Richmond Condo News

This could be the best time buying your ideal home. The current real market is adjusting  to the uncertainty in the market place. The market has changed from the go go years to an unusually slow buyer's market. Seller expectations are now tempered, and more willing to look at your offer.

In the two previous downturns, one in the 1980s and the second one in 1994 to 2000 the market factors affecting sales were different. We now have low interest rates, and reasonably positive economy and low unemployment rate. Home prices are now 10% to 12% lower than those at the end of last year.

More Chocies

We have much more inventory on the market now than we have had in the past and sales have drop off a cliff. Now, may be a great time to invest in real estate because of the low interest rates, lower prices and a low vacancy rate.

For home sellers whose home prices had doubled in price over the past 7 years, the recent price adjustment of 10% to 12% is not such a big deal. If you are buying and selling in the same market, it doesn't matter if you sell at the absolute peak or purchase at the absolute bottom.

Home Ownership

The reasons for buying and selling houses continue, and home owners will continue to sell or buy depending on their circumstances. The market goes up and it goes down. It's up to each of us to take advantage of each swing.

The market now has a lot more choices for home buyers. You have a better chance of finding the home you like and at a price you can afford. If you are comfortable with your own finances and the home is the right one for you, then buy it. It is your home you live in and enjoy with your family. It does not matter if home prices go up or go down as over a time period you build equity through home ownership.

If you are looking for the latest Metro Vancouver housing market information or like to view homes for sale on the MLS system, visit my website at www.james-wong.net. Or, search for homes listed for sale using the Google MLS Listing Search below:

The reasoning for trading up in a down Richmond housing market is best summed up by Sebastian Albrecht, a Vancouver Realtor at Royal LePage Westside.

The housing market in Richmond is similar to the markets in other Greater Vancouver Municipalities. Home prices had come down by 10% to 12% from the peak towards the end of 2007.

Trading Up

Obviously, you must have the need for trading up to a newer or larger home, a better neighborhood and you can afford to make the move.

If you are in a similar situation wondering whether you should trade up, the post helped to explain why you should do it:

"Not only is our young couple saving money, they are also more likely to find the home that they want in this market. There are lots of choices and you have the luxury of finding the right home for you in this market. That’s not a luxury you’d have in a seller’s market".

You can read Sebastian's full article here.

Richmond Housing Market

You can view the most recent sales and pricing activities in Richmond by following my on-line real estate postings on Richmond Housing Report.

If you like to have more information on buying or selling your home in Richmond, you can contact me at 604-721-4817 or send me an email.