October 2012 Housing Market Update

Here are the latest stats from REBGV:

The Greater Vancouver housing market saw a slight increase in the number of home sales, a slight reduction in the number of listings, and a slight decrease in home prices in October compared to the summer months. With those changes, the sales-to-active-listings ratio increased to 11% in October from 8% in September.

“Buyer demand increased slightly in October compared to the previous few months,” Sandra Wyant, REBGV president-elect said. “Overall conditions in today’s market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making. This translates into a calmer atmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today’s marketplace.”

With that said, I personally think there are still a lot of buyers out there, that means if you are thinking of selling your home, it is still a good time. Most importantly is pricing it just right so you can have a successful sell instead of having your home sit on the market for ages. Talk to a professional REALTOR and make the right decisions.

Also it is a great time for buyers out there looking for their first home. Less competition means less pressure! One thing have to be extra careful now is your mortgage, banks are being tougher in lending, so talk to your mortgage broker, and find out what your options are.