The Fall Market is an Excellent Time to Buy!
There is no shoratge of news about the real estate market lately! As we have been saying for a couple of months now - we are in a buyers market with the listing raio sitting at 9%. This ratio has been declining in our market since March when it was 19%.
This means there are more listings and less sales. The buyers have more choices and are taking their time to find the "perfect" home. What it means to sellers is that you have to be competitively priced in order to produce an offer. Buyers are looking at many more homes before they make their choice. The buyers are educated on what the competition is and what a godo listing price is as they have shopped around.
Mortgage rates are extremely low which makes it a great time to buy as well as sell and move up to a more expensive home! Time and time again strategists are saying that mortgage rates should remain relatively unchanged for a couple more years.
Whether you are thinking of buying or selling this month we are promoting Linda Feinstein from Fine Redesign as our Business Partner. Linda has worked with several of our clients staging their homes in order to be "Show Room Ready". Linda will also come and give you decorating ideas on your new or existing home if you desire a change!
Stats: Real Estate Board of Greater Vancouver / August 2012 - Over August 2011
Total number of residential properties lisitngs on the MLS increased by 13%
"Home sales this summer have been lower than we've seen for most of the past 10 years, yet we continue to see relative stability when it comes to price." Eugen Klein, REBGV president.
Benchmark Price Detached - Increased by .02% to $942,100
Benchmark Price Attached - Decreased by 1.9% to $462,300
Benchmark Price Condo - Decreased by .09% to $370,100
Item of Value: This month we are passing along the estimated expectancy of various surfaces, appliances and systems in your home. If is information that you can certainly use when planning ahead for the eventual replacement of these items. There is also a list of simple home maintenance tips that could help extend their useful life and save you money! Download your copy HERE!