Fall Brings Cooling Real Estate Market
Kitsilano Real Estate Update August 2018
Market trends following weather patterns into fall
Buyer’s Market – Detached
The market stats continue to prove that we’re very much in a buyers market. Housing trends have shifted focus from detached houses. It’s been much slower in comparison to attached homes, such as condos, townhomes and duplexes. All but one house was sold below asking price. You know what this means? That’s right! Buyers, now’s your chance. Get what you want for less. Now’s the time to pick and choose what you’ve always wanted in a home and actually afford it.
Seller’s Market – Attached
Like last month, only 7 attached homes were sold at asking price with one over asking. Sellers, this is good news for you. The market is pretty still overall. Fall generally tends to be a cool season that carries into the winter. But not to worry, A reminder about the the new rules issued by the Real Estate Council of BC (RECBC) on June 15th. You’re probably wondering “what exactly is going on?” These new rules change a lot of things, for instance “dual agency”. This rule basically ensures that realtors can no longer represent both the Buyer and the Seller as clients. It’s strictly a one or the other deal. To clarify further, realtors can’t represent two people with conflicting interests. This is only one among many of the new rules issued. Visit the RECBC website to learn more about the new changes (link). If you have any questions, concerns, or just want to have a friendly chat, don’t be shy. Nick is always up for making new friends, chatting with old ones and he is never too busy to help someone in need. You can get in contact with him easily by phone at (778) 320-8265 or by email at [email protected].