We have seen a relatively sudden shift in the market.  2007 was a record year for unit transactions on Pender Island.  116 Closed deals (Land and Single family dwellings - MLS listings). 

In 2008 there were just 50 closed deals.  There were also a few more deals brokered and completed outside of MLS.

What was a Seller's market is now a Buyer's market.  The inflated and often seemingly 'insane' asking prices of the last few years (spurred by the market bubble and herd-mentality) are being replaced by common sense and market-driven pricing.  And so affordability inevitably returns. 

Ultimately, this will create a more stable, balanced market where Buyers and Sellers are more comfortable with their property transactions.

2009 will be an interesting year, but already affordability is increasing as many prices have now come well down to reflect the current market.  There will always be a demand for property on Pender Island.  We are a retirement and vacation 'heaven' and a limited resource.  People don't stop retiring and cannot wait forever!  We are in an area of outstanding natural beauty, protected by provincial and federal park reserves.  That creates an environment where buyers want to be and the medium to long term demand is likely to be strong.

Properties which are attractively presented, in good locations and with few disadvantages will always sell if competitively priced in a given market, good or bad.  Anything else will play second fiddle to these A1 properties and will usually take longer to sell or might not sell at all, especially if over-priced or perceived as 'stale' listings.

Eventually, however, a property sometimes MUST be sold and sometimes quickly.  (Personal circumstances, cash needed, moved jobs, foreclosure, repossession, estate sale).  In this case a sale price lower than normal market value can result, creating unique opportunities for buyers.  Of course sellers who ask an attractive, competitive price early on are likely to sell more quickly, and for more, than if they initially over-price, don't attract the most ready willing and able qualified buyers, then become stale listings.

Pender Island (like anywhere else) has every type of property - from good to bad, from immaculate to in a state of "deferred maintenance" or unfinished, from fully developed to completely undeveloped or with lots of potential, from over-priced to competitively priced (and sometimes available less than market value).

The trick is to sift through everything, recognise all the issues, see through all the spin, to find the best opportunity for you.

That's why you need to hire Anna Law.  Please call or email for your appointment.

Register above for Anna's "Best Buy" List.