In my 36 years of Real Estate, I’ve seen three low markets. This has been one of them. I might point out, anyone buying property in any market in the St. John’s general Avalon area, holds on to it for five or so years, will increase their equity 99 times out of 100! Why you might ask? Our market is not really that large compared to the major ones across Canada. Yes, there are low and highs but, nowhere near the big guys.
Record Number Of Homes For Sale
In the St. John’s general market area, this is one super time to invest, upgrade or just pick a new style of home. With a record number of homes for sale (2488 Apr 30th) and expecting about 200 or so of these to actually sell this month, this is a BUYERS MARKET!
What causes it? There are always people looking to sell. The problem is, with an economy slowing, less people buy.
What To Do?
For those motivated to sell for whatever reason, the only thing in the vendor’s control is price. To interest the buying public, they’ve been bringing it down.
We have seen more price reductions in the last two years trying to entice buyers. The urge to buy is starting to happen ever so lightly. Let’s face it. Realtors can’t change the location, the market, the style, the condition or the age of the home….just the price.
We see record numbers of people looking at our listings on our websites. The counts are out of this world. That tells me there is a pent up desire to buy homes and for sure, as has happened in the past, people will start to buy again. (it’s already started)
These facts are the writing on the wall. Buyers’ market it is, however, like all things, markets change with time. With the Bank of Canada maintaining terrific borrowing rates, A Buyers’ Market offering fantastic deals…the time is here. Invest in your future with the very best commodity on earth…a new home.
Chris Vardy
