As we roll over into the winter market here in Vancouver, we’re left pondering what will happen next month in the market, and will there be opportunity for buyers and/or sellers of any kind?
Well of course we do not have the infamous crystal ball for the market, but we can look to make an estimated guess, also called a guesstimate, of what will happen in our minds!
Now in our minds can be a dangerous place to navigate, so we’re going to wade through the thoughts of English Tea, Vegemite, Mulled Wine, Odd shaped balloons (don’t ask, that’s Jay) …… All the way to Vancouver real estate.
Probably to most people's number one question:
Yes. We believe volume itself will slow down. I.e. less active properties will be available and less sales will take place, however looking at a year-on-year view, we feel we will be exceeding last years figures as we have been since July this year.
Neither. We are in a balanced market with property selling, in a lot of cases, fast! So this takes away the downward pressure needed to reduce prices. On the other hand, the figures we are currently seeing are relative to a sellers market, but these figures need to be more consistent over the long term before we see noticeable upward pressure on pricing.
Sellers - A lot of people do not want to list their properties over Christmas. Due to the holidays, weather, New Year etc, it can be a difficult time to run everything from open house availability, through to completing and moving out. So sellers, you are less likely to come up against an abundance of competition if you are willing to accommodate these things. It’s also more likely that those looking at your property are more serious buyers than just the ‘Looky-Loos.”
Buyers - For the same reason as above, you are likely to face less competition in purchasing property. Don’t be greedy though, there will still be competition, just LESS of it. Especially if you can be flexible on dates with potential sellers too.
Absolutely! Not just because of the above questions answer. The market overall is showing seller market activity, and as of the writing of this in November, it looks like that will be the same for the month of November. Take advantage of the upward swing, especially as you will face less competition in December than normal.
On top of that, with the market acting the way it is, a lot of buyers are missing out on their properties of choice and are currently waiting for new to market opportunities to come available. You could quite literally be exactly what someone is looking for, they are just waiting for the opportunity to become available... AND YOU ARE IT!
Of course these are our predictions and we cannot guarantee the above, but based on our experience, what we are seeing, and the figures, this is where we feel we will be in December! If you want any further questions answered, feel free to reach out as always!
Until next week,
Well of course we do not have the infamous crystal ball for the market, but we can look to make an estimated guess, also called a guesstimate, of what will happen in our minds!
Now in our minds can be a dangerous place to navigate, so we’re going to wade through the thoughts of English Tea, Vegemite, Mulled Wine, Odd shaped balloons (don’t ask, that’s Jay) …… All the way to Vancouver real estate.
Probably to most people's number one question:
- Is the market going to continue improving as we go into Christmas?
Yes. We believe volume itself will slow down. I.e. less active properties will be available and less sales will take place, however looking at a year-on-year view, we feel we will be exceeding last years figures as we have been since July this year.
- Will Prices Increase/Decrease?
Neither. We are in a balanced market with property selling, in a lot of cases, fast! So this takes away the downward pressure needed to reduce prices. On the other hand, the figures we are currently seeing are relative to a sellers market, but these figures need to be more consistent over the long term before we see noticeable upward pressure on pricing.
- Where is the opportunity for Buyers and Sellers in December?
Sellers - A lot of people do not want to list their properties over Christmas. Due to the holidays, weather, New Year etc, it can be a difficult time to run everything from open house availability, through to completing and moving out. So sellers, you are less likely to come up against an abundance of competition if you are willing to accommodate these things. It’s also more likely that those looking at your property are more serious buyers than just the ‘Looky-Loos.”
Buyers - For the same reason as above, you are likely to face less competition in purchasing property. Don’t be greedy though, there will still be competition, just LESS of it. Especially if you can be flexible on dates with potential sellers too.
- Is it worth listing my property in December?
Absolutely! Not just because of the above questions answer. The market overall is showing seller market activity, and as of the writing of this in November, it looks like that will be the same for the month of November. Take advantage of the upward swing, especially as you will face less competition in December than normal.
On top of that, with the market acting the way it is, a lot of buyers are missing out on their properties of choice and are currently waiting for new to market opportunities to come available. You could quite literally be exactly what someone is looking for, they are just waiting for the opportunity to become available... AND YOU ARE IT!
Of course these are our predictions and we cannot guarantee the above, but based on our experience, what we are seeing, and the figures, this is where we feel we will be in December! If you want any further questions answered, feel free to reach out as always!
Until next week,
Jay McinnesBen Robinsonjay@mcinnesmarketing.comben@mcinnesmarketing.comT: 604.771.4606T: 604.353.8523