Vancouver Market Update....
Compared to this time last year and last month. Sales are down. We are clearly seeing an adjustment at the moment. We've had new taxes and stricter lending requirements come out which has bred uncertainty. When buyers are uncertain they pull back and when sellers are uncertain they jump in. Our market has been so fast paced for the last while that very few people have any conception of what it normal. Especially if they are new to the market.
What I'm experiencing (with over a decade in the business) is the beginnings of a normal market. Listings are up compared to last year but the number of new listings that came on the market in May and June of 2018 are down. This is more evidence that we are headed to a balanced market.
The Benchmark price of a property is still higher than this time last year by quite a bit but hasn't changed much in the last two months. Single family homes have dropped a bit.
Buyers, keep looking! Negotiations are smoother, you're not competing with as many buyers and we aren't seeing as many multiple offer situations. Sellers, really dive into pricing strategies. Be careful of what price other properties on the market are asking that you're comparing yours to. Note the days on market. There are a lot of over priced properties out there. Properties are selling everyday. Make sure your property is prepared for market the best you can so it will stand out.
Do you want to know exactly what the market is doing as it pertains to your specific property and neighbourhood?
Call/ text/ DM I'm always happy to help and paint a more clear picture.