September is such a great month. Every sunny day feels like a bonus and every rainy day is a good chance to relax! When it comes to real estate, August always slows down so it’s exciting when it picks up in September. New listings to consider, new clients excited about their opportunities and some movement in the market. This past September delivered, with some great new listings and a lot of activity in the market.
The stats show that prices remained pretty steady across the city this past month, which is what I saw on the ground as well. You might be wondering “So many listings are selling under the asking price, so how are prices remaining steady??” That is because I’m referring to prices in relation to value.
If you’re seeing prices drop right now, it’s often because the listing was overpriced to start as many Seller listed with some built in negotiation room. When those units drop their price, they’re getting closer to their actual value. I have been involved in a handful of multiple offer situations this past month, so Buyers are out there when a home is priced really well (as in, low!) so in certain situations you’ll see units selling for above their asking price closer to their true value.
I’m finding a lot of Buyers don’t want to negotiate on listings that have sat on the market for awhile, but that’s an opportunity available to you. You’ll have little competition and time for appropriate due diligence if it’s accepted. Regardless of what the listing agent says, you never know how keen a Seller is until you start negotiating.
The total inventory remained fairly steady this past month, but the number of new listings and sales both increased – Buyers were taking advantage of the new listings. This kind of movement is what encourages other Sellers to finally list their property which is what keeps Buyers coming back to the table.
Overall this is a great market for both Buyers and Sellers. There’s a good amount of inventory (though I wouldn’t mind seeing a little more), prices aren’t increasing (balance!), and conditional offers are still the norm (except for those pesky underpriced listings).
I don’t foresee prices increasing over the next little while but I also don’t see them decreasing. I’m anticipating a slow time over the holidays with another increase in activity next year, so if you’re keen to buy soon, embrace the next two months, otherwise you’ll be waiting for things to pick up in January and February.
Check out my current listings:
#E407 515 E 15th: A top floor 1 bedroom condo with in suite laundry in a pretty central location, asking $489,900! This is a great condo for a first time buyer.
#109 1450 Laburnum: A ground floor condo with a 500sqft patio located in Kits Point! Another great option for a first time buyer, or investor since rentals are allowed.
Here are the basic stats for Vancouver East and West. If you’re interested in learning about specific neighbourhoods, specific price points, specific types of properties or other cities, contact me!
East Vancouver Real Estate Stats up to September 2019
For a more detailed review of East Van, including past months, check out my Market Update Blog on WeLoveEastVan.com!
Vancouver West Real Estate Stats up to September 2019
With a busy market, good listings that are priced right will sell quickly, so make sure you’re ready with a pre-approval and knowledge about the market you’re considering. Good listings that are overpriced may still take awhile to sell, depending on how reasonable the Seller is, so try your offer if there’s reason for a lower price!
If you haven’t already, now is the time to get your mortgage pre-approval done and start working with a real estate agent so you can jump on the good listing you’ve been waiting to hit the market. I’m happy to give you a referral to a great mortgage broker, just contact me: firstname.lastname@example.org.