Market Information for Buyers and Sellers

Market Stronger in 2009

2009/10/18 Originally published in the Vernon Morning Star.

It appears the worst may be over. Unlike this time last year, we are seeing a healthy number of buyers actively participating in the market place.
The September stats showed a slight increase in prices. They had been inching downward for about a year. Any price gain we made in the late part of 2007 and the early part of 2008 were lost. I still think that this correction was inevitable even without the situation with the global economy. Prices had been going up for six years. That is an amazing duration for price increases. It would have been difficult to sustain such strong gain.
May, June and July were all showing as increased number of sales. August fell off somewhat, probably due to the prolonged heat of this summer and the smoke we were plagued with from the many forest fires. September was great. Many people bought homes during this month. Several homes that have been on the market for months and months finally sold.
Now that people can tell the economy is appearing to be in reasonably healthy condition, they are more confident about making real estate purchases. The incredibly low interest rates are irresistible. It's almost a pleasure to borrow money at these low rates.
The number of available homes has now lessened. That coupled with an increase in the number of buyers has created a more balanced marketplace. Hence the slight price increase we saw in September.

Jane Field works with RE/MAX Vernon. Jane has over 30 years experience in the Real Estate business. To suggest topics for future articles or to ask Jane questions, email or call 503-3755.

RE/MAX Vernon | 250.503.3755 | Toll free 1.888.503.3755 | 5603 - 27 ST | Vernon | BC | V1T 8Z5 | Canada

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