January 2017 Market Report

Greetings & salutations,Much like the record breaking winter this month with snow flurry's and temperatures dropping to levels that have not been seen in twenty years.  Our Real Estate market followed suit crashing to a halt!  Gone are the days of multiple offers, sellers getting well over their offered price, and the frenzy seems to have died off, or so it seems like from the surface.  We see many listings expiring and canceling, while a new batch of fresh listings coming on board.  Some sellers stick to their price and are reluctant to sell for the new market price.  Others, have to sell and take advantage of buying cheaper elsewhere, at the end of the day we all need a place to live.  Looking closer at the numbers we still see a lot of pressure in the condo and townhouse market, as banks are easier to deal with purchase prices of up to a million.  Detached houses in the suburbs are still selling fast with multiple offers and a line out the door of wanting buyers.  In a recent open house in Port Moody we entertained over 30 groups coming to look at a beautiful one year old home priced a little under two million dollars.  The house has not sold yet, although an offer was entertained but not accepted.  There seems to be a little confusion over "fair market" pricing versus "assessed value".  Needless to say, there is still a lot of uncertainty in the market in what remains to be a hangover effect of the government regulations imposed last summer.   Although selling ratios have dramatically decreased from this time last year.  The price has substantially increased over that time and now seem to be going back the other way.  With spring near by and the weather improving, we anticipate an up tick in both price and sales.  As people will be out and about again taking advantage of the spring season.  This is a great time to buy for those who were shut out before the summer, as sellers are understanding the new reality of the market.  With that said it is a great time to sell as well, as you can turn around and buy something else at a bargain. If your looking to be buying or selling Real Estate in the next 3-6 months, give us a call so we can show you what we can do for you and your family.