Things are changing and the Buyers are slowly getting the upper hand. A you can see from the attached graph, most of the properties are taking more than 5 months to sell.
The graph represents the months it takes to sell a home or a condo ion various areas of Greater Vancouver.
Five months being a balanced market and anything above that means that the inventory levels have increased and more competition is on the market.
Bad news for the sellers? Not really. Properties will always sell, even in a tough market, just not above the market values.
Even at the lowest point of the past short real estate recession locally, there were properties that sold. Currently we are at the highest value levels we have ever seen around here. If have had your home for a few years, you will make a nice profit, and if you are moving to another property in the area, being a move up, or move down, you will get a good deal also.
For the Sellers it means that they have to be more realistic as to where they price their properties and do whatever they have to to maximize the best return on the sale.
They Buyers will not probably make multiple offers, because there is a good selection. They will take their time.
The Sellers will have to keep their homes in pristine conditions with good curb appeal and provide complete information about their home.
Good idea is to have an inspection done by a certified and now, required to be licensed in BC, home inspections specialist, before the home is put up for sale. The report may indicate some easy fixes to the home that may otherwise rise Buyers suspicions and delay their decisions. Small investment that may pay off with a better return and avoid inspection traps, you should know about.
If you are looking to Buy or to Sell real estate in Vancouver area, give me a call. My consultations are FREE. The benefits to You, may be worth a lot of money.
Call Jeff Stark at 604-290-7890 or email me at jeff@jeffreystark.net
For a list with pictures of Burnaby 2 bed/2bath condos in a price range between $250k and $500k visit:
http://www.burnabybestbuys.com
