Greater Vancouver Housing Market Survey by Ipsos Reid:
The most recent survey by Ipsos Reid showed consumer sentiment improved and home buyers were more positive on the Greater Vancouver housing market .
"A growing number of British Columbians think this is a good time to buy a home, though most say it isn’t a good time to sell, a new Ipsos Reid poll has found. The poll found that some 71 per cent of respondents said it is a somewhat good or very good time to buy real estate.
In November, only 60 per cent of respondents told Ipsos Reid it was a good time to buy. In the latest poll, 82 per cent said now is not a good time to sell a home."
Read the news report here...
As the survey indicated, there was a wide gap between buyer and seller expectations. Buyers are expecting lower prices when making their offers. Sellers will have to deal with "low-ball" offers that are common in today's market. The current list/sale ratio in Richmond at around 17 months represents a home having around 6% chance of selling. Many homes will sit on the market remain unsold and eventually expired or taken off the market.
The number of homes sold in Richmond in December/2008 and January/2009 were 120 and 90 units and these just about 25% or a quarter the average monthly sales 2007 .
Managing Buyer & Seller Expectation
Recent sales data covering a period of 60 days showed that homes priced competitively, or when sold were concluded at prices below their city assessment values.
The current Richmond list/sale ratio hovering around 9 months supply will continue to depress home selling prices. Home prices will continue to decline for sometime before more buying activities return to the market. Home prices will stabilize when the list/sale ratio improves from the high teens to around 6 months of supply and demand.
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