Property Assessments Down
Buyer’s Market – Opportunity Knocks!
So long 2010, hello 2011! It’s the start of a new year and a new decade. With that comes the optimism that even with the continued challenges of an ever changing global marketplace, here in Whistler we take the approach the glass is “half-full”.
And soon it will be even “fuller” if this winter’s snowfall is any indication. Come the spring melt, the glass will be overflowing!
The pre-Olympic “roller coaster ride” of the past decade is over and “stability” is the key word for the next number of years. Unrealistic expectations have given way to a sobering reality that the Olympic flag did not push property values through the ozone layer, create millionaire business-owners and elevate the local economy to levels never seen before. Reality was the opposite. The real Olympic experience was all about the “Human Spirit”. Felt on a global scale and played out on the slopes, streets and venues of Whistler and Vancouver. An experience one cannot put a dollar value to. It truly was a time and place!
So what’s happening with the real estate market in Whistler? In a nut shell, it continues to be a buyer’s market. This is a trend that has existed for the most part since 2004 (2007 being the only exception). The past few years have continued to be a challenge for most sellers with expectations exceeding market values. We hear the term – “Value for Money”. Today, consumers world-wide are looking for value, regardless of their purchase product. Be it vacations, hotels, airfares, automobiles, electronics, real estate. The message is clear, if there is value, there is a sale.
In Whistler, if you are a buyer, opportunity knocks. As we all know timing is everything when buying or selling real estate. As a buyer, the market timing is right to become a Whistler property owner. And the right reasons to buy are lifestyle, family, friends and recreation. The same values we’ve seen for over 40 years!
For property owners thinking of selling there are several factors to take into consideration.
One must weigh out the advantages and disadvantages of selling now. Some factors to consider are original purchase price, higher/better use of the capital, stage of life, personal-use and enjoyment.
Interested in a more in-depth look at the real estate market? Contact me for more information and my Whistler weekly property update.
Have a great 2011 on and off the slopes!