Are you a Realtor®? How many times have you heard "how's the market" and shaken your head?
I mean, it our job to help educate our clients and anyone else who seeks our guidance so the very first thing I say when asked that question is;
Because when folks ask "how's the market?" what they're really asking is "how's the market that affects me?"
There are so many factors that affect "the market" when it comes to real estate;
- where are you?
- what product do you mean? House? Condo? Commercial space?
- are you selling or buying?
- and more...
We can also drill this down to "how would my home fare in THIS market?" which would then take into account the state of your home, if it's old or new, are there issues with it. etc etc. (there are like 50 million factors that go into this...maybe not 5 million but still....lots!)
So, the next time you meet a Realtor or want to ask someone how the market is consider changing it up with something like;
"how's the market in North Vancouver?"
"how are condos in North Van selling right now?"
"is there anything available to buy in the lower mainland that's affordable?"
"what do you think is going to happen in the North Van real estate market?" THIS ONE IS DIFFERENT....
I know a lot (A LOT!) of Realtors that will try to predict what a market will do. Sometimes they're even right when they do but, for every Realtor® you ask, you'll get a different take on what's going to happen.
Some of us are super data driven and examine what's happening NOW and what's happened in the past in a similar situation. But oftentimes we have some sort of intervention (empty homes tax, no more non rentable units etc) that throw a curve ball into the mix and make predictions....unpredictable ;)
The only real way to know how the market you're interested in is and what's happening right now is to sit down with an area professional and ask the right questions.
Side note, if I'm not an expert on the area you're interested in you can bet your butt I'm going to refer you to someone who is amazing! So, ASK ME!