As our Fall market transitions to Winter, we wanted to keep you informed about the latest developments in the real estate world. While it's natural for some buyers to take a step back during the holiday season, we advise caution about hitting the pause button too soon, especially with what could be on the horizon for the upcoming Spring!
- Sales remain healthy, and prices remain stable across most price brackets, particularly for properties under $3 million.
- Many homes, townhouses, and condos are selling for full price or even above the asking price, if they are priced well.
- If homes are overpriced, they are sitting on the market.
Why the Warning? We've been in close contact with our trusted mortgage broker partners and banking affiliates, and the consensus is that interest rates are likely to decrease in 2024. Over the past six months, some buyers have been apprehensive, waiting for prices to dip as interest rates have been relatively high. Surprisingly, prices have seen minimal year-over-year decreases due to a persistent lack of supply. So, what does this mean for you and what might the New Year bring?!
Anticipated Trends: With pent-up demand from potential buyers who either couldn't find a suitable property or were waiting for price adjustments in 2023, the market dynamics may shift significantly. If interest rates decline as expected, media attention and heightened consumer confidence could further fuel demand. These factors accompanied with the ongoing supply shortage could exert upward pressure on prices (here we go again, I know).
The Opportunity: As the weather cools and the holiday season approaches, you might be tempted to take a break from your home search. Still, we encourage you to keep an eye on the market. A promising deal could come your way (for Vancouver's standards, we should add). What's more, that same property could appreciate significantly by Spring. If you're contemplating upsizing, buying in November or December and selling your current home in January or February could be a rewarding move.
Stay Connected: Remember, we are always here to help and provide guidance. Feel free to reach out anytime for a chat or for personalized advice.