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It has been a bit of a bumpy ride over the last 3 months as Vancouver’s Westside real estate market has been balancing out and Buyers and Sellers have had to grapple with a different type of housing market and figure out the rules of play.
Sellers are figuring out that in order to sell their home, they cannot expect a line of buyers at their front door ready to give them asking price or more. Further to that point, in order to sell their home, they will likely need to adjust their expectations in relation to true market value, not wishful thinking.
Meanwhile, Buyers are licking their chops with the thought that prices are falling, falling, falling – too many media soundbites – and they are sometimes missing out on properties that they actually wanted to buy because they thought they had all the time in the world. Not so.
The reality of Vancouver’s housing market is that sales activity, home values, sales-to-active listings ratio, average sales prices, time on market, etc., – all of these real estate statistics vary from Neighbourhood to Neighbourhood.
For example: Detached Home Benchmark Prices have fallen in the last quarter by 6.3% in the University neighbourhood, but in Shaughnessy, Benchmark Prices actually rose by 3.1%!
As Your Neighbourhood Experts, we are passionate about educating and informing Home Buyers and Sellers. To get a better understanding of a particular Westside neighbourhood, I encourage you to download and review the latest version of our Quarterly Real Estate Analysis, Westside, for Q2 2012.
Click to Download the latest analysis for Q2 2012!
Please don’t hesitate to call us at 604-224-5277 if you would like to have a chat.
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