Salt Spring Island real estate prices are falling like fall leaves

Salt Spring Island real estate prices are falling like fall leaves. I was going through the listing update this morning and could not believe the number of homes that have come down in price. The houses that are coming down are the 2+million dollar homes. The 300,000 - 600,000 dollar range homes are selling rather well and are not going down in price just the high end of the market. One listing I have been watching for a long time has dropped from an asking price of $2,750,000 to $1,800,000 and has still not sold.

The high end homes always go up faster in a hot market but also drop faster in a soft marked. There are deals to be had as the sellers of the high end houses realise that to sell they are going to have to compete with the other sellers. The smart buyers are looking for deals now as the market can turn fast and put the sellers back in charge.

It pays to be contrary in Real Estate. Sell when it looks like the prices will climb for every and buy when the prices are tumbling. It is impossible to time the absolute highs and lows of any market.

To buy right you have to find the motivated seller. Who can tell you if the buyer is motivated? A non duel agent can. That would be me, the only agent who works and lives on salt spring and can show you all the homes and not have to ask you to sign a limited dual agency agreement.