Frustrated selling in a buyers market? Understandable emotion. Perhaps a more closer look at the weekly stats, and market place numbers and comparing them from 2006 to now will help.
In Red Deer, May was/is , and not your typical movie fare, but when it comes to new listings 2008, is a block buster of a year.
It wasn't that long ago we were in a heated seller's market, we only have to look as far back as 2006. Then we started transitioning out of that frenzy in 2007 to today's buyer's market. Each market has it's good points and bad depending on the side of the transactional fence you are sitting. For those sitting on the selling transactional fence it can be tough pill to swallow. many are scratching there heads wondering what should I do, or what can I do to sell my house.
Sales are still strong this year there is no doubt about it. Interest rates are quite low and despite the sub prime crisis south of the border many Canadian buyers are still able to take advantage of buying zero down. I you are buying today you have much to be thankful for. I think it's important to look at how we got to where we are with this increase in inventory otherwise known as excess supply in the supply an demand world of economics.
In 2006 the weekly market of new listings and those being sold had a very narrow gap. Often the number of homes sold surpassed new listing coming onto market. In the height of things at least two buyers were available for every home. The average home owner (looking to own a home to live in) and the speculator (buying for an opportunity to sell for a quick profit).
To read more complete with statistical graphs visit my real estate blog, click here,
Your Friend in Real Estate,
Patrick Galesloot
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