If you’re like most people in the greater Vancouver area who are looking at the Vancouver real estate market for one reason or another, you’re probably wondering what is going on, correct? Your confusion is totally understandable, because it seems that there is more fluctuation here that in the rest of the country. Here are the facts that you should know about, I mean check out the prices for Burnaby real estate.
Firstly, you will be pleased to know that the trend you’ve seen lately – the one that is telling you the market is settling down and no longer rising at an alarming rate – is true. You will notice in the next coming weeks and months that the real estate market is going to very much even out so that you will be able to rely on the fact that the price that you see is going to be standard. This will help many who are looking to budget and start taking a look at the market a little more.
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The other shoe that you are waiting to drop is coming, unfortunately. While the market is stabilizing, the prices are not expected to drop at all. They are going to stay steady and many predict that they will fall just the smallest bit, but there is not going to be any major drop in prices at all.
In the early days, it was assumed that when the market finally did even out and stop the alarming climb that had everyone eyeing it, the prices would drop, too. This is not the case in reality, it seems. Many are concerned about this, feeling as though the prices are overinflated and are causing troubles for those who are looking to try and afford a home in this busy metro spot.
The focus is starting to shift, now, from Vancouver to Toronto, says a Port Moody realtor. The prices are rising and the crowds of people who are looking to buy, are coming to Toronto and leaving Vancouver to pick up the pieces of its broken real estate market and put it back together again. All eyes turn to the prices that are listed right now, but they are holding steady and there are no expectations of movement of any kind in the future.
The new problem that residents are facing now is the fact the homes are now stable in their asking price, which is great, but what is the point if many cannot afford to live in them? The concerns are growing to the point that this lull is almost as popular a topic as the rising market and prices were this past year.
While no one can predict for sure just how this is all going to pan out, it seems as though those who were waiting to get a steep price drop in the asking price to make an offer on a home, are better off just making it now, because waiting is certainly not going to make a noticeable difference as far as the experts in charge of the real estate market prices can tell.
It’s not the news that many wanted to hear, but we have to remember that it could be worse. The prices could be going up instead, or the market could still be skyrocketing for the foreseeable future. It may not be much, but it’s definitely something to be happy about.