I hope you are all enjoying this glorious spring we are having! The sunshine has been fantastic and the seawall is already packed.
Our spring real estate market has sure heated up too, pardon the pun. Last month's sales were 29.3% above the 10-year sales average for the month. In many neighbourhoods across the lower mainland, lower than average inventory and higher than average sales has created upwards pressure on home prices. For detached homes, multiple offers are almost the norm, with properties selling for sometimes hundreds of thousands over the asking price. The fast-paced market has been fueled by continued record low mortgage rates and a weaker Canadian dollar, making Vancouver all the more attractive to foreign investors.
Vancouver's east side is especially competitive for Buyers. The detached home segment finished the month with just 1.6 months supply of inventory, and the townhouse/duplex market with 1.1 months supply. The condo market had just 2.8 months. This represents a very strong Seller's market.
If you are considering listing your home for sale, this is a great time to do so. If the thought of getting your home ready to list is just too daunting, there are alternatives to listing your home on the Multiple Listing Service (MLS). I recently listed and sold a home on an Exclusive contract, making it quick and hassle-free for the homeowners, while still getting them a great price. Every situation is unique. Please get in touch and we can discuss if this, or going the more traditional route, would be the best option for you.
If you're looking to buy, while the market is competitive, there are some properties and areas that are less heated. Additionally, there are strategies we can employ to help make your offer more competitive and attractive to sellers. Contact me for more info.
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A large part of my business comes from referrals, so if you or someone you know is interested in buying and/or selling, please pass along my contact information and I would be happy to speak with them about how I can help.
Here's the stats: