Market Update November 2012!

(November 16, 2012)


Hi there, my name is Teresa Comeau and I'm with Re/Max select Realty, and we're located on Main Street in Vancouver.
Welcome to Market Update and this is November 15th, 2012. Now, stats for October showed an increase in the number of sales, a decrease in the number of listings and a slight decrease in the prices. Now, the good news is that the sales to active listing ratio has increased to 11% from 8% the month before. So, what that means is for every 100 listings on the market right now 11 of them are selling. Now, the largest price reductions that we're seeing are in areas that had the most price increases over the last few years. Areas such the West Side Vancouver and Richmond. Now, the major reasons for the slow down are financing issues, the mortgage industry has changed quite a bit this year. We've also had less demand from China, and of course affordability. Now, barring situations of severe financial distress or non-economic decision making, sellers are rarely forced into accepting prices at which a market might clear. Rather they can hold out for better times. Unfortunately it only takes one divorce or estate related sale to shift expectations lower, so waiting for better times may not be worth it. Now, as we head closer to the Christmas season many sellers take their homes off the market and that's exactly why this may be the best time to put your house on the market. So, if you're thinking about making a move please give me a call and I'd be happy to sitdown with you and talk about your specific situation.

Again my name is Teresa Comeau and I'm with Re/Max Select Realty. My number is 604 -240-1879 and I look forward to hearing from you. Thank you.