May was described as a Buyers Market.But buyers were not rushing to take advantage of all the increasing supply of listings. They were hesitant – perhaps waiting for another decrease in mortgage rates or simply in a state of continuing uncertainty about what the future holds.
Reaction to the continuing unusually slow market resulted in newly finished developments offering buying incentives – one to the tune of 25% off the current list price!Short of a crystal ball, we need to look back to 2010 when the market was just like ours today. When developers dropped their prices then under similar circumstances, the price drop spread to all types of housing. This is a tip to potential sellers- it is time to get ahead of the game – today’s price may well not be feasible as the market shifts.
Our local markets from Burnaby to the west and to Maple Ridge in the east all still managed some sales – just overall quieter than is normal for this time of year.Port Moody’s attached sales (condos and townhomes) experienced the highest sales ratio average – with a rate of selling 2.4 in ten homes. With the rate of building happening there, this should not be a surprise! Runner up markets with a ratio of 1.5 in 10 homes selling were Burnaby and Pitt Meadows.
Continuing to revue the stats, it is easy to realise that the inventory of homes coming on the market is increasing big time. If you are a buyer, this is your moment for choice in every category!
It has been said that this year will prove to be the largest ever number of people renewing their mortgages. These people bought at a time when rates were the lowest ever, so even our current low rate is higher than the ones these people are accustomed to paying. It remains to see how,or even if, this will affect our market.
As we look at last month’s results, it is evident that markets can differ considerably from one municipality to another, and from one location in that municipality to another. This is where we come in with the neighbourhood sales, truly up to date results and many moons of local experience. We love what we do and where we do it – your goals are our goals. We are happy to listen to them and design a plan to get you there. We are happy to report that, to us, this is still a people business and our job must result in satisfied, happy clientsIf you are considering a move and want some information and advice, we are only a phone call away and happy to meet with you answering your questions. Our home is our largest asset for most of us and must be handled with care.
Hope all our Dads had a happy Fathers Day.
Enjoy the Summer sunshine.We remain your Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris & Ambassador Sheila Francis.
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