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Bear Market Versus Bull Market
The Vancouver Real Estate market is cyclical. We’ve seen in the past that the Vancouver market goes up but doesn’t last long when a bear market comes along. Our agents have been in both these types of markets over and over again and one thing we’ve learned from these fluctuations is that the market will always shift and change; just because we’re in a bear market right now doesn’t mean we’ll never be a bull market again.
We tend to find that buyers don’t understand when the best time to buy is. For example, when it’s going up, they’re willing to pay more but when it’s coming down, they become hesitant.
With this in mind, you need to make sure you don’t miss the chance if prices do end up going back down. It’s best for you to take advantage of what’s happening in the market now as opposed to worrying about what it will be like in the future.
The Vancouver market is currently experiencing a Bear market. A Bear market is where the buyer can breathe during the process which includes being able to do inspections without stress or get a sale through with subjects on it, to name some examples.
In the future, the market may shift back into a Bull market. Vancouver has been a bull market the last couple of years. We have experienced an unbelievably hectic market where prices were rising drastically.
Vancouver is at a 10-Year inventory high and there is selection out there. This makes it a favourable Buyer’s Market. Buyers will be able to have all the negotiating power at the table.
This video is a good resource to make sure buyers know to buy sooner rather than later.
“Don’t wait to buy Real Estate, but buy Real Estate and wait.”
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