What Defines a Buyer’s Market?
by Maggie Chandler on February 22, 2011
in Buyers,Sellers
This is what Vancouver had between 1981 and 1987.
The Governemnt of Canada, in its infinite wisdom, decided to halt the inflation of the ’70s and raise interest rates to 20%. The real estate market crashed and I mean crashed. By the time I got the listing contract back to the office the house was worth less! Homeowners had mortgages that exceeded the value of their homes, many declared bankruptcy.
A Buyer’s Market is when there are more homes for sale than there are buyers. Prices are dropping so buyers wait it out. In fact, many homes don’t sell when it’s a Buyer’s Market, they expire! It may take six moths, and many price reductions, to sell in a Buyer’s Market.
The Buyer has all the negotiating leverage.
It was a dismal time in Beautiful B.C. back in the early ’80′s and then along came Expo ’86. I remember many of my clients getting out of the market in ’86 because they thought the small ray of sunshine in the market that year would disappear after Expo. Those who bought in the hay-days of ’80 got to break even in ’87.
Unbeknown to us all, our very localised market was about to change forever. The Feds opened the doors to Hong Kong and Taiwan immigration and the cash poured into the Province.
It was also a Buyer’s Market in Vancouver between ’94 and ’02 but nothing as bad as the one in the early ’80s.
Immigration from Korea started in the late ’90s and currently (2010) Mainland China.
Leave A Reply With Facebook
comments
Post by
WELCOME! And thanks for checking out my site, and wanting to know a little bit about me.
I LOVE what I do, and that’s helping home buyers and home sellers in the waterfront condo neighbourhoods of Vancouver and I’ve been doing just that for nearly 30 years, so I’ve really gotten to know this market like the back of my hand. In fact I’ve seen Vancouver’s neighbourhoods of Coal Harbour, Downtown, Kitsilano, False Creek North, the West End and now the Olympic Village being built and I have an in depth knowledge of these neighbourhoods. My interest in Vancouver’s history combines with my interest in the changes and growth of its waterfront neighbourhoods. If you see me walking on the seawall, playing tennis or boating, say hello!
The city of Vancouver and its neighbourhoods of Coal Harbour, Downtown, Kitsilano, False Creek North, the Olympic Village and the West End have been put on the world map with its dynamic growth, international immigration, hosting the 2010 Winter Olympics, amazing world class restaurants, geographical beauty and quality of life. Consistently voted the Best City in the World to live, you can find great shopping, sports and entertainment in Vancouver.
I assist first time and trade up home buyers, investors and vacation home buyers, as well as first time and trade up home sellers, investors and vacation home sellers with the purchase and sale of houses, townhouses and condominiums.
I come armed with stats and graphs and an extensive knowledge of market activity, with attention to detail that will give you piece of mind that I’m working in your best interest, I am a hard working, detail oriented, diligent individual with strong interpersonal skills, patience and a high level of integrity . My goal is to make the home buying and the home selling a fun trip with low stress and I use today’s technology to make every real estate transaction as smooth as possible by clearly answering your questions, providing expertise and offering a savvy opinion.
Providing trustworthy real estate services in the Vancouver area for over 30 years
has written 2249 articles.
You may enjoy these related posts:
You must log in to post a comment.