THE WINDS OF CHANGE – THE MARKET IS SHIFTING!

Published By: on October 5th, 2017 in Category Nanaimo Real Estate
Published By: on October 5th, 2017 in Category Nanaimo Real Estate

 

Written on Octber 5, 2017

In Nanaimo real estate we have been experiencing a strong Seller’s market for the past 3 years. Rising prices and multiple offers have been a constant challenge for Buyers and a bonus for Sellers. Along with the frantic pace, both Buyers and Sellers have been experiencing a lot of stress. The time pressure experienced by Buyers has caused some to make offers that they could not follow through with. At one point we were finding that, across the market, a full third of contracts were failing due to lack of financing, low appraisal rates and, for some, just cold feet. Hasty decisions are not good for anyone.

There is a change in the wind. The market statistics as well as our everyday experience in the marketplace show that, for the 1st time in years, there are more homes being listed than have sold. The biggest problem that we have faced in this Seller’s market has been lack of inventory. In August we saw that shift, with more listings on the market and fewer sales. The average sale price was still up and the number of days on market was down, but in time, higher inventory and lower demand will bring balance to the market.

We are not anticipating a drastic drop in prices, just a cooling of the pace and levelling off of prices. So far, this is being felt most in the higher priced properties. There is still a lot of competition for the $300-600,000 priced properties.
In fact, there is a lot of demand from across the country for properties under $600,000 homes in “fair weather cities”. That’s us! Nanaimo is one of the few fair weather Canadian cities with average sale prices under $600,000. This will keep up buyer demand for the future.

We seem to be heading into a more balanced market where the pressure is equalized between Buyers and Sellers. This will be a healthier market for all sides, resulting in deals that are based on solid financing and thoughtful decision-making.

If you are thinking of buying or selling your home, now is an excellent time. Please call us for a no-obligation consultation.

Love Real Estate Group, Marie Burrows & Lisa Martin – The Love Real Estate Group We@LoveRealEstate.ca
778-557-5640

Testimonials

Love Real Estate Group proved an invaluable help when helping us through the maze of buying a new home, especially when for us it was our 1st home in a new country. No problem was too big and their fun approachable demeanours meant that the whole process was a lot less stressful than it might’ve otherwise been.

Julie & Stuart Ockelford

I am a happy repeat client. Love Real Estate Group sold my two previous houses selling/buying and a lot purchase within a few years. She had lots of patience, listened to me and helped me figure out what do I want and what is the best for me. She was trying to find a real home for me and was not a just rush to push me to buy and move on type. I had a small budget to buy a lot to build on and Love Real Estate Group was an awesome negotiator. I went through many hurdles with these 3 sales and purchases. Every time I had an issue, Love Real Estate Group helped me out and I was able to carry on to get my home. Love Real Estate Group are not simply selling or buying a house for me, They made my dreams come true and can make yours come true as well. They are my tailor-fit realtors.

Eliah Kim