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Tuesday, April 3, 2012
First Quarter Numbers-Real Estate Board of Vancouver
SALES ARE DOWN BUT SO ARE LISTINGS-MARCH 2012 UPDATE!
The numbers are just in for March 2012 and we can compare the first quarter of this year to last which is more meaningful than month to month.
Overall listings are down significantly on the West Side & especially good ones. Why aren't Sellers listing this year?
- media headlines about lower sales & softening of prices so Sellers often think they should wait until "the market comes back"
- knowing that listings are in low supply Buyers are Buying before listing if they are in a position to take the risk on the sale of their home
- news that the Mainland Chinese Buyers are here in much lower numbers this year due to high prices in Vancouver & changes to immigration policy
- the cost of moving-although listings are down, prices are still up from a year ago so the costs of a new home, property transfer & real estate fees all add up
- moving in uncertain times-job instability due to possible cutbacks or contract negotiations
I've heard some Sellers say that they wanted to wait until after Easter-not sure why but I'm hoping that April does bring more listings for the many Buyers waiting for them.