Welcome everybody to the Red-Hot Real Estate minute with yours truly, Rhiannon Foster.
I want to start by breaking down a couple of the numbers from the Real Estate Board of Greater Vancouver that we received for the month of August.
Now, one thing we do know is that year over year for the month of August we did see an increase in the number of transactions that were done of 12.7% which is not a bad increase for the summer months. And then what that actually translates to also is that month over month so from July to August, we did see a decrease of 15% in the number of transactions but that is mainly because July was a bit of an anomaly, with a massive amount of transactions and this big surge and this big push happening that I think took a lot of the market off caught people off guard.
Now, the number of listings on the market now, because there has been this increase year over year is actually translating into suppressing pricing a little bit which it looks like is going to continue for a while and gives us this sort of balanced market that we are seeing. Now, having said all of that of course it does feel like buyer demand is definitely keeping pace with the new listings that are hitting the market and I think some of that is due to the number of people coming back from vacation and summer kinda being over, as I am sure you have pretty much all seen!
So, you might be listening to all of this and say..."Well, Rhiannon I am just a regular buyer “or "Rhiannon I am just a regular seller" "How does this actually affect me?"
Well for buyers, very simply put you have more time a little bit more freedom to look at some more properties. But the one thing I will say is that really good properties that come to the market, that are well priced are going to move So, in some cases, you shouldn't take all the time in the world but and you should be cognisant of you know if you are going to put together an offer, be first in the gate don't wait these things to just hang around. I mean, I know it is always nice to get a deal but if it is a property that you really love, take the plunge, make the offer.
For the sellers out there the one thing that I can say is do not get caught in the background noise. There is a lot of competition out there so the Number 1 thing and the Number 1 piece of your strategy for selling should definitely be PRICE. That has to be dialed right in right now or else you'll just fade into the back with all the rest of the other properties that have been sitting around for a while that may not be sharply priced. So, that's pretty much it for this really quick Red-Hot Real Estate Minute with yours truly, Rhiannon Foster
So, if you are someone that you know is looking for guidance in this challenging market give me a shout, 604-999-4587 is the number. I would be happy to sit down and see how I can help you to reach your Real Estate Goals!
Thanks so much and we will see you next time!