Buyers are in control at the moment, but for how long?
The following graphs indicate how long will it take to sell an average condo or a home in various areas of Greater Vancouver.
We have to keep in mind that this is probably the worst scenario you are about to see, and here are the reasons why.
As we all know the market crash, and the financial crisis has hit us in the last 3-4 months. The market high was in August and September followed by a a quick and sudden market slowdown. However things have picked up recently as you can read in my last blog; Are we there yet?
It all stacks up in favor of the buyer. We have to keep in mind than between 24% and 39% of all the listings have been on the market less than 30 days.
This would indicate that after the "DRY" period of November and December, a very few listings have been entered for obvious reasons. Now there seems to be a new attitude from the sellers, who see an opportunity to sell their homes with the help of willing buyers and historically low interest rates.
Buyers in control? Yes, but this is more reason why buyers must be on top of things and be ready to fire, (be approved), and find that ideal property. This is not a "flippers" market, but one of the best buyer markets, buyer's will see for some time.
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 604-506-8481 or email me at jeff@jeffreystark.net
