With a 58% decline in sales volume over the previous period in 2008, it is clear the sneeze in the United States market, has caused a royal head cold in the Vancouver real estate market.
Paraphrasing Vancouver Real Estate Board President Dave Watt, "Home sales and consumer confidence are at a low point at the moment, but long term strength and security of our housing market are beyond the reach of the economic clouds of today."
Well with every cloud there is a silver lining as they say and here is one. With rates as low as they are ,and selection fair, isn't this the perfect time to buy up! That's right, you have equity sitting in your home, money is cheap, why not buy yourself a bigger home? This is the time to do it. (This is dependent on your income situation being stable, your need for more space, and a working relationship with a realtor who can spot good opportunities for you.)
Timing is always difficult to call. My experience with real estate purchases, there's no time like the present.
Choose the links below to read or hear more from Dave Watt.
Related Links:
;)
;)
If the market has dropped it would be an excellent time to move up. There are many who get so focused on what they would lose on their existing home that they forget they will make it up on the buying end.