How Is The (Victoria) Market?
When people in and around Victoria ask us "How Is The Market", it is always a bit of a loaded question, and there are many ways to answer this question.
It is a conversation starter, but often very quickly turns into a conversation about specific property values and if it is a good or bad time to buy and or sell.
Obviously it is impossible to take the overall market conditions and translates what is happening on a larger scale and automatically translate this in to conclusions on any one specific property "YOURS".
However it is fairly common for people to conclude that if the number of sales is way down, that it is a bad time to buy. Now I am not sure why this is a common reaction, but in fact it may be a very good time to buy for YOU......
Real Estate is still a supply and demand industry, and when the supply is high (like right now) the likelihood of finding a great home at a better than usual price are higher than when everybody is outbidding the previous offer on a similar property.
I know what your next question might be; But what if prices go even lower? The only way to be able to know that for sure is after the fact (once the prices have gone up again). to try to pick the low point in the market is near impossible, and as such becomes a bit of a gamble, and to what gain?
In most cases it is very likely that once a market nears stability (when the number of new listings and new sales nears a more balanced level) we know that we are nearing the bottom of the market. In doing your home work it is important to compare apples with apples.
If you are looking at the statistics for the entire market, but you want to buy a single family home you will get a totally false impression of the market conditions for single family homes. We all know that statistics have a tenancy to show extremes, and not be very reliable in showing applicable information for individual situations.
It is therefor very important to get very specific, complete and detailed about your situation in order to determine if Your Market is Good, Bad or Just Okay.
The Real Estate Market in Victoria is about as complex as it is to figure out how many neighborhoods we have, and which one is the perfect one for you.
Doing Your Home work is made much easier with the Internet and surrounding yourself with a few key people in assisting you with any and all your real estate discussions. Getting all the Information is key, being able to interpret it in such a way that you know what is important to you and what is not, is the big difference maker.
So when we are asked "How Is The Victoria Market" don't be surprised that our answer is a whole bunch of questions to you in order to determine what "Market You Are In", because Your market may be totally different, than the market of your best friend.
Now here are some general stats (remember, they may not have any significance to you).