What to expect from this lull in the Real Estate Market? 

The Real Estate market in Greater Vancouver and Fraser Valley has had one heck of a season in the last two years where the prices have almost doubled in a lot of areas. As we all know that stress test came into effect this year, and it has done its job by slowing the market down to a record low pace for sales.
Market is in a position where there is record inventory in the market and very few sales, as buyers can’t qualify, and a lot who does, expect a price reduction, as a lot of news and media speculates that happening, in the coming months. Buyers reaction to this is to sit back and wait for the correction to happen, or play low balls. Sellers are not prepared to digest the fact that they are getting lower offers than what their neighbour sold for, a few months ago.

For Sellers:
Sellers need to understand that it's the market that dictates the price. In current scenario, where the market is seeing a downfall, or we can say beginning of a price correction, they need to realize that it’s the same market that almost doubled their property to what it was two years ago, and understanding this simple yet not so easy to digest fact, can eventually save them a few thousand dollars, if they price their property to sell for at the right price in current market conditions. An experienced local Realtor can explain them the market conditions, and can help them pricing their property right. Eg. It’s better to sell for a corrected price of ‘x’ today, rather to wait for more correction to happen to decrease the value furthermore.

P.S. The market typhoon that just passed doesn’t come very often, so don’t expect the market to rise at the same pace again anytime soon.

For Buyers:
Great opportunity to choose from a record huge inventory where the market conditions are in a transition period from Seller’s market shifting towards Buyer’s market.
‘Should I wait more for the correction to happen?’, is the number one question in today’s market for Buyers. Well, no one has the golden ball to predict the future, but the present looks bright and shiny for buyers. They now have more inventory to choose from, more time at hand, opportunity to have their terms and conditions in the purchase contract, unlike, throwing non subject cash offer trend that was happening in last two years. It is a great opportunity for investors to throw in some low ball offers where they may have a chance to get a good deal.

For now, its a transition towards more balanced and stable market, but you could still be in the game as a winner - be Seller or a Buyer.

- Atinder Singh
Century 21 Coastal Realty Ltd.

Important Disclaimer: The above written  information is a general idea of a Realtor without warranty or liability for any incomplete or misleading information. Atinder Singh or Century 21 Coastal Realty is not responsible for the actions taken in reliance on the information contained neither in this publication nor for any errors contained therein or presented thereat or omissions in reaction thereto. Atinder Singh hereby disclaims any and all liability to any person arising in respect of this information and of the consequences of anything done or purported to be done by any such person in reliance, whether in whole or part, upon the whole or any part of the contents of this information.