Is the End of this Crazy Real Estate Market in sight?

It is very hard to say what will come in the near future. Over the last couple weeks I have seen a lot less negative attitudes when meeting buyers and sellers around Vancouver.

In October I thought a busy open house was over 5 people during the 2 to 4pm Saturday and Sunday time slot. In November I have noticed an increase in the average buyers coming through the opens- I had a total of 30 people through my open houses at 428 Beach and 1106 Pacific. There are still buyers out there with positive attitudes. The buyers either had to sell their home and upsize or downsize depending on their situation.

If you buy and sell in the same market you are still in a good place. Today would be a great time to sell your small condo and consider picking up a house. I sold a house in North Vancouver a couple weeks ago for $480,000 (428 Plymouth). Keep your eye out for those good deals- they are out there.

If you would like some help finding the “good deals”, please give Mike Rampf a call. He is an expert in Vancouver Real Estate.

What I think will happen in the next few months:

Consumer confidence is at an all time low, with the change of leadership in the US we will start seeing more confidence if American buyers looking to invest in Vancouver.
The credit CRUNCH from lenders will start loosening up in the next 3 or so months (February or March 20009) allowing buyers more options to lend. This will also help the over all economy- we need more money to start spending…

As the president of the Real Estate Board, David Watt, said in an interview on November 3rd 2008: “"Home sales are not keeping pace with the positive economic conditions in BC, That’s a direct result of a loss of consumer confidence in the overall market. Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market."  

http://www.realtylink.org/whatsnew/news_release.cfm?news=1108

I think the market will hit it's low in the next 3 to 6 months. But we will haev to wait and see.