“I was seldom able to see an opportunity until it had ceased to be one” – Mark Twain
Statistics are one thing and they are showing prices leveling off – specially in condos and townhomes. However, the real news is at street level, boots on the ground experience. In Ozzie Jurock’s latest newsletter, he says:- “Anecdotally there are many lights at the end of our tunnels”. He is the proverbial onlooker seeing most of the game and has been eerily accurate as a real estate forecaster over many years. He is constantly analyzing & tapping into an extensive network of movers and shakers. As our own Michelle Hawthorne says:- “Noone rings a bell when we reach bottom” – take note!
We too are experiencing quick sales if the property is properly priced at current market – even some multiple offers. As MLS has not continued to load on inventory, the good listings are selling, eating up the stock and mostly leaving behind the homes which need price adjustments (downward!). The low interest rates are encouraging smart buyers to make their purchase and lock in, providing that necessary peace of mind.
Another interesting indicator of things to come is that commercial land sales and multifamily zoned land sales have taken a huge hit this year – down by 63 & 55%. So the smaller (but still big!) developers want to sell out what they have and not take a chance on futures right now. Which of course will lead to a smaller future, as well as present, inventory.
Please remember our Food Bank over the summer – this is when their supply is always low. They need our help.
It is great to meet so many of you when we are out and about at community events – we love the TriCities, Pitt Meadows & Maple Ridge for their spirit and forward thinking in creating space & that small town feel for all the residents to get together for old fashioned fun times. Enjoy every moment and say hello.
We remain your Generations Real Estate Partners keeping you covered in every climate. Our 2019 mantra is “Excellence is not a skill – it’s an attitude”. Test us out!
Michelle Hawthorne, Scott Johnson, Sheila Francis, Ray Harris and Shane Goutsis.