After more than 4 decades of being your neighbourhood real estate team, we feel that we can identify with the above statement. Residential real estate is an ever changing landscape affected by many factors beyond simply the buyers and sellers – interest rates, inflation, politics, immigration, the wider economy, inventory, a war elsewhere and so it goes on….
Realising this, it is unwise to do the crystal ball trick and predict the future of real estate for 2023!
We have just come through a very predictable December despite all the circumstances at play. People don’t want to sell their homes over the Christmas season and this was reflected in the declining (often steeply) inventories in every single local market place. And of course the weather didn’t help! We cannot predict when sellers are going to feel more comfortable with placing their homes on the market. For downsizers it could be when they see many more choices in new condos and townhomes and the same goes for first time buyers. Undoubtedly Vancouver and the Lower Mainland are on track for many apartment buildings to be completed and on the market this year.
The only local market to defy the December odds was Pitt Meadows – both in detached and attached sales. Their attached sales show a 74% sales ratio average while their detached sales are at a healthy 50%
So…watch this space as we look at the numbers in this new year and see where the market takes us. If you are contemplating a move, even if it seems far off, please get in touch so we can answer your questions about what would be important to do in your home to be market ready. Always better to be prepared – you are then in a position to take advantage of a small inventory situation in your neighbourhood. And…we are always happy to talk real estate!
Happy New Year to all our clients and friends – both those who celebrated December 31 and those about to celebrate lunar New year January 22. We wish you all good health, happiness and prosperity, and look forward to seeing you out and about in our fair cities.
Your Generations Real Estate Partners:
Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.