If you recall, a couple of weeks ago, I (Wesley) wrote a post regarding the current state of our local Real Estate market. My “two cents” if you will. Well now it’s time to hear from the expert. Heiner Blum (from my team), has been in the Real Estate business for over 40 years. His experience is unparalelled, and he has been through market trends just like the one we are experiencing now. He has taught me many things about not only Real Estate, but about life in general. Here is his take on our current market.
Well, no one said it was going to be easy all the time. After unprecedented gains, especially in the Greater Vancouver area, global economic uncertainty weighed heavily on residential real estate activity in most major Canadian centers during the latter half of 2008 and the economic forecast for 2009 promises more of the same. Here at the Blum Real Estate Team we have analyzed all of our marketing systems and have made improvements and adjustments to reflect the current conditions and we are well positioned to get our clients the best experience possible. Housing market performance will clearly be contingent on economic performance and the situation is not expected to be remedied until consumer confidence is restored. It is important to remember that pent up demand still exists. We could see a bounce back as early as next Spring if inventory levels stabilize, pent up demand kicks into gear and lower prices and low interest rates stimulate home buying activity. Challenges often mask opportunities. With a shrinking price differential, trading up has never been better than now. Sell at todays price and buy at tomorrows. The fundamentals and the reality of the Lower Mainland’s real estate market have not changed. Vancouver is and always will be a prime location on the world’s real estate scene. Over the last few years everybody wanted to be on board despite ever escalating prices. Now is the opportunity to be a contrarian and benefit from less competition and enjoy the long term benefits. We thank you, our valued clients, for your continued support and remember we are never too busy to look after the referrals of your friends, relatives or neighbours.
We remain with best wishes and warm greetings,
your Blum Real Estate Team
feel free to discuss
