Market Conditions coming into the last Quarter of 2022

Dated: November 2 2022

Views: 85

Confused?  Sometimes we are too!

Interest Rates?  Are they going to continue to rise?  Will they stabilize?  What is going to happen with prices?  Should I sell?  Should I buy?  Should I wait?  heavy sigh.   I gotta be honest...we are in some foreign territory for a lot of you so I totally understand the confusion you must be experiencing right now.  I thought I would send a message to you to attempt to bring some clarity.  We will see.  I hope you aren't left in a further state of confusion.  

Let's take a look at a few factors
1) The Feds want to quell inflation so they increase interest rates
2) The Public have been crying out for Real Estate Market Stabilization
(like for the past 5 years!) now they have it...
3) The Market Prices for Real Estate have corrected in most cases by over 25%
4) They are still talking about increasing rates coming into the Spring, but there are mixed stories on how much and how aggressive
5) We know the Real Estate Market is actually driven from the Bottom
and the entry level Buyers are paralyzed right now
6) Sellers who wanted to cash out and downsize have now seen their equity shrink by 25% in most cases.  

So everyone is effected by this.  Every type of Buyer.  Especially those who need to sell before buying.  Which is the bulk of people right now.  
Please understand, we are not here to talk anyone into action or try to spur more business by giving you "self serving" advice but I do want to point out a few positive points in all of this...read on
POSITIVE POINTS
1) This is temporary.  I have been licensed for over 25 years.  I have seen 4 Different Cycles and this is no different.  "This too shall pass..."

2) The NEW BUYERS do have an opportunity right now whether they think so right now or not.  If you are in that camp we should meet so I can show you how you can capitalize right now, and experience massive equity growth in a relatively short period of time while staying within your affordability level.

3) Equity Growth will outperform Interest Rates every single time.  It has consistently done so for over 50 years in BC.  

4) Buyers with CASH, will experience amazing equity growth in the next cycle no matter what they do.  If moving makes sense then do it.  If staying where you are is not that painful, then stay. Upsizing or Downsizing, you can't really get hurt and the timing is good, right now. 
I don't think it is wise to wait for the Spring.  We are already seeing a lot of listings coming off the system on a monthly basis, shrinking inventory and choice for you.  Everybody is telling us they are waiting for the Spring.

5) Everything will Stabilize, and the new norm will be in play.  At that point, "PENT UP DEMAND" will kick in and we will run into an inventory issue again.  This is the problem.  Not prices or interest rates.  It has always been about inventory.  Ask youself..."How many people are NOT doing anything right now?"  The Answer:  A LOT.  A lot of people are on the sidelines...waiting.  

6) The Employment Rate is fantastic.  
7) Sales of Goods and Services is fantastic right now.  
8) Immigration from other Countries is strong.
9) In-Migration from other Provinces is strong right now.
10) The greatest TRANSFER of WEALTH is about to occur from the Generations to our Young People, since the dawning of time...

Everything is going to be ok. 

Sometimes people need to buy or sell or trade homes for reasons that are beyond their control. Sometimes people wait until it is too late for us to help them.  If you are in a position where you need someone to talk to that will give you good advice that is honest give us call and let's book a time to get together.  

Talk soon - Kelly & Nicole
 
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Kelly Johnston

Your HappyHomesBC Team!Meet Kelly and Nicole Johnston Kelly has lived in Chilliwack since he was 7 years old. He has now reached the mid century of 57 years old, and after 2000 of transactions, he has....

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