HEY PEOPLE WHO ARE WAITING FOR FURTHER PRICE DROPS! NOW IS THE TIME TO MAKE A MOVE!
Yes..that was all CAPS....Yes I was Yelling at you!! lol.
I have to qualify that with .... "If you can..."
Don't try to pound a square peg into a round hole. Do what makes sense.
I do know, however, that a lot of people are waiting to the Spring. A lot. So what do you think will happen in the Spring then...A lot of people doing the same thing will create a demand. Our inventory in all of BC is still very low. It creeped up a bit but not enough for the "pent up demand" that is coming. Here is how I see it... I have seen new listings come in....I have seen on average about 30% of what I see come in as "New Listings" show as SOLD.
So to clarify in a given week in the Chilliwack and District Real Estate Board, I might see 75 New Listings...not a lot and then I will see on average 25 to 30 Sales occur. BUT...here is the Big BUT!!
I also see about the same amount - about 30% - either EXPIRE, CANCEL or get TERMINATED. Our inventory is not growing as fast as we need it to to reach a balanced or even Buyer's Market. The only STAT that is creating this sense of BUYER's Market is the "Days on Market". Of the listings that price right and are entering a market genre that is popular...they are selling under 40 Days. So - NOT PAYING FULL PRICE - is common and the BUYERS have CHOICE right now...so it kind of feels like a Buyers Market.
There is opportunity in every single market type for the right people. Not everybody. If you want to some advice on that, feel free to reach out and we wouldl love the opportunity to chat with you about that. It might be best to wait. It might be the perfect time for you to make a move. We just need to understand the strategy and we need to know a little more about your current situation.
Here is the Report from the British Columbia Real Estate Asssociation - BCREA as written by BIV
Kelly Johnston eXp Realty 604-701-9080 - firstname.lastname@example.org
Residential sales are forecast to decline as the province continues to unwind from unprecedented activity over the past two years
B.C. should anticipate a difficult 2023 for the Canadian economy, with housing market activity below normal levels, according to the British Columbia Real Estate Association’s (BCREA) fourth quarter housing forecast. This year, residential home sales will finish 34.4 per cent below the 2021 peak, and they will fall another 11 per cent to 72,960 units next year, according to the BCREA. “The market will face a lot of challenges next year – some of them aren't new – like high interest rates were a factor of 2022 and will continue to be a factor in 2023,” said BCREA Chief Economist Brendon Ogmundson. “We might also have a slowdown in the economy.“We're going to have high rates, maybe rising unemployment in the first half of next year. So overall, that's really going to challenge activity and I do think we will be headed for a strong recovery by the end of 2023.”
In the Greater Vancouver region, home sales recorded on the MLS system are predicted to finish the year at 30,000 units before slowing to 26,000 units in 2023 as the full impact of higher mortgage rates is felt, said the BCREA. In terms of supply, slow sales activity has freed up inventory, marking an increase from record lows. The shift in the market in the second half of 2022 weighed on prices, but with a slowdown in active listings, it is not enough to put downward pressure on pricing. Due to high prices and activity in the beginning of 2022, annual price growth this year will be positive, according to the BCREA. However, as prices have fallen from their peak earlier this year, the BCREA said this will translate to the provincial average price being down about 5 per cent in 2023. Ogmundson said prices have been coming down from their peak for about six months and have flattened out in the past two months. “If we just stay flat at current price levels, when we compare year-over-year, by this time next year the average price level will be down 5% in 2023,” he said. In the Lower Mainland specifically, prices are currently down roughly 9 per cent from their peak in February, according to the BCREA. The economic growth in 2022 is seeing cracks in the foundation for interest rate sensitive sectors like the housing market. Due to monetary tightening, mortgage rates are at almost 5.5 per cent, the highest they’ve been since 2007. Even qualifying for a mortgage is out of reach for some British Columbians who can’t clear the 7.5 per cent stress test, according to the BCREA. The report also predicts that unemployment will rise from 4.9 per cent at the end of 2022 to almost 6 per cent in 2023. When unemployment goes up, there are more listings seen in the market, says Ogmundson. “When we have a negative shock to the economy that causes a rise in unemployment, you tend to see an increase in things like listings,” he said. “People unfortunately lose their jobs and are forced to sell, resulting in that uptick.”