The fields in Saanichton are orange with pumpkins and soft with mist. I love this time of year, if only it were warmer! Walking the kids to school in the mornings is chilly! Soon it will be time to don gloves and warmer clothes.
Sales this fall are sluggish, but picking up. Generally, the market has softened since last spring. Many buyers who had been anticipating a purchase did so at the beginning of the year, trying to get ahead of anticipated rising mortgage rates, changes in mortgage lending practices, and the dreaded HST (which in reality affects the resale housing market minimally but nonetheless had buyers concerned). This has left us with fewer buyers in the fall. Meanwhile many sellers seem to be holding out for top dollar, which is unrealistic at this time. Pricing is key to affecting a sale. No matter the market, a well priced property in a desirable location should sell within a reasonable time frame, assuming it has been well marketed.
Did you know that our real estate market cycles yearly? The spring is always the busiest time, but that doesn't necessarily mean it's the BEST time to buy or sell. We also have a burst of activity each fall, and market timing is really a matter of your own personal needs and goals.
Depending on what you are trying to accomplish, a declining market could be a great time to make a move. For example, generally speaking a declining market is GREAT for anyone looking to upsize their home. Sure, you may not sell your home for as much as you'd expect in a seller's market, but that more expensive home you were looking to buy is also getting cheaper, and the differential more than makes up for any perceived value lost in your current home.
Now is a great time for buyers to pick up properties. While I haven't seen many dramatic price drops (there have been, but not many), I do see a lot of selection, and power now sits with the buyer who can better negotiate favorable terms and has more breathing room to consider their decisions.
If you're considering a move within the next year, it would be a good idea for us to sit down and discuss strategy and timing.
I now am an "Accredited Buyer's Representative" through the Real Estate Buyer's Agent Council.
I'm a candidate member of the Commercial Division of the Victoria Real Estate Board and enjoy helping clients with their leasing, investment, and business property needs.
I volunteer at the Real Estate Board on the MLS committee, ensuring best practices and MLS compliance.
Last Sunday I ran my first 1/2 marathon. I'm enjoying running and feeling fit. With the hours demanded in real estate it can be challenging to keep fit and maintain a healthy lifestyle and I'm grateful to have found balance.
If you're on Facebook, please check out my real estate page and be sure to "Like" it!
Recent Stats from the Victoria Real Estate Board: