Comments were offered by the Richard Morrison Remax Team on reports in the Vancouver Sun composed by Andrey Pavlov concerning the Burnaby real estate marketplace.
FOR IMMEDIATE RELEASE (NEWSWIRE)
NOVEMBER 27ND, 2012
The volumes of sales in Metro Burnaby, Canada have dropped down dramatically while the inventories are rising.
Despite all of this, the SFD costs have just gone down somewhat.
This begs the question: Just what exactly is happening in the Burnaby real estate market?
According to an article posted on The Vancouver Sun which was written by Andrey Pavlov who is really a finance professor at Simon Fraser University, he highlighted the fact that he believed that the indices were “deceptive” though he felt this was unintentional. According to him, the indices are not accurate reflection of the attitude changes in the marketplace at the moment. According to him “In an up market, every thing sells, good or bad. In a down market, just the best properties sell. So it will take awhile for transaction based indices to reflect the real drop in prices.”
People who are looking to sell should be more realistic. This really is particularly true when looking at high end markets like North Burnaby and South Burnaby real estate areas. It is about time they accepted that the peak has passed so if they are looking to sell, they have to do so with realistic prices. Dr Pavlov also noted on a separate article on a newspaper that this financial allowance is not a thing that can “happen over night.” It will take around six months for the individuals who sell to make the required adjustments. There was no rebound out of this. It is time to cash out or only get out of the market with what you can, while you still can.
According to Dr. Pavlov, Metro Burnaby is one of the most effective three ‘unaffordable’ cities in the world and North America. Houses in Metro Burnaby have a greater value than similar houses in places such as for instance San Francisco and so they are practically on the same degree as the ones in New York. What makes the situation more interesting is the fact that rents are cheaper in Bay Area, wages are higher for similar occupations while the taxpayers are permitted to deduct the mortgage interest expenses. This is simply not the case up here.
The Richard Morrison Burnaby real estate team has operated for 10 years in Burnaby and offers real estate professional advice, hot news, marketing tips, and trend analysis.
Richard Morrison Vancouver Real Estate Team
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