market would (at 10%) mean a gap of $220k. Yes, we seem to have reached that turning point with sales increasing and inventories subsiding. The pent-up demand of the last year and its slow recovery in the first half of 2013 are establishing a more balanced market.The relative “bargains” of the past six to twelve months have all but disappeared and prices will begin to rise. Get the advice of an experienced Realtor as to the relative demand for homes in your present location vs. that in your target location.
‘SnapStats’ (what price ranges are selling and which are not) is being very well received. I’m now forwarding the past 12 month trend for not only N and W/Van but ALL available metro neighbourhoods, as many requested. If any locations are not of interest, please ignore those areas.
So, visit my website to see and “hear” the new developments. I continue my commitment to keep you… www.OnTopOfTheMarket.ca – the “go to” site for N/S R/Estate analysis and jump-off point for FULL market information.