Kim little

Down to Earth Real Estate Advice

Buyers market on the North Shore

So, its interesting that we hate to buy stock when everything is going down and prefer to buy as its rising. How do we know we aren't buying in at the top? Why do we feel we are not buying in at the bottom, in a downward market. If we think of  real estate in these terms, we see  that many people bought in a market that had been going up for over 7yrs. Now we have a drop of up to 20% in some areas and people  don't want in.Will they jump back in when it starts to go up?I am advising clients that are shopping to keep shoping and simply MAKE AN OFFER on what you like. Don't wait to see if prices will come down further, take them down further- to your comfort level- with an offer.They may or may not take it, but you have given it a shot. Also its a much easier market to make a transition as subject to sale offers are everywhere. The stats dont show these sales as they are not completed and some may not, but the market is more active than the stats show.

Now is a good time to upgrade. If you were selling your 1mill home to get into a 1.5mill home with a drop of 20% you might actually save about $50,000 in the difference.

 But what is selling?

In Septemeber, there were 16 detached sales in West Vancouver. ONLY one was over $3million dollars. Only 3 were under $1 million. Everything else sold in the middle.Most activity is happening in the 1-2mill range.

In North Vancouver there were 29 detached sales in September. Only 5 sales were over $1 million ( the top 2, were brand new construction in the 1.4 range.) Most activity was in the $800-900 range.

So hit those open houses and happy shopping!