Happy New Year to you all!. 2024 is looking like a positive year for many of us. In most cases, Covid health issues are behind us, we have had an unusually mild winter, and our beloved Vancouver Canucks are actually looking like a hockey team. What could be better?...well, possibly our Real Estate Industry for one! I am sure many of you are tired of the constant drama and chaos that often seems to dominate our industry. Someone is always upset or under stress. It's a great Buyer's market, or it's a fantastic Seller's market, or the rental market is very strong. Unfortunately, all three can't be true at the same time! However, these three main "pillars of our industry" can actually all be stagnant and frustrated at the same time...that is the case right now.
For the first time in my 40+ years, we have a three pillar "stagnant" market. Sellers can't get the prices they could have got a couple of years ago. Buyers can't qualify for financing to enter or move up in the market, and OMG, try being a renter right now! LOL, I call this market; "Real Estate Constipation!" Everyone is stuck, no one will make a decision, and each pillar is waiting for another pillar to take a laxative to help move things along.
The good news is it can't last. Fortunately, there are people that actually do want to buy and sell. If you price your home correctly, it will sell. If you are a motivated buyer, there will be something for you to buy. The anxiety is now out of the market, and that is a good thing! I suspect the Federal government and possible changes to their interest rate & stress test strategies may have the greatest positive impact on our market moving forward.
Last year was a challenging year for "Detached Home Sales". In both North & West Vancouver sales totals were the second fewest in 40 years. Sales in the range under $2.0 mil and especially under $1.5 mil remained relatively stable. The strata market although sluggish, was overall much stronger mostly due to a lack of supply. Fortunately, prices remained surprisingly resistant. However, in reality, many homes in the upper price ranges in both North and West Van fell by 10-15%. ( the lack of sales tends to distort the "public released" average price data). That is why being properly informed with data that is relevant to your personal home is so important. I can do that!
"2024" may end up being a pivotal year. Why not get in front of it? Decide to be pro-active rather than re-active? Make a plan! Call me today, my 40+ years of experience in invaluable!
Sincerely,
Brent Eilers
604-644-0065