The past 3 months sales data form Real Estate boards in BC indicates that real estate market is changing in favour of home buyers. Sales in BC dropped off sharply in June, but median home prices for residential homes were moderating.
There are now a good number of homes to choose from and less pressure to make a quick decision. Prices remain stable for now, but may give back some of the price gains over the past years.
Selling in a Buyer's Market
Real estate is cyclical and the market activities are showing that we are in a "buyer's market" now. Home sellers will have to price and reprice their homes if they are serious in selling their homes. It’s essential to work with a real estate professional who knows how to establish the right price for your property. Everything matters selling in a buyer's market - right pricing, condition/apprearance, age, type of home, the neighborhood, your property type, etc.
Million Dollar Homes And New Condos
Some areas are likely to record lower prices as listings are increasing at a fast pace. High end million dollar homes and new condos are 2 market segments that are likely to come under pricing pressure.
Sellers who are still maintaining their prices and not adjusting to the new reality, will have a tough time selling their homes.