March Roundup From Three Perspectives
Well, the March 2013 numbers are in and they mean three different things to three different sets of people.
For the average seller of Vancouver real estate, there has been a slow steady decline in housing prices. Year after year totals for detached homes, townhouses and condos in Metro Vancouver have slipped 3.9%. Not wanting to get less than what they perceive their home to be worth, many sellers are simply hanging on, and holding out. The change in the HST should make a difference in buyer interest, but at the current trend, it’s the sellers who are stubborn to let go for a little less. Developers, if you want to get the best value, the HST rush could be your best opportunity. Let’s talk. Things are looking better than they appear, for you at least.
For a Vancouver REALTOR® however, the monthly figures don’t look so rosy. January saw a 14.3% dip in sales from 2012. February followed suit with a 15.8% slump from last year and now that the March 2013 numbers are in, we are facing an 18% decrease in sales compared to the same time in 2012. Prices are more or less stable, down slightly, but nothing double-digit, nothing too worrying. It’s just sales that are down. This is a bad thing when you’re business is based on transactions (like yours truly, the government , and the economy as well).
However! For the average buyer of Vancouver real estate, all this dreary news is kismet for you. It’s a great time to buy. Record low interest rates (we’re talking under 3%), seller anxiety, and a lack of competition mean that you can negotiate your way to a fantastic deal in a slumping market, provided that you have “The Hammer” on your side. I would be happy to help you find a great place that suits your needs and we can likely get it for a lot less than expected…factor in the low rates and you are laughing!