We are in the 4th year of a rising market. Last year prices took off like a rocket.
Today, things have cooled off a bit. What do I mean by that? Buyers don’t feel as frantic. Competing offers are less common. The premiums buyers are willing to pay above List Price aren’t as great as they had been. Some listings are taking longer to sell. As is typical each spring, there are more listings on the market each month.
What does all this mean?
Without Governmental intervention, it would take quite a while for our real estate market to ‘turn’ from a rising market to a falling market. Sellers (and buyers) would have time to react. But with governmental intervention, that change can happen quickly.
Every day we are reading about concerns many have with the ‘hot’ real estate market areas of Canada. The Federal and Provincial Governments and some cites are focusing on and taking action to halt housing price escalation. As they succeed, our real estate market will change.
So let’s look at the positive side….
Comparing Greater Victoria annual 2013 averages with May 2017 averages:
a) house prices have risen $249,023 (or +41.6%)
b) townhouse prices have risen $117,038 (or +19.5%)
c) condo prices have risen $99,080 (or +32.6%)
This is who so many seniors are thinking about selling now, before the market changes.
Will it change? Yes, at some point, it definitely will change.
When will it change? No one knows.
Where to move to? Lots of options there. We can help with this.
What should you fix up or replace? Who can do this work? We can help with expert advice.
Where to start? We are experts at this. If you’d like to arrange a free consultation with Rick, call or e-mail him today.