Change is a constant…
One thing that you can always count on in life is change. We have witnessed this change in a big way in the Fraser Valley Real Estate market. This fall has seen a dramatic shift away from the breakneck pace of multiple offers; record breaking prices and frantic buyers trying to keep up. We are well past the point of where we were when, as realtors; we would encourage people to get an accepted offer on a purchase because the sale of their home was a foregone conclusion. This is not that market and while some are bemoaning the fact that it may take longer to sell their homes and that the days of record breaking prices seem to be behind us, others are recognizing that wherever there is change, there is also opportunity. So what are some opportunities right now?
1. This is a great time to be a buyer!
As I’m writing this the updated stats for October in the Fraser Valley tell us that there have been 2325 new listings and 916 sales. What those stats fail to show is that many of the new listings are actually pre-existing listings that have been relisted at new, lower prices. Homes are staying on the market longer and prices are dropping as sellers position themselves to sell. That means that as a buyer, you haven’t had it this good in years! You can shop and find bargains. They’re everywhere in every style of home. Now, instead of hoping that you may have a shot in a multiple offer situation, you can write an offer that will be presented on it’s own. You can actually often negotiate prices and terms that work for you.
2. This is a great time to move up!
Townhomes have seen a 5% increase in value from last year while single family detached home have only seen a 0.2% increase in value.* The reality is that the top end of the market is dropping much more rapidly and dramatically than condos and townhomes. In fact, the same can be said for condos and townhomes with the value of condos rising 8.5% from the beginning of the year. So whereas the rapidly rising market was ideal for downsizers who could sell at new highs and catch the condo and townhouse market on the upswing, this market is much more suited for those looking to move up. There’s an opportunity to take advantage of the equity you have earned through the increase and move into the next level of the market. Every market has opportunities. For a personal consultation to discuss yours, give me a call any time.
Based on the average price of townhomes and single family detached homes in the Fraser valley from January 2018 to today