Sandra Enriquez, ABR

According to the news report on TV last night, we are not in a "housing bubble" situation.

The Lower Mainland has experience above average growth in housing appreciation for the past decade.  We forget that the typical apprciation on a detached house is about 4% per year.  So when we don't see double digit appreciation, everyone starts to panic.  When we stop seeing multiple offers on everything and homes selling in a week or less, we panic.  These are not normal selling cycles.

The problem is, we have forgotten what normal looks like.  In a traditional market place, it takes 60 to 120 days to sell a property.  We actually have a more balanced market right now.  There are greater numbers of listings on the market, allowing buyers to shop around and take their time before having to write an offer.  This is not a bad thing, it doesn't create the same level of buyer's remorse as a super heated market.  

If you are a seller, you are thinking you aren't getting "top dollar" for a place.  You are getting what your home is worth based on market value.  The good news is, you are also buying in this market as well, in most cases, so you can find a good deal on what you purchase.  In the end, it all works out the same.  If you sell in a super heated market, you buy in the same market, so you may have received a few thousand more on the sale of your home, but you will also pay more for the next property you are purchasing as well.  I like to say, "It all comes out in the wash."

The best thing you can do in this type of market is price your property well, and make sure it is in optimal showing condition.  The worst thing you can do is over-price the property.  This is especially true with condos.

Respectfully,

Sandra Enriquez, ABR