Welcome back. The West End of Vancouver - like most areas - has and continues to endure what many are seeing as the most definitive "change" in real estate - since 2008. And yes - the predictions continue on all fronts. It is quite amazing to look back - even 9 months - to see how those in that game - fared. Not one to jump on any bandwagon - I keep it simple. Real Estate is a fluctuating entity - with outside forces emitting constant body blows. But admittedly Vancouver continues to answer the bell. Whats going to happen next year - is a predominant question of late. There is a simple answer. No one person knows. Oh and if you bump into a realtor who has all those answers - I wish you luck. When world economists keep singing the same song - "The times - they are a changing" - well, like I said I like to keep it simple.
The market has no doubt endured an activity (volume) - adjustment. We specifically noticed this at the tail end of May and into June. In some areas - this reached dramatic levels, regardless of pricing - which was key to sales this season.
The West End continues to produce a steady flow of listings and purchases - based on price point. From July until this date - there were 78 recorded sales. (2011 shows 145 for the same time frame). Of these, 33 transactions were below $400,000. One of the main drivers is of course record low interest rates and the rental inventory slowly disappearing - with rental rates increasing. As stated, the activity is down almost by half - but pricing is holding, on most fronts.
I had the pleasure of listing a home on Nelson Street 2 weeks ago - West of Denman - and had a sale in just 4 days. Are buyers out there ? You bet. But with the inventory, selection and the days of "this one won't last long" all but gone - the buying public are making moves on properties - BUT - only if its exactly what they are looking for. No need to rush in and fight off other buyers - most are adopting the attitude - there will always be another property. With 277 active listings at the moment - this can be an acceptable approach. But as you can imagine - with so many on the sidelines waiting to pounce - when a gem does appear, a crowd will gather. Key to purchasing today - be ready. The most significant cause for deals to fail - is financing. Lenders are taking a closer look at the numbers and its truly disappointing to place an offer - have it accepted and then not be able to finance - because of an approval you "thought" you had - 9 months ago.
The media has been at the real estate market in Vancouver almost daily - for the past 3 weeks. It is critical, on all real estate fronts - that you contact a realtor who not only works in your area but understands what is happening - beyond the statistics - within the Vancouver market.
Contact our office anytime for a chat. Straight talk - straight answers.