The greater Vancouver market is ever changing and we are talking all things real estate! Insights for buyers and sellers, our experiences, what we do well, how we’ve learned from things we can improve on, news and updates on building code, mortgages, insurance etc!
We are super excited to share all our knowledge and continue to grow with this new platform! We’d love to hear your feedback after you listen to a couple shows and message us anytime if there’s a topic you’d like to hear us chat about.
Inventory is low, buyer demand is up, and multiple offers are back! Currently we are seeing good opportunities to upsize to a larger condo, townhouse or house. Condos in the lower price points are very active, while houses and higher price points are lagging behind as there is less demand, for now. If you’re considering an upgrade, this is a great time because the gap in prices has narrowed.
Last year we experienced a down year for our local real estate. Last March (2019) was historically slow as the headlines read ‘Vancouver home sales hit 33 year low!’. However, as the year progressed, buyer activity increased. July was the turning point where sales started outperforming the previous year (2018) and we finished the year off very strong with home sales in December up 88% compared to December 2018.
We expect a busy year ahead, particularly for condos and townhouses where the more affordable price points have a higher demand. It’s early in the year, but so far we have experienced more multiple offers and quicker sales.
If you are thinking of making a move this year, we would love the opportunity to meet with you, answer all of your questions, share our thoughts and help you make an informed decision.
1) Less competition: Lower inventory could result in a better selling experience due to lack of available listings to existing buyers. 2) Test the market: If you don’t see a great offer early, spring and summer markets are typically strong and right around the corner. 3) Put yourself in a buying position: Selling early in the year puts you in a stronger buying position in the spring/summer when there is a better selection of listings. This would reduce your financial risk and put you in a more favourable offer position.
Why Buy in March?
1) Less buyers: snow and rain keeps buyers indoors, which could help you get a better deal on the home you love. 2) Potential deals: Winter weather, less buyers, lingering inventory from the fall can lead to buying opportunities. 3) Seasonality: Every year is different, but in a typical year winter is slower than spring and summer. Take advantage of the slow season before more buyers show up.
Last year we helped over 100 families move on to the next chapter of their lives, and we hope to help more this year! If you’re thinking of buying or selling, or just curious about what your home is worth, give us a call!