Where Did Our Market Go?

We pretty much started the year going gang-busters.

The market was hot, everything was selling...then stagnation.

Here in the Fraser Valley we have a buyers market. Too many listings

(about 6 months of inventory) and lots of new homes to choose from.

Prices, predictably are falling again. Lots of buyers got into a flurry of

activity because of the new taxes coming into effect in July. If people don't

need to sell, they need to take their place off the market and wait it out.

If you absolutely need to sell, pricing becomes paramount. Get under the

competition. (I have one like this now. It's a must-sell, so we need to play

hardball on price. It's all relative when buying back into the same market.

It's just a matter of making them understand the value isn't the same

as when they bought the place at the peak of the market a few years ago.