Episode 15 Transcript – Buyers market

Hi! You are live with Jessi Johnson. My topic of the day today is current market trends.  I’m getting a lot of questions from people concerned about the Vancouver market and how the market is crashing and prices are dropping, etc, etc. It’s true to some aspect with regards to prices are dropping but you need to look at bare numbers here. You’ve got the same amount of purchasers that we did last year. It’s not going to change that much but where we’re having a difference is you’ve got almost twice the amount of active listings on the market. People can only buy so many properties when you have the same amount of buyers with double the amount of listings. News flash, properties are not going to sell consistently as they did prior with the smaller numbers. You’re going to have price drops, big surprise. So regardless, my point of today is the past five years it’s been consistently a sellers market and what’s happening is it’s switching around to a buyers market. Now the buyer gets to take advantage. The buyer has the negotiating power. Instead of coming to an open house and organizing an appointment for a second showing on Tuesday or Wednesday and having the property already sold or competing against ten offers, now they are one of the only people competing for the property and they’ve got time to sit back, relax and check out other properties, etc. Either way, current market trends are going from a sellers market to a buyers market, this is a good thing. I’m very happy about this especially since I work with a lot of first time home buyers so if you want to contact me you can do so at www.firsthomeinfo.ca. My name is Jessi Johnson and we can go into much more detail at that time. Have a good day, bye!