Are you seeing a lot of FOR SALE signs these days? They are popping up all over as the Vancouver Real Estate market is currently in a Buyer’s Market. What does this mean for you? If you are buying for the 1st time, then this is the best time for you as you have a great selection to choose from and you can take your time to select.
If you are selling with the purpose to buy another property, then you are also alright as you may be selling a little lower, but you will also buy a little lower. It’s all relative when you remain in the market. As a Seller, the important thing to remember, during this type of market, is to price your property extremely accurately. Properties that are priced slightly above market value are sitting without any prospects for a long time. Remember, the longer your property sits on the market, the more inclined Buyers are to place low ball offers, which will not benefit you at all.
The sales-to-active ratio at this time is 15%, up one percent from last month which was 14%. Analysts say that generally a Buyer’s Market takes place when the ratio dips to 12-14%. So there is a slight improvement this month. Interest rates continue to be low so this is also a great incentive for buyers.
There are currently 15,377 active listings in Greater Vancouver. Last month there were 16,085. 4,374 of those listings are new listings, which is an 18.3% increase compared to October 2010. Quite a difference!!
Please view the current benchmark prices for your area and your type of property, below. Benchmark pricing is based on the following:
-Detached house– 6970sf lot, 2,387sf house, 1 covered parking, 1 fireplace, 20 year old
-Attached (Duplex/Townhouse) - 1,569sf, 1 parking, 10 years old
-Apartment—902sf, 2 bedroom, 1 bath, 1 parking, 10 years old
Have a great November!
COURTESY OF THE REAL ESTATE BOARD OF GREATER VANCOUVER
BENCHMARK PRICES FOR OCTOBER 2011
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