March: In like a lion? Out like a lamb? How will interest rates affect sales?
Vancouver, BC. March 3, 2009
So February sales doubled January. No big deal there as January was SOOO slow. Slowest in 25 years. However, many of the sales were in the last 3 weeks showing some momentum in the market.
The first 2 business days of March are reporting even larger numbers of condo sales in the downtown core and west end, along with other urban pockets nearby.
Statistics are "historical" and only tell what has happened, not what IS happening. We are seeing investors return to the marketplace, as well as everyday folks getting on with lives in this new marketplace. YES it is a buyers market to be sure. However many opportunities present themselves right now, even for someone who desires to sell and move to a higher priced property. The differential is not so great, and with interest rates continuing the downward trend, money is more affordable if you are a decent risk. First time buyers have more ammunition than ever with government incentives, combined with those lower interest rates.
My crystal ball does NOT hold any answers, but offers questions. Now is a great time to question what your next move should be. Let's work together to create a plan of action for you to achieve your real estate goals. Together we will have you organized and confidant to make a move when you are truly ready.
Blair Smith 604-313-8732 Direct. Downtown Vancouver Realtor. Helping YOU make all the right moves.