So we enter into the holiday season - yes funny how it seems to come earlier every year. No word of a lie - a certain very large box store in the downtown of Vancouver had Christmas decorations up before Halloween was even a thought.
What about housing ? Is this a good time within the yearly real estate cycle to purchase ? At times a comparison can be made to car sales. As you know this is a great time of year to hit the vehicle dealerships - its' year end - factory bonus options are being offered to move the product to make room for the new models.
On the home front - there are many "assumptions" made on listings that are on the market at this time of year. I often hear comments like "what's wrong and why didn't it sell" - "it's a stale listing" - "the sellers must not be motivated" - "I am not sure I want to buy a left-over". These at times could be valid comments/concerns in a very hot market - which we endured in the past. But now we are back to the "old" normal. Homes are averaging 45-90 days on the market - as I stated in previous posts - due to the lack of a panic environment and amount of good inventory, not available in the past. Buyers see no need to run their feet off finding a home. Please note - there are still some very attractive homes and excellent prices on the market. My listings at 1928 Nelson and The Hudson proved that situation last month - with both selling in under a week. (Some buyers do keep the runners on). And yes, homes are being listed as we speak - so fresh inventory can be had.
At the moment we have a listing at the Cascina in Coal Harbour (590 Nicola) - arguably one of the best complexes on the Waterfront. The home is a 2 bedroom/2 bathroom condo at 1135 square feet. Orientated south it is listed at $899,000 - just below assessed value. Compared to a home on the north side of the same building with a water view and 300 square feet larger listed at just under $2.2 million - you can see that if one was not so concerned about view but wants to capitalize on location, building quality and live in one of the most desirable areas in not only Vancouver but North America - you can slide into a home rubbing shoulders with the million dollar properties. View is always a player on the waterfront. But as anyone will tell you - on the most beautiful days in Vancouver - the baloncies are empty as everyone hits the seawall on the bikes, runners or blades or for an evening stroll. Just depends on lifestyle. This home is very well priced and for a discerning few will fit the bill. Who needs view - when it is just outside your door.
If in the market on either side - buying or selling - don't just sit and wait for Santa. Take a look around - but most importantly "hire" - yes I always say hire - a realtor to work for you. It's the cheapest professional you will ever retain - as it's free - for buyers. Buyers are in control now - but spring of 2013 - time will tell. If we follow the "tribe" mentality - you may find a few more runners in the race - come March.
Contact me anytime - always a pleasure to chat about homes in Vancouver. Where have we been - where are we now and what is to follow. Straight talk - straight answers. And look for our new office - a first for Coal Harbour - on the waterfront by the Coal Harbour Community Center. Doors open March 01, 2013.