Whether you are buying or selling, one of the first steps in the process is to check the condition of the Real Estate market as it applies to the purchase or sale of your home. We do this by analyzing MLS statistics.
One of the most important statistics is the sales to active listings ratio (SALR). This will tell you if it is a balanced, seller’s or buyer’s market.
October’s stats show an overall SALR of fifteen percent for Greater Vancouver. A ratio of fourteen percent or lower is considered a buyer’s market, however this important statistic may be very different for your home.
You want to know the SALR for the particular type of home e.g. condo or detached house in your local area.
It is also important to know the SALR for the subject homes particular price category. For example, the SALR for a $400k condo versus a $800k condo in the same area may be ten percent versus twenty percent.
Being well informed about the market conditions affecting your particular purchase or sale and implementing an appropriate strategy with your realtor is one of several keys to arriving at a successful result.
If you have any questions about the market conditions in your area or other questions feel free to contact me at (604) 764-5511.