SLOWING PACE OF HOME SALES

The Demand and Supply maxim has a great impact on slowing the real estate sales in our communities. It has given more options to the buyers to make decision of homes they want. The time has come when we can notice a shift in the market. As historical pattern from 1970 – 2013 as a general trend when prices rise 35 per cent or more above their historical average, there is 75 per cent of likelihood of price correction within five years. The researchers found that where a price correction occur, the median decrease was 14 per cent. In one third of these cases, the correction was more than 20 per cent. Apart of national housing market for the average home owner of the buyer should look at what is going on provincially or locally. One region’s correction may not apply to the other areas.

Also in B.C. specific figures have huge regional differences, with metro Vancouver and Fraser Valley seeing much larger sales decrease, while places like Whistler, Squamish and power river are seemingly on a tear. No matter which way the market trend goes, we have professional realtors to help the consumer.

 

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