Real Estate Prices Don’t Change in a Perfect Pattern!
There has been a significant amount of talk – “prices have stabilized!!”… Discussions of “LOOK!! multiple offers on this one”!
So… have prices stabilized? Well, they couldn’t keep falling 20% every 4 months! We saw some of that reduction in the regions that had gone up 35% in less than a year. And, please, let’s realize that some neighborhoods didn’t run up as much as others. For example: The Bridlepath didn’t go from $10M to $20M in 2 years, when some Chilliwack properties doubled in price.
Just like the Stock Market Sometimes a few stocks go up when almost all the rest go down that’s why they call it an average. Real Estate is local – it’s not universal. Prices don’t drop in a perfectly symmetrical way each month. Maybe a plateau has occurred in some neighborhoods: its a big country! And a very few, very specific properties will still get multiple bids. For example – when a elderly widow in a special neighborhood on a prime street finally decides to sell there’s a ton of interest in that one particular house. So please understand there will be many outliers in price.
With the possibility of another Prime Rate increase in October and with ZERO indication of mortgage rate reduction or beneficial mortgage rule changes in the near future… prices continue to grind down. More slowly perhaps but with no UP in sight at all…
Call Butler Mortgage TODAY for more information and insight to this ever-changing market! We are here to help!