· Positive Trends ·
Despite Hypocritical “Experts”
Hypocritical “experts” still plague the market but all notable metrics are showing a rise in market conditions. These so called “experts” who continue to denounce Vancouver’s real estate market can only be attributed to sore losers who are trying to claw back their clout after making terrible decisions by selling their assets or refusing to buy assets when they should have.
A prominent Vancouver real estate expert has made terrible decisions in regards to his principle residence. Expert X continues to publish news reports and media releases stating that this is not the correct time to buy a home and that the market is set to fall an additional 15%. Expert X has only acted in contravention of his advice by buying a home recently. In addition, in the past his poor decision to sell at the wrong time has cost him hundreds of thousands of dollars. Previously Expert X has sold his home thinking that he was selling at the peak. In reality he sold when the market was still climbing an additional 60%.
Recently, after releasing numerous news pieces stating that one should not buy, Expert X bought a home. After 5 years of renting, Expert X ended up with a lesser value asset than what he had sold previously.
It is clear that many of these experts are not 100% certain of what the market is going to do and therefore can make mistakes on their predictions similar to the average person. I would not be surprised to see more positive reports in the media shortly about the current market conditions given the excellent statistics that we have experienced as of late.
· Market Numbers ·
For another consecutive month, the market is showing amazing signs of improvements. All essential metrics are showing a trend in a positive direction. Those who are still saying that the market is in a slump must be asleep at the wheel; there are absolutely no signs of such. Do not let a person who has failed to accurately identify the market sway your opinion of such; they are incorrect.
This month the total active listings are higher and the volume of sales are down compared to last year, however, the number of sales has far surpassed last month and seems to be on an extremely steep linear trend. That is to say, the masses are realizing that so-called experts like Professor X are not accurate in their predictions and the market is taking off from under their feet.
I have heard countless times that Buyers are feeling that they have missed the market, or that it is rising too quickly for them at this point. Many felt that the foreign buyers tax would have had a longer lasting effect on prices.
The lull that was experienced immediately after the announcement of the tax can no longer be felt. The most convincing piece of evidence that I can present to you in order to prove such is the trend that the dollar volume of sales is tracking on. You can see that immediately after the announcement of the tax that volumes were at an all-time low. Since the start of 2017 the volumes have been growing at a near exponential rate. The amount of Buyers that were taking the “Wait and See” approach that I spoke previously about took my advice to take action before it was too late.
The masses realized what I have been saying, opportunities can be found anywhere in any situation, you just have to know where to look. Finding a Realtor who knows how to change their approach based on different market conditions is imperative to your success. It is not too late for those who are still on the sidelines to get involved, it is just imperative that you work with a Realtor who understands the trends that are taking place and one who knows how to create additional value for you during your purchase.
· Hot Market ·
List Price: $1,798,000 · Sale Price: $2,000,000
This home was a classic split level home that was well maintained and was renovated at one time. This home could have been lived in as a family home or had an extensive renovation to add additional square footage; the home had great bones and thus multiple options. This home received 7 offers and ended up selling for $200,000 over the ask price.
6018 Gleneagles Place
List Price: $2,850,000 · Sale Price: $3,110,000
A completely original 1980’s classic family home with a stunning view situated in a great neighbourhood. The play here was a complete ascetic renovation to bring it up to modern standards, most of the layout could be kept much the same. This home received 4 offers.
· Trend Lines ·
Nobody has a crystal ball on what the future holds for the market, trend-lines are however some of the best predictors that can be utilized to your benefit. The trends that we have witnessed in the past 7 months have been extremely positive and show no signs of slowing down. Currently home prices seem to be holding relatively stable in accordance with their long-term correct market value, it is the interest and transactions in the market that is trending steadily upwards. This exhibits an increase in ready, willing and able buyers, which could correlate to increased price levels in the near future due to increased demand.