Market Update Fall 2006
A Market in Transition
After coming off a less active Summer real estate market than the record breaking one we experienced in 2005 it appears that a change is in the offing. The boom market that had continued pretty much unabated for almost 4 years with low listing inventories, multiple offers and escalating prices seems to be coming to an end. Sales were down by 24% in September while listing inventories rose by 14 %. List to sell times are also increasing as we move to a more balanced market. Many wonder, especially in the media, if this is the long predicted bursting of the real estate “ bubble”. My belief is that we are entering a more balanced market where buyers and sellers are nearly equal in number and rapid price escalation will be held in abeyance. Well-priced listings will still sell quickly and sharply priced or unique properties may still command multiple offers. Overall however, buyers will have a better selection of homes to choose from and time to actually consider their purchase. On the other hand, sellers who overprice their properties will face having to get their prices in line or risk getting missed by the market. The one caveat to this shift from a Sellers market to a more balanced market is that sometimes market forces continue to fade which can lead to a more dramatic “market correction”. While there is the potential for a correction on has to consider that the economy remains strong and in-migration from offshore and other provinces is still robust thus the demand for real estate has strong underpinnings. That being said, markets don’t go up indefinitely so if you happen to have investment properties and have experienced strong capital gains it might not be a bad idea to consider “taking some profits”. If you are curious as to the market value of your home or real estate investments, please call us for a no-obligation evaluation.
"Hot New Listings by E-mail"
Let us create your own Mini Web Site! We will set it up so that you will receive your desired home search criteria in broad or extremely detailed fashion. We will then assist the computer in searching the MLS database for new listings that match this criteria and e-mail these listings directly to you even hourly! This is very handy for both active buyers as well as for people who are planning a move and want to start researching a potential new area to move to and want to start their “ homework” (no pun intended). If this would be of value to you, just send us your “ wish list” and we will be happy to start the new listings coming.
Thank You
We really appreciate all of you who have either utilized our services or recommended us to your friends and family. Here is wishing you all a prosperous Fall 2006.
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