For some reason when the market was fast rising it was considered a great market. Now that the market is falling, so many people are angry, frustrated, and depressed. So why is that? What's the difference?
With the recent rising market, Buyers got caught up with the "emotional excitement" of getting something bigger and better than what they were leaving. New entry Buyers were excited to own rather than rent. Investors were happy to park their money. "Multiple offers" created selling prices that could not be justified by any comparables, but Buyers paid it anyway, and Sellers were laughing all the way to the bank!
However, did anyone ask how happy all the remaing renters were? How about all those Buyers who missed out on a multiple offer situation, only to have to pay more for the next home that came up! It was a very unhappy time for a lot of people, but their voice was hardly heard in the euphoria of the successful Sellers!
Now that the pendulum has shifted, Sellers are holding the short stick. They all want the prices they could have had back in 2016. Buyers are in hibernation, Sellers are angry, and the market has ground to a halt. Everyone thinks this is a terrible market!...Why? The market is just going through a natural and predictable cleansing. It just depends on your "angle of vision!"
Just think how happy the renters, first time Buyers, divorced singles, and the new transferred families are now! Even some smaller investors might soon one day be able to buy a rental property if prices get back to a reasonable level. If someone is unhappy, there is always someone else that is just as happy!
Fortunately, all levels and types of Real Estate in Greater Vancouver have now been influenced by this slowdown. Whether you are moving up, or moving down, there are always opportunities out there for you. Change your outlook and take advantage of the opportunities! My almost four decades of experience can assist you with that! Please call anytime.