Buyers vs Sellers. Surrey Real Estate.

The Fraser Valley Real Estate board recently released their stats package summarizing the summer market.

Highlighted in this report is the ongoing tug-of-war between buyers and sellers.

Home prices are now as much as 15 per cent lower than a year ago and this trend is expected to continue for the foreseeable future. 

In real life this looks like buyers writing offers below ask prices and the sellers who need to sell accepting them. This dynamic is consistently nudging pricing further downward in Surrey, White Rock and across the Fraser Valley.

In light of these conditions, we have compiled some thoughts for those thinking of making a move to consider:

• Global uncertainty is ongoing.  You don’t have to wait until moving becomes something you have to do.  Sometimes the best time to make a change is while you still get to decide exactly what that change looks like. 

• It’s not about giving up the home or life you’ve built. It’s about choosing a home that fits the life you want now, and what you want the next chapter to look like. Maybe it’s less yard work. Fewer stairs. A smaller home to maintain. More travelling. More weekends that don’t involve a trip to Home Depot. (ugh, the lighting in that place)

• Knowing what economists say is important, but no-one has a crystal ball.  The key is to be a critical consumer of economic information and expose yourself to more than one viewpoint.

• Creating long term wealth in real estate takes time.  Regardless of what is happening in the world if you own a home, one day you will wake up and realize your home is worth more than the day you bought it, regardless of what happened in between.

• In transitional markets, your first offer could be your best one.  Don’t overthink it. Don’t take it personal. Remember the long game.

So, if “maybe next year” has been on repeat in your home for a while, it’s worth having another conversation. Good real estate decisions aren’t the flashy ones.  They’re the ones that protect your money, put you in a stronger position, and make the whole process a little less stressful.

We can help.  It’s what we do.

Jenn (and Colin)

Written by Jenn

Image Nico Knaack on unsplash.com