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MARKET UPDATE FOR OCTOBER 2013

Ma! Where's the meatloaf?

Comfort food season is upon us!:  I like this time of year, skiing/ snowboarding, toques, gloves, scarfs...  And you get to indulge in some delicious comfort foods that can be a little too heavy in the warm summer months (ahem, days).  Some people might steer clear of comfort foods altogether because they aren't the most healthiest choices but it doesn't have to be that way.  Have a taste of this recipe and feel great about it!  There's also more recipes than this one and a blog worth following.

Huge increases in sales:  The number of properties sold in October 2013 are nearly 40% higher than October of last year.  Even though this time last year was fairly quiet what does that increase tell us about the market?  It tells us that people are ready to sell and certainly ready to buy.  There were also more properties sold in October than September.

How's the inventory for buyers?:  Depends on who you ask really.   What I can share with you is that the number of listings in October was virtually the same as in October 2012.  So if sales are 40% higher but listings are the same then the demand is growing at a faster pace than properties are coming onto the market.  This is creating a "sellers market" in most areas, but not by much at all.  Sellers, don't get cocky. 

Buyers make sure you're ready:  While I haven't been seeing or hearing about too many multiple offer situations lately I am seeing a good amount of buyers in the market so you need to make sure you're able to pull the trigger when you want to because if you don't someone else will.  I'm not suggesting that it's a must that you make an offer on a property the day you see one you like, although ideal, I'm suggesting that you act swiftly.  Review the properties you've seen and make appointments to go back for 2nd viewings the following day or two.  By being able to pull the trigger I mean make sure you have all your ducks in a row.  Get your lender what they need right away!  Some items may take more time than you think to collect.  You can make an offer at any time but when you make an offer it should be with confidence.  You should completely know your situation and your finances so all your attention is on the overall condition of the property.

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.  If you know of someone looking for a realtor please keep me in mind. gfeldstein@sothebysrealty.ca 604.782.7545

Here's October's Stats Package & Sales Ratio Breakdown.

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