There were more active listings on the market in Mission in November 2018 than at the same time last year. This, combined with the fact that demand has lessened (due to changes in mortgage regulations and taxes etc.), creates the perfect conditions for a buyer’s market. Strategic planning and experienced marketing skills are essential for sellers at this time.
The benefit of selling in Mission is that the average price of a detached home is considerably lower than the rest of the Fraser Valley and Greater Vancouver, which encourages people from outlying areas to venture here to look at properties.
Fraser Valley market stays quiet through November
The Fraser Valley Real Estate Board processed 1,028 sales of all property types on its Multiple Listing Service® (MLS®) in November, a decrease of 41 percent compared to the 1,743 sales in November of last year, and an 11 percent decrease compared to sales in October 2018.
“Lessening demand continues to impact our market significantly,” said John Barbisan, President of the Fraser Valley Real Estate Board. “In turn, that has given purchasing power back to buyers who now have more time and more options when it comes to making a decision.”
There was a 25% dip in new listings in November, compared to the previous month— normal at this time of year—but buyers are still taking their time to compare properties on the market.
Though there continues to be a definite shift towards a real estate environment favouring buyers, sellers must pay close attention to how this affects their chances at success.
Working with a REALTOR® can help you put your home in the best position to sell—even when the market is slower.
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