The sun may still be shining but schools are back in and we really are now in the Fall season, ready for the changes which will inevitably come with autumn. The big game changer is, of course, the continuing drop in interest rates – currently 4.25% – and projected to drop even more, which is beginning to sound pretty good! This will enable more purchasers to get into the market but is it enough to create our anticipated Fall selling & buying season?
An interesting aspect of last month’s market activity is that all attached markets experienced declining inventory, while most of the detached inventories held steady. This would be a prime time for would-be sellers to get on to a favourable marketing season with less competition.
Summer holidays afford people the luxury of time to consider their housing options, often resulting in an active Fall market with eyes on the next time line – Christmas! It’s amazing how many people want a new Christmas experience in a new home!
The sale of condos and townhomes topped the local sale chart last month, as with every month this year. Port Moody and Port Coquitlam had sales ratios of 3.2 and 3.1 in 10 homes selling – selling prices on average 2% & 1% below asking price.
We have no crystal ball currently available but watching the stressed developers leave their unfinished developments because they can’t afford to continue, and buyers who pre-bought wanting out, we realize that this will be a difficult time for some while an opportunity for others. Cash will be king! This is a place we’ve been before and it calls for our patience to wait and see how it all plays out. If you’re personally involved in one of these situations, like having pre-bought, please let us help where we can. Brainstorming is second nature to us and together we can plan a solution.
If summer has made you rethink your real estate plan, we are your sounding board. With feet on the ground right now, and guided by past experience, we are able to give you the actual statistics and activity in your immediate neighbourhood. We are available to listen and fulfil your real estate goals.
We all live, work and play in our market areas – your interests are ours.
Enjoy this colourful season in good health.
We remain your Generations Real Estate Partners- Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris & Ambassador Francis.