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Greater Vancouver Real Estate Market - November, 2008

The Greater Vancouver real estate market is fast changing. Home owners and consumers are faced with many questions on how best they can deal with the market. In a report published in the Financial Times, ” Your home may be worth more than you thought: CREA” home owners, buyers and sellers are wondering what's the real market situation in their local market.

The Canadian Press on Dec 12, 2008 published "House prices slip 10 per cent across Canada in Nov" painted a more pessimistic view on the housing market for 2009.

Real estate is local - home owners have to deal with their local real estate markets. Presently, home prices are selling at 10% to 12% lower than comparable homes sold a year ago.

It’s Time To Get Ready

If you are buying, do your research and work with an experienced local realtor. Whether you should buy now, or wait a little longer depends on your circumstances. Home prices are now more attractive and affordable than a year ago.

You should buy when you find the right home, and you are comfortable with your financial commitment. No one knows when home prices will reach the bottom.

Most home buyers are hesitant to buy at current market value. When your offer price is too low, the seller may not want to sell his home to you. The final price of a home is made between you as a buyer and the seller. Only when both parties can agree on a price, a deal can be done.

You can keep an eye on the Richmond market by following my monthly update posted on my website RichmondBCRealEstates.com. It is time to look around and get ready.

If you are looking to buy or sell a home in Richmond, South Vancouver and Burnaby, you are welcomed to contact me at 604-721-4817 or email me.

Posted by James Wong Richmond Realtor on 12/16/2008 03:33 PM

Comments (4)

Vancouver Real Estate Market in the Real Estate Market Channel

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4 Comments on Greater Vancouver Real Estate Market - November, 2008

DEC

2008

Hi James,

Great information. This is a really good localism stuff. Great for your home owners and buyers to have!

Tamara

Thanks Tamara. A home should be a place to enjoy with family members and not trreated like an ATM machine. Understanding of basic money concept and having the financial decipline to pay off one's mortgage sooner are wanting in today's consumption driven society. A wonderful program called money merge account can really helps, but home owners are chasing better discounts on consumer goods than paying off their mortgage early.

James, you make some good points about looking around and being prepared.

Larry - Richmond really took a beating on sales volume and prices especially older homes. Older homes in neighborhoods that sold for $600,000 to $650,000 a few months ago are now being squeezed and some bought at $450,000 and $480,000 range. Likewise, listing prices for these older homes are repriced from over $600,000 months ago to around $500,000 now. There are buyers who are making offers, but at drastically lower prices like 10% to 15% lower than asking. Some are successful in buying from motivated home sellers.

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