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Do You Really Know Your Real Estate Market?

Blog by Brent Eilers | October 23rd, 2015

Real Estate is all timing! To be successful, you must have the facts. Accurate present and historical statistical information can often prove invaluable to your decisions. Real Estate moves in cycles. Sometimes it is a 'sellers" market, sometimes a "buyers" market, and much of the time in between. If you get caught at the wrong portion of the cycle trying to make a move that can't be supported, it can be financially devasting.

Land based home prices are often on different cycles than stratas. Different parts of a city can be much more inflationary than others. Broad based statistical statements can be very misleading. For example, North & West Vancouver Prices for land based sales are up 80-100% since the correction low in 2009. On the other hand, "strata" based prices have moved up in price only marginally, especially in the under $750,000 price range.

By far the most significant factor in determining the direction of our markets are the numbers related to supply vs. demand. It is true that we have strong local demand especially when we see the immigration numbers. However, the communities & product types that are dealing with a lower that normal level of inventory are much more likely to be experiencing upward stress on their price structures compared to the areas with historically normal product levels.
Ask more questions, get more answers, call me today and get properly informed!