When Will This Seller's Market End?

(October 19, 2015 , posted in Buying a Home)

Anyone who has been following the Real Estate market this year doesn't need me to tell them it's been a hectic year for sales. Across the Metro Vancouver houses, town homes, and condos are all seeing an increase in sales and in some cases a dramatic increase in price. 

White Rock / South Surrey has become anything but a sleepy seaside town. This has been true for a number of years but for someone such as myself who grew up here it's taken a while to reconcile myself to this fact. 
Throughout my career I have seen every type of market and have certainly dealt with a strong Seller's market before. 2004 and 2005 had most of my buyers showing up with a chequebook in hand when viewing properties. 

Despite the increase in sales being a direct boost to any Realtor's business I must confess that I don't love a crazy market such as this. I've never been one for high pressure sales and rather prefer to spend more time educating my Buyers on what they can expect for their housing dollar. A quick market takes that away and forces me to adopt more of a "You like this house? Good, buy it!!!" style as I know if they don't act fast they will be edged out by 10 other Buyers ready and willing to jump in there. 

The question I am asked most commonly is "when will the Seller's market end?". The truth of it is I have no idea. I myself, cashed in and sold our home (yes again) in the Spring market banking on the annual cooling trend over the summer months. Boy was I wrong!!!! That mistake cost me over $50,0000 as a neighbouring property that was definitely inferior sold for $50,000 more 3 months after I did. 

Right now I am advising Buyers to purchase a home based on their needs and one that they love and not to make a heater skelter decision out of panic. That being said, I am not advising anyone to wait for a "crash" or "market correction" as there is no way of knowing when or if that may happen. Buyers sitting on the fence paying rent while house prices go up, up, up may find themselves priced out of homes that would have been within budget a few months previous. 

I may have mentioned this before but a good Realtor will be able to help you navigate any housing market and help you buy or sell your next home. 

I'm always free to chat about your next move :)

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