Make the Most of a Buyers' Market - Nanaimo & Vancouver Island Real Estate

Posted: May 25, 2009

Source: Darrell Bellaart, The Daily News, Nanaimo May 5, 2009

In the wake of the economic predictions of the last six months, home sellers can be forgiven for worrying if the bottom has fallen out of the real estate market. Compared to the hot market of the last few years, that saw average selling prices increase from $214,000 in 2004 to a high of $373,000 in 2008, the spring market is fairly soft. Sales in April were 26% lower in Nanaimo than the same month last year. But average selling prices have actually been rising for the last two months after hitting a low in February of $326,000.

Agents on Vancouver Island say the market has definitely shifted to favour the buyer; Unprecedented low mortgage rates are another advantage for prospective buyers, who can look forward to buying in a market that, while still competitive, is certainly less heated than it was 12 months ago.

The Vancouver Island real estate industry is moving into the busy spring selling season, when many people choose to list their homes after waiting out the winter. Real estate experts say staging is important, making sure a home is well presented. But the real key, they say, is simple: Price.

Copyright (c) Canwest News Service

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