David Hennessey REALTOR® eXp realty with this weeks real estate news for you.
Maple Ridge Detached homes Market Weekly Market comment
My data analysis and research disclosed a continuing trend this last week over the prior week:
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- The biggest week over week change is a huge increase in detached listings entering the market in Maple Ridge: 46 new listings versus 20 in the prior week. Same amount of price reductions (17) and a drop in the number of weekly sales from 14 to 8. Great for buyers, not great for sellers.
- The changes above indicate that home owners need to be really price competitive to get offers and recognize sale prices most likely will not be what they were a few months ago. Few offers are coming in to owners. The key for sellers is to see if the downward adjustment they currently experience can be recovered at least partically on a purchase.
- Clearly more buyers are in the market at this time but they are making offers with the concern that prices will continue to lower as is the current trend. Will the Bank of Canada cut its rate this month on the 17th? If they do, will it make buyers make more decisions to take advantage of lower prices? This is the question of the moment.
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Note: This article offers you general information only and not to be considered specific professional advice for your situation. Let us meet for you to have information specific to your needs so you can make an educated decision on your real estate needs.
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Sincerely,
David Hennessey
REALTOR®
eXp Realty
604 626 8903
