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MARKET UPDATE FOR JANUARY 2014

SNOW ISN'T FALLILNG, BUT RATES ARE...

Yes, that's right; mortgage rates dropped this week as sales have slowed and as banks compete for fewer borrowers.  The interest rates are expected to stay quite low through the year and into 2015.  5 things to know about interest rates.  While some parts of the country are experiencing a slow down in sales Greater Vancouver is moving along quite nicely.




Listings are up:  the amount of listings that came onto the market in January are up approx. 4% from last year.




Sales are way up:  sales have increased approx. 30% compared to this time last year.




What does that mean?:  if listings are slightly up and sales are way up then more of the inventory is being purchased when compared to last year which is keeping the market balanced.  A balanced market is great; sellers need to be priced in line with the market; buyers don't have to sprint but they cannot drag their feet either.  Having said that some properties do require you to sprint to them.




Multiple Offers:  I've had 2 clients this year purchase a property in multiple offer situations.  The market is active and it's important to have a Realtor at your side monitoring new listings to ensure you're properly set up to purchase or properly marketed to sell.  Can you think of anyone that is looking for a realtor?  Please keep me in mind.

 

 

Who do you listen to?  There are a lot of mixed messages out there.  Sometimes you don’t get the full picture and because every market can be different from the next you really want information specific to your market and your investment.  gfeldstein@sothebysrealty.ca 604.782.7545

 

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