Market is HOT for sellers! And rates still historically low for some buyers
For the fourth month in a row real estate sales in Vancouver are up! May sales were up over 16% from May 2008...Lots of multiple offers. I had been telling my buyers to buy for a while now and some (not many-most were smart enough not to wait) wanted to see how low interest rates and prices could go-well interest rates are on the way up (up almost 1% in the last week-doesn't sound like much but really affects payments each month) and as we get more multiples, of course sale prices are higher.
For sellers we are not sure how long the active market will continue-as rates go up, it may cut the number of buyers. For now activity should remain high as a lot of buyers have only a couple of months left to use up the historically low rates they have held. Once those rates are gone, the current panic to spend the money before it is taken away could affect sales...we'll see. If you would like to buy or upgrade, there is still time to take advantage of the rates if your broker held them for you..if you are a seller you may want to act now before the buyers all buy! As a general rule, as rates go up, prices go down...If you would like to discuss how the current market conditions affect your particular situation, please call or email me.
Patricia