What a slowing market means for buyers
A few events and forces have changed the real estate market over the summer. In July, we actually saw a drop in housing prices. The president of the Victoria real estate board said herself that "things are going back to normal". What does that mean for buyers?
- and increase in inventory means buyers have more time to consider (fewer offers and less pressure)
- buyers have the chance to negotiate a better deal and can be more picky
- there is more time to get inspections done
- housing is heading towards being more affordable
- less pressure for "all cash" offers
Although the list is much longer than this, you get the idea. Some power is shifting back to buyers, giving them more freedom to pick whats actually right for them.