WelcomeHomeYVR- Real Estate with Katharine Reynolds
I can’t believe how quickly the summer passed! The kids are back at school, the weather has cooled and I’ve got a batch of tomato sauce on the stove as I type. Fall always feels a bit reflective to me, but also full of possibilities. Wishing you a happy September whatever you’re up to!
Sales are up & prices are down…
It was bound to happen, sellers are realizing the market’s changed & prices attainable 1 year ago (or even 6 months ago!) are no longer in play. This summer has seen considerable price reductions which brought buyers off the sidelines. While this is good news, sales are still 19.2% below the 10 year average, so not time to celebrate quite yet!
“As sellers’ and buyers’ expectations become more aligned, transaction volume has picked up. Newly listed properties remain in line with their ten-year seasonal average however, when paired with increasing sales activity it’s likely to diminish the available inventory. This also means the window of plentiful opportunity for buyers may soon begin closing if these trends continue.” Andrew Lis Economist for Greater Vancouver Realtors.
We’ll see if Andrew Lis is correct…there’s a lot of inventory to clear through before we see pressure back in the marketplace. This year has been predictably unpredictable…there’s a chance the spring market which never materialized will mean a stronger fall market. This would bring price stabilization & more competition for desirable properties. It’s important to note there’s still 37% more inventory on the market than the 10 year average so there are plenty of opportunities out there. If you’re looking to purchase for yourself or even use equity to help a family member get into their first home it’s an excellent time. I’ve seen a number of well priced good properties hit the market in the last few weeks.
I’d be happy to meet to talk with you about the market whatever your situation…Please call anytime so we can schedule a time to sit down and review your goals! 604-831-3616.
Bank Of Canada Rate Cut Update
The next Bank of Canada rate cut is scheduled for September 17th with all signs pointing to a .25% cut. The inflation report coming out Sept. 16th is the only wild card that could hold the rate @ 2.75%.
Lower prices, high inventory & potentially lower interest rates mean very favourable conditions for buyers.
Tip: Did you know that you can prequalify for a mortgage and still take advantage of lower rates if they drop before you purchase a property?
Just Sold !!
It was a true pleasure to help my client purchase her 1st home this past week…there was so much good inventory available, I think the hardest part of the process was choosing! In the end the winner was clear, we were able to secure an amazing deal with everything on her wish list in a rock solid building with a private terrace & fantastic amenities like a concierge and an outdoor pool…a great investment & an even better lifestyle, congratulations!
Staging and Design Consultations
If you’re selling your property I can utilize my extensive design background to stage and declutter your space as well as advise on a front of house refresh. If you’re buying I can assist in making sure your current furniture will work and assist in placement. I’m offering this service free of charge for all of 2025!
Referral Offer for 2025
I’d really love to work with people like you! Send me your referrals of friends, coworkers or family…if your referral results in a completed purchase or sale I'll send you a $500 gift card of your choice as an appreciation of your support. Please call me directly or send your referrals via a group text to 604-831-3616 - include a brief intro of who you're referring and what they’re looking for. I really appreciate all the referrals I've received so far!
Wishing you a wonderful fall season!Feel free to contact me if I can help. Katharine Reynolds604-831-3616kr@welcomehomeyvr.com
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My mailing address is: Oakwyn Realty
101-3151 Woodbine DriveNorth Vancouver BCV7R2S4P. 604-831-3616F. 604-620-7970