Hi there clients, friends, family and colleagues,
Hope you have been enjoying a wonderful summer so far! There are many local community events taking place – be sure to visit our websites community events page http://jennandcolin.com/business-directory.html to see what’s happening in your area this summer!
The market here at home has been slow. Sales have been declining over the last 2 months and the July sales to actives ratio (total % of current inventory selling) was at 10%. This has been attributed to great weather, interest rates edging up and the reaction to the HST. Although the HST does not apply to resale properties – many are unaware of that fact.
We have been posting many different links and articles to our facebook page if you are not already a member please visit us at www.facebook.com/jennandcolinrealestate for a wide variety of regular stats, trends and economic updates.
Now that housing demand is moderating analysts expect it to more closely match overall economic performance for the next 18 months.
For buyers this means affordability and selection as this large inventory of homes for sale has created the most favorable conditions for a homebuyer in over a year however it seems as though total active listings has already peaked and have begun to wane so expect more balanced conditions in the fall.
For sellers this means we have been seeing many price reductions as sellers have been trying to remain competitive. Actual price corrections we have seen in the Sullivan/Panorama area have been small :
ie: detached homes down -3.2% from June – July 2010 however, from July 09 – July 10 pricing had only come up approx 3.0% in this same category. So really this just continues to point to this very “flat” market we have been rambling on about for the last 18 months.
If you are thinking of putting your home on the market your asking price will work in your favor the more closely it is aligned with the recent sale prices for comparable product in your area. Call us if you would like to talk about what your home may be worth today. 604-583-2000
As a side note - we have recently created a Business Directory page on our website where we would love to feature local small and home based businesses. If you are connected with our “not quite south surrey neighbourhood” (blog: www.notquitesouthsurrey.com ) drop us a email at firstname.lastname@example.org with your business name, its nature and the best contact numbers for you and we will be sure to add you to the page.
So take care and think of us when you or anyone you know is looking to buy or sell a home – we will ensure your referrals receive VIP status!
jenn & colin