With this weeks release of Fraser Valley Real Estate Statistics, there was an interesting trend emerging… We are on the verge of setting record highs for the amount of home listing available to the public.
Records have been kept since 1990, and in 1992 the record amount of listings were on the market at the same time, nearly 13,000 in the Fraser Valley. As of today we are closing in fast on the record and currently sit at about 11,500.
What does this mean? Well, it is surely a buyer’s market today. Lots of product to choose from and many, many price reductions. Some people are trying to sell their homes as they feel that the worst is yet to come, however, I believe (and many of my peers) that this is just a bit of a price adjustment caused by a few contributing factors.
We have the US Economy struggling. We have had a terrible string of bad weather here lately and a lot of the home buyers who purchased their homes a few years ago are now making that 3 year move… There has been a lot of panic among home sellers, but I think there is a needed patience right now. Reducing price is not the way to go at the moment as you will end up under valuing your home and taking less for it than you should.
The most active market currently is the 350k – 450k with a suite home. The condo and townhome markets have cooled as well. The market is taking a deep breath right now and I think we will see it pick back up soon.