June Market Update: Inventory is on the upswing, are prices set to drop?

Are you noticing more and more for sale signs in your neighborhood? You're not just imagining things, inventory has continued its upward trend in most areas as buyers hesitate to jump into the market with uncertainty around future interest rate cuts.

Key Highlights

Inventory Surge: With new listings more or less in line with seasonal averages, but demand not keeping up, we're seeing an increase in homes on the market across the board.

Cautious Buyers: Many buyers are taking a more cautious approach, carefully considering their options before making a purchase. The buyers that ARE choosing to buy are enjoying the opportunity to buy without the stress of competition with other buyers, and are able to shop around to find the exact home that works for them.

Price Stabilization: Despite the increased inventory, prices have remained relatively stable in Port Coquitlam. That's not to say there aren't good deals to be had. One of my recent clients secured a great condo for $40k under list price, in a great area in Langley. Stable pricing often offers the opportunity to negotiate on other terms like schedule, closing dates, etc.

Market Dynamics: The current dynamics suggest that we are in a balanced market, as opposed to the previous few years of seller's market. What does this mean if you're a seller? Price your home well, and offer as much flexibility as possible. Do the extra touch-ups and consider staging the home to make sure it stands out amongst the competition.

In Other News

The BC Government has once again passed legislation regarding the housing market that will make things difficult for both buyers and sellers. As of July 18th 2024, landlords will need to provide 4 months notice instead of the previous 2 months to evict tenants for personal use. This includes situations where a home is being sold, and the buyer is intending on living in the home. Because most interest rate holds are only good for 90 days, this is likely to make purchasing a tenanted property VERY challenging for most folks, and in some cases may cause sales to collapse.

However, like with any market changes, this also presents opportunities for savvy buyers to negotiate even better deals on tenanted homes. If you want to hear more about how you can take advantage of this, book a time to chat using my Google calendar link:

 https://calendar.app.google/7MV2wpzKvVw14u4TA

Talk soon,

-Angelo Manousiadis