It's A Pretty Good Time To Buy
Every one is talking, they’re saying that prices are dropping, they’re saying that they are slipping and that the market is faultering, and ‘oh my goodness the sky is falling!’. Being that it is almost November indeed the sky is starting to fall, but not in regards to real estate. Prices have gone down, the market has stalled, but this has also opened the door for a new market: a buyers market.
It’s simple, buyers now have the opportunity to buy and bid on properties that were previously sought after by throngs of people. In general, listings are less competitive, which means that your offer doesn’t have to compete with half a dozen or more other offers. In a fast moving market panic sets in when you don’t win, as you are looking for a new property prices drive forward without concern for your budget, and things slip away. It becomes about you can get, not what you want to get, inevitably buying something for a ridiculous price that isn’t right for you.
Recently I helped a couple purchase a great 2 bedroom condo in Lower Lonsdale @$340,000, that included a gorgeous wrap around balcony, of which only four other units in the building had.
In the aforementioned fast paced market they wouldn’t have had a chance, not at winning and not at finding another comparable unit. Having the luxury of a softening market, a buyers market, the buyers and I had the opportunity to wait until the right one came along.
I have learned over my years of real estate that buying the right property, one that lasts long term, will create happiness, which is the most important thing. Whether you have purchased the property as an investment or to live in, you will be happy because in both cases you will be content. It’s over the long term that the money is made. It won’t matter how many times prices go up or down, because over the long term you will be happy that you made the right decision in the first place.
As always feel free to contact me @604-377-1362 for any questions.
RICK SIMPSON
Also, here is the stats video for September 2012 from the REBGV