I am always amused when the Vancouver Real Estate Market returns to a more balanced playing field and the majority of my sphere no longer want to bend my ear about the current market value of their beloved home. Unlike some of my younger colleagues who have enjoyed an unprecedented decade of robust sales and rapid price increases, I actually prefer our current market conditions where there is reasonable selection and experience and negotiating skills rise to the forefront. What perplexes me, though, is the unwillingness of Sellers to capitalize on this period of relative calm and enjoy a significantly less stressful transition to their next home. For example, if we look back to the beginning of 2016 when our market was gaining steam like a runaway train, I coined the phrase "hero for a weekend." Simply put, if you listed your property on a Monday and entertained offers a week later, it was extremely likely that you would be choosing between five or more offers and receiving a sales price well in excess of the list price. Unfortunately, the euphoria of hitting a "home run" on the timing of your sale was quickly tempered by the grim reality that you were officially homeless and relegated to the desperate pack of frustrated buyers who were constantly losing out in multi-offer scenarios. Now I am not sure what your idea of fun is, but I can assure you that our last "bull run" was among the most stressful periods endured by me and my clients over the past thirty-four years.
Fast track to today's Vancouver Real Estate Market where there is approximately 4.5 to 6 months of inventory in most micro-markets-and well-priced properties take an average of six weeks to sell-and suddenly the prevailing consensus is that the market is dead. Contrary to those pundits who are constantly conducting a post-mortem on the Vancouver real estate landscape, I have discerned a strong pulse of late and feel that there is a window of buying opportunity that savvy investors are capitalizing on while it still lasts. Furthermore, a balanced market is an optimum time to transition from one property to the next, because prices are relatively static and you do not have to purchase immediately to avoid a potential loss of equity. It is true that timing is everything in real estate and that in most buying and selling situations, Sellers feel that they could have sold for more and Buyers feel that they paid too much. These adages, however, become much less exaggerated during balanced market conditions when there is a more level playing field for Buyers, and Sellers become more realistic about their sales price expectations.
I pride myself in offering an experienced and balanced perspective to my real estate clients and as many will attest, this does not always result in a listing or a sale. Royal LePage's mantra is "Helping You Is What We Do", so let's sit down and determine what is going to be in your best interest when it comes to selling or buying real estate in my hometown of Vancouver.