This year, there have been some big changes in the housing market. Detached homes have had a large increase in inventory and are dropping in price. This is also happening to townhomes and condos to a lesser degree.
This is happening for a number of reasons. First, we are in the summer portion of the year, summer and winter seasons are generally slower for selling in the housing market. Second, it has become much more difficult to get financing, even for people who were pre-approved, new rules and increased interest rates have changed their ability to qualify. Third, there are a number of new rules that have been put in place by the Real Estate Council of BC, that include a number of new disclosure forms, which has changed the way we can do business and raised the bar for all practicing real estate professionals. If you want more details on the new Disclosure of Representation in Trading Services form, please click here. This form is the first step that realtors have to take before consulting you on your buying or selling needs.
This is happening for a number of reasons. First, we are in the summer portion of the year, summer and winter seasons are generally slower for selling in the housing market. Second, it has become much more difficult to get financing, even for people who were pre-approved, new rules and increased interest rates have changed their ability to qualify. Third, there are a number of new rules that have been put in place by the Real Estate Council of BC, that include a number of new disclosure forms, which has changed the way we can do business and raised the bar for all practicing real estate professionals. If you want more details on the new Disclosure of Representation in Trading Services form, please click here. This form is the first step that realtors have to take before consulting you on your buying or selling needs.
What does this mean for you? As someone who's looking to buy or sell, it's important to understand that these forms are in place to protect you and make it easier for fair dealing in the industry.
If you have any questions about the new forms, you can always reach out to Ina!
