Vancouver Real Estate’s Faint Memory
Posted October 11th, 2012 in Real Estate, Sharing the Experience | 
Fall Chill
It may have been an epiphany or just a senior’s moment that stirred a faint memory. A chilled fall memory of overheard summer conversations about expired listings in which some Vancouver Realtors® advised their Vancouver home sellers that if they wanted to sell at their spring list price they should wait until the fall to re-list. The Realtor’s® bravado laden logic rested on the premise that the Vancouver Real Estate market will be stronger in the fall.
Falling Leaves
Passing observation notes that the tree leaves have changed color meaning that the fall season is upon us. Yet, according to Vancouver Real Estate Board Statistics, the Vancouver real estate market has not improved!
Total Active Listings
A snapshot of the total active listings in the Real Estate Board of Vancouver, the Fraser Valley Real Estate Board and the Chilliwack Real Estate Board saw active listing totals approaching 28,000 in July – (July 30/12 – 27,926). Throughout August that number subsided by several hundred to hover in the 27,200 range.
By the end of September the total was once again approaching the 28,000 range – 27,872 on September 29, 2012. As usual the first week of October saw Active listings drop below the 27,000 mark across all three boards but, it is on it’s way back up. In contrast a chilling thought noted in the REBGV’s statistics, is that sales have not improved during these periods!
Christmas Wonder
Christmas is fast approaching and I wonder if those same Realtors® might justify the lack of Vancouver home buyers by giving comfort to their sellers saying that it will be better in the spring. The problem is that in the spring, B.C. will be in the frenzy of an election. What has possibly been left out of the equation is the affect of home buying indecisiveness often associated with provincial elections. It is all supposition but are we left to wonder if in March those same Realtors® will then be fluffing their Vancouver home seller’s pillows saying that it would be better to wait till next summer?
“I can see Seymour from here !” – the fool on the hill
Sales look like it will likely come close to 2000. West side sfh sales will tick up this month as sellers begin to give in a little (or a lot). Thanks Larry for the numbers.
Any coffee talks??
Cannot say this enough-corrective phases, bull markets, short or prolonged-are part of the normal economic cycle-and the prolonged bull phase of 2002-2011 is no different. This is normal, expected and a bullish phase will return at some point-it may take several years or a few weeks. Timing is everything.
What do you tell your Sellers?
@Damon
When your ready to sell and sign the listing I’ll tell you
“What do you tell your Sellers?”
Well, if it was me…
Okay, here goes,
“Get out! Now!”
@boom
LOL! No sense beating around the bush till next summer or…
If they want to sell, simply drop the price. I think 20% below assessment is a good start at the moment.
@Finally
Couple of buyers I’m working with think it should be more and are waiting. Others have saved some but not 20%. The difference between the two seems to be a ‘life moment’ which translates into “we’re having a baby”.
Larry,
Who’s Felix? You mean Finally? I think lowball offers should only come in on Van west and Richmond west sfh’s.
@van guy
ooops! thanks for pointing that out. Sorry Finally.
Why only those areas and that product?
When my 700K buys me a decent home in Vancouver i will buy cash, only another 20% further to fall.
“Why only those areas and that product?”
You can add the shore as well. Van west and Richmond are flooded with listings and demand has dried up. Sales are happening when the seller agrees to a sale under assessment. This is the new benchmark at this time. I think there’s likely more decline to come and this will eventually move its way east. Marieta go up, markets go down. We are now at the down stage. Grab your popcorn and coke and enjoy the show.
Well, James Wong says the boom is over.
So, I guess that’s it.