While it's true that the latest data on sales and inventory in the Vancouver region show that sellers' market conditions prevail within the townhome and condo segments, and that the detached segment is balanced, overall conditions are generally more favourable to buyers now than they have been over the past few years. To better understand what this means for home buyers, we gleaned insight from rennie advisors, Brandan Price, Reggie Tanzola, Ryan O’Hearn, and Abigail Gavin, who share their perspectives on the housing market and how they are navigating it.
On the natural market cycle
Reggie: In my Realtor career, I’ve been through a few buyer’s markets and interestingly enough at the beginning of those cycles, prices immediately begin to adjust downwards before levelling off shortly thereafter.
On the best kind of market for buyers
Reggie: Common buyer behaviour in a slower market is slower absorption rates; buyer’s seem to be more motivated by the fear of missing out causing them to participate in a frenzied seller’s market rather than this type of relaxed market - the best kind of market for good deals. The savviest buyers buy in a buyers' market.
On opportunities for upsizers
Brandan: Buyers who’ve previously struggled to enter the real estate market have a better opportunity in this kind of market. It’s a good time for upsizers to look into townhomes and duplexes. For those who are getting married and having kids facing upsizing, they have an advantage in this market.
On opportunities for first-time buyers
Brandan: It is an opportune time for first-time buyers who have been looking to enter the housing market, who were previously waiting on the sidelines or didn’t have the funds when the market was at its peak. Often there’s a price adjustment in their favour. Overall the environment is less competitive, and it becomes easier to find motivated sellers.
On the silver lining for sellers
Ryan: While the focus of a buyers' market is often the buyer, sellers whom are upsizing have an advantage too. While sellers might potentially sell for less than they’d like, chances are the homes they’re looking to buy will be less than they would have paid at a peak market too.
On a win/win situation
Reggie: I love working in this [slower] market; I’m able to serve my customers so much more and provide even more value and guidance. For buyers, there’s more inventory to choose from, ample time for proper due diligence, more ability to negotiate, and better purchasing terms including price.
Abigail: I love to be thorough and show my clients all their [housing] options because at the end of the day, it eases them into making a huge decision that impacts many areas of their life. Plus, it’s more knowledge for me to then pass along to other clients and fellow colleagues about certain neighbourhood activity that we are looking into.
On realtor resilience
Reggie: These slower market conditions manage to filter Realtors out, leaving only the best behind. The remaining Realtors, those who ‘survive’ a buyers' market, are those that have honed their craft, know how to sell, understand marketing, put their clients first, take pride in serving others, truly enjoy working with people, and have a strong work ethic.
On a great buying experience
Abigail: It has been interesting to see how the market has balanced out. It’s no longer a mad dash for buyers to get a home at their ceiling price when competing to make an offer. Buying is now a more relaxed, enjoyable experience; how buying should be.
A special thank you to rennie advisors Brandan, Reggie, Ryan, and Abigail for sharing their real estate insights and perspectives with us.
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