If you've been thinking about buying or selling a home in Vancouver, or if you've been thinking about putting your buying or selling plans on hold because the real estate market has been shifting, I have some important information and advice that I'd like to share with you.
Assumptions about the Shifting Real Estate Market in the Lower Mainland
The Lower Mainland Real Estate Market has been shifting over the last few months. Prices are no longer rising and activity is down, but I'm also noticing that there are a lot of assumptions and generalizations that are being made.
And one of the biggest assumptions that are being made right now is that prices are down considerably and equally across all of the cities in the lower mainland. But that is simply not the case.
Surrey and Maple Ridge, for example, have seen their prices dropped by anywhere between 15 to 20% from their peak, from some of the recent sales. But you have to understand that Surrey and Maple Ridge were also cities that had seen considerable appreciation over the last two years, anywhere between 50 to 70%, whereas Vancouver only experienced an appreciation of between 20 to 30%.
So what's going on with the prices in Vancouver?
Well, for the most part, they've been relatively stable and in instances where they have come down, they've only come down by a small percentage
Should you sell now? Should you buy now? Or should you wait?
This is a question that a lot of my clients have been asking, and you're probably asking as well.
The simple answer is, it depends.
But please allow me to elaborate.
Selling a Home in the Greater Vancouver Area
Well, one thing is for sure, prices are no longer rising. There is no more upward pressure on pricing. So if you are thinking about maximizing your sale price in the short term, then yes, you should definitely consider selling.
Selling and Buying a Home in the Greater Vancouver Area
If you're going to be selling and buying, you should also consider moving forward because even though the market is no longer heated and you're not receiving condition-less offers and prices that are well above market, sellers are still getting really good prices for their homes.
And when you sell and then become a buyer, you no longer have to deal with the heated sellers market as a buyer, which can be very stressing and challenging.
Buying a Home in the Greater Vancouver Area
If you're going to be buying in a neighbourhood where the inventory has been historically low, then it may be more advantageous for you to move forward now and not have to worry about competing with other buyers versus hoping and waiting for prices to decline.
If you're thinking about buying in a neighbourhood where prices have come down and the inventory is rising, then it may make sense for you to wait and watch to see what happens.
Be Market Wise. Make Informed Decisions
This is why I always emphasize not to rely on news headlines, general statistics or averages when making a decision on buying or selling. You should keep your eye on the property types and the areas that are most relevant and most important to you.
Be market wise, monitor what matters, so that you can make informed decisions.
If you're interested in knowing what your home is worth in today's market, or if you're interested in knowing what the inventory levels are like and how much homes are selling for in the areas that you're interested in moving to please click here.
Or if you prefer, you can call me, you can text me, you can email me. I promise you that I'll provide you with an informative pressure free conversation.
Thanks for reading and have a great day.