A More Balanced Market
We are finallly seeing signs this month that we headed towards a more balanced market. Fewer if any multiple offers, price reductions and properties on the market for more than one week! This is inevitable considering the rising interest rates combined with the new government regulation that came into effect on April 19th, 2010. With so much overpriced product on the market, the only direction prices could go from here is down...which is not a bad thing. We all know that everything will sell for the right price and it is the market that drives the prices. Considering how quickly the Vancouver Real Estate Market recovered from the recent recession, it is safer that the market stabalizes sooner rather than later.
This cycle in a Buyer's market is when we see the most product available for Buyers to choose from. This is also the time when pro-active Sellers take on a more aggressive approach to still come out ahead of the game and move on...literally!