Selling in Vancouver – Good, Bad & Ugly

Are you looking to sell a condo, house or townhouse in vancouver? With lots of stories in the news about housing market crashes across the US, recession fears & slow sales in the lower mainland for July and August here are some quick good, bad and ugly points about selling your property:

THE GOOD:

Vancouver is still a very desireable place to live – there are still lots of people that would like to buy your home.

THE BAD:

They can only afford about half your current asking price.

THE UGLY:

Highest new housing starts in recorded history for July, thousands of new condo units coming up in 2006 & 07, imigration flat, high debt level and low incomes, interest rates rising, prices on new units dropping to move inventory.

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wizardofozziejurock
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wizardofozziejurock

frenchie said, "The mortgage rates going down a bit may spur people to buy."I remember seeing that argument being made by bulls, in reverse. They used to say that people rush in to buy when rates are going up, hoping to lock in at the lower rates. Based on the same psychology, I would expect people to hold off on a purchase while rates are going down. The longer one waits, the better rates get. Add to this a slowing market and it becomes a real wait-and-see for potential buyers.I don't know if that's correct, but it seems plausible.

bc_cele
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bc_cele

Mortgage rates have actually been drifitng down for the past few weeks in the US already. Hasn't slowed down the collapse there one bit. Sort of like puting your hands out trying to stop an oncoming train.

Anonymous
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Anonymous

frenchie -if super-low interest rates aren't slowing down the crash currently under way in the states why would we be any different? The fantasy that its somehow different here only stretches to the point that potential buyers can afford and I think that it will seem like a lot less of a sure thing and more of a suckers bet when prices are dropping. At that point we may even see the cost of buying approach the cost of renting before we build up demand again.

frenchie
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frenchie

The mortgage rates going down a bit may spur people to buy. I don't see prices going down with those low interest rates.

bc_cele
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bc_cele

The real ugly: When people realize that the market is slipping away and that leaky condo they bought to flip is going to wind them up in bankruptcy court.

Anonymous
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Anonymous

The stampede has not started yet. I would give it a while, as places could stay on the market for quite a while until people realize the past value of their property was illusionary. This will be a bitter pill to swallow. Once the realization hits, though, we will see a stampede…..