Listings are key for any real estate agent. It's a big part of our business. And as an agent, it's extremely hard to let go of a listing or cancel it, even for good reasons. This year in the Vancouver real estate market, it's been a market of change and adjustment. The government has come out with number of changes to slow down the market, but this last new change/program gave my seller and I reason to pause and think.
Let me explain.
My seller has a beautiful condo just steps from Coquitlam Centre. We priced it right, and for the last two months, have had numerous showings, and a number of great offers. Some of the offers fell through due to financing, while others didn't come together because of dates or other negotiable factors. Either way, its been a busy listing for us.
Along comes the annoucement on December 15, 2016 where the government issues a new First Time Home Buyers Program, offering a interest free loan to FTHB's up to $37,500. Our group had known this annoucement was coming, but we didn't expect it to happen this soon. We had been preparing our buyers for this, but we didn't expect things to move so fast in the market.
The following weekend after the annoucement, we had multiple offers presented for this listing, 4 total, all from investors. The new program was to take effect in the new years. Buyers could apply for it at the end of January, with the program benefiting any sales after February 15, 2017.
What does this all mean?
With an influx of investors jumping in and attempting to buy a rental property, do you see what we see?
Talking it over with our seller, we agreed that it looked as the investing buyers were trying to get in the market before the flood of First Time Home Buyers, knowing that this would affect prices. I've already told clients who had strata properties to look to early next year as a great time to list. The market is expecting an increase of buyers. This should stir the market on more in all areas of the market, with a domino effect.
We encouraged the seller to cancel his listing, and relist in the new year. And the seller agreed!
For more information about this new program, the current market, or about a property you may be interested in buying or selling. Contact Alex at 604-626-1483 or firstname.lastname@example.org