Rob Viccars

Just some thoughts from the past week or so...

 

1.  There Are Fewer 'Deals' Out There

I've been looking at two bedroom condos downtown with a client for about four weeks.  When we first started looking there were a number of listings that had been lingering on the market for around 100 days.  For the first week or so of our search in the sub 500K price range, the most desirable got a ton of showings, but didn't sell right away.  However, within a few weeks, the market heated up considerably and they had all been snapped up.  Anything new is coming on at a higher price and there are not many below 500K.  I have noticed an upswing in listings over the last week (last two days there 259 new listings in Vancouver East, Vancouver West and Richmond vs. 170 solds, a 1.52:1 list to sell ratio).  I'm not sure it's enough to satisfy the buyer demand out there (at least in the short term) while interest rates remain historically low.

 

2.  Interest Rates May Be Going Up

I've heard rumours and rumblings that interest rates are going to rise in the next week.  One mortgage broker suggested rates could go from 3.8% to 4.59% for a five year fixed (the most popular term).  That would mean approximately 10% less buying power for home shoppers.  I'm sure this will stoke the market even more in the short term, but obviously will hurt once the buyers who locked in a 3.8% mortgage have made their purchases.  If you're thinking about selling, now is the time.  If you're thinking about buying, call your mortgage broker (or I can refer you to one) and lock in a rate.  If you already own and are on a variable rate, it might be time to lock-in (call your broker for advice). 

 

3.  City Of Vancouver Changing Downtown Parking Rules

In an effort to encourage people to 'go green' and give up their cars in favour of transit, the city of Vancouver is considering changing its parking requirements for new commercial developments.  New developments would be allowed to build only half the number of parking spots.  City council will discuss the proposed changes on Thursday.  Should the changes pass, the value a parking spot downtown will skyrocket, along with parking rates.  Here's a link to more on the story.

 

4.  I Don't Use a Lock Box.  Here's Why...

Last week, I was setting up some condo showings for a client and talked to a realtor who had their Lock Box stolen from the exterior of the building.  Unfortunately, the security of the entire building was compromised and all the exterior doors and the unit itself needed to be rekeyed.  I have a Lock Box key, but I never put a Lock Box on my listings.  The security of my clients' and their neighbours' homes means too much to me.

 

Question or comments?  Let me know.

 

Take it easy everyone.