The market is changing and going through it's phases.
With more listings on the market and the interest rates on the way up we are slowly switching from a sellers to a buyers market.
Is that bad? Your home will cost you more?
It depends. The way some of the buyers behaved in the sellers market, it may actually do them some good. And why is that?
In a frenzy of rising prices and lack of inventory, buyers were making some pretty stupid decisions. Like, buying a home without having it inspected!! You are making your most important decision of your lifetime, committing yourself to mortgage payments for the next 25 or so, years, and you don't even want to know in what shape is your future home?? For those buying into a strata, condo, enviornment, it was like, you want me to read strata meeting minutes for the last 2 years? I don't have time. If there are no tarps it should be OK!!!
Stupid or what? You buy a $7000 car and you take it to a garage to make sure it doesn't have any problems. Helooo!
Homes can have a lot more suttle problems or real ones you may not even think of. Some of those buyers have had some rude awakenings. Let's hope it wasn't you.
In a buyers market the buyers are not rushed. They have time to think, assess, inspect and decide overnight, (at least), without to have to make a snap decision. They can make a purchase without that tight gut feeling of, Oh my god? What did we do?
That is not to say that a home of any kind may not have some issues. But at least you get into it with some knowledge based on some good research and good home buying practices.
And how does this "new market" scenario affect the seller's?
Read it in my next post about seller's choices.
Jeff Stark works with Buyers and Sellers to guide them through a complicated process of Buying and Selling real-estate with a minimum of hassle making the process enjoyable, as it should be.
Finding your dream home is not that difficult. Check this video
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
