Doom & Gloom, or is it?

The Real Estate Market has changed, but is it all bad?

Yes, it is true, the market has completely reverted downwards from what was one of the craziest times we have ever seen in the Fraser Valley. Buyers as well as sellers are more timid, cautious and have fallen into a wait and see approach. However, homes are still selling with steep discounts compared to the peak from a few months ago.

I was asked by a potential buyer, if they should wait for the prices to come down further or if now is a good time. My answer: Well, it depends. See we don't just look at the prices. Many other factors like personal financial situation, interest rates, reason for purchasing etc. play all a role in making the right decision at the right time.

If you want to buy to have a roof over your head, you probably won't be able to wait forever and with rents increasing, it will also become quite expensive to wait too long. As an investor, you may want to wait a little longer, to see how it plays out. Most likely you will not need to much financing, so therefore the interest rate doesn't really matter.

Our team of licensed, professional real estate agents are always happy to help you evaluate your specific real estate wants and needs and form a plan to achieve your goals in the Lower Mainland and Fraser Valley. Give us a call anytime.