September 2010 Downtown & West Side Vancouver Market Update with Jay McInnes
September 2010 saw a slight rise in Listings, however it also saw a slight drop in Sales.
The majority of Investors are currently sitting on the sidelines even though interest rates are still low and inventory is high. The reason for this is the uncertainty of when the much anticipated up-swing in the current market is going to take place.
A lot of the Sales we are seeing are do to people finally saving up that ever so daunting down payment and being realistic about Buying. By realistic I mean they are looking LONG-TERM and not worrying about the one or two percentage variance their property value may possibly see in the remaining months of 2010.
This is a very comfortable place for First Time Buyers as they typically have the most realistic view on Buying real estate in this city. Save the down payment, Buy and HOLD! With this mentality you are capable of riding out any Real Estate storm, big or small in any market. Thinking about short-term gains through Real Estate at this point in the market is not a realisticapproach.
September '10 Downtown vancouver & West Side Condo Market Update by Jay McInnes