According to The Real Estate Board of Greater Vancouver, statistics for February 2008 show a drop in residential attached, detached and apartment property sales by about 6.4% from last year. However, new listings for detached, attached and apartment properties rose by 26.2% in February 2008 compared with February 2007. What does it all mean to your average buyer or seller?
"We continue to see the market rebalance, particularly with detached properties, where listings climb and sales either hold or decline slightly," says REBGV president Brian Naphtali. "This shift increases buyer options and allows people more time to make decisions when purchasing a home."
In other words, the trend seems to be shifting to a buyer's, rather than a seller's, market. There should be less multiple offer situations depending on the property, area and price, and buyers will have more time (although not much) to decide on whether to purchase that house or condo.
It's my job to guide you through the complicated process of buying or selling your home, including researching the market trends in the neighbourhood and suggesting a price that's fair market value. Contact me today and together we'll assess your needs and goals. From helping you find your dream home to closing the deal - and every small or large step in between - I'll be there to ensure your home buying or selling journey is a smooth one!