6 Killer Real Estate Trends in Metro Vancouver

The media, or statistics may have you believing the market is transitioning, but it is important to understand that specific types of homes, locations and price points are still hotter than ever.

There are lots of Killer Deals, and here's what you need to focus on to get your hands on one...

In the past few weeks, I have encountered numerous situations (details included below) in which a new listing comes on the market, and within days has great amount of interest which translates to multiple offers. Yes! Multiple offers are still an everyday occurence. So, although a good time still for buyers, it's even better for sellers.
So, whats happening? How? Why?

1. First of all real estate has always been about timing. We are in a time when some buyers and sellers alike are unsure of what will happen and some have even called a time out for a while. This is good news for those who haven't. Less buyers mean less competition. And although a great property will demand attention, instead of competing against 6 -10 offers, you maybe competing against 2 or 3, so much better odds.

2. Sellers that are coming on the market at this time are motivated. They are pricing their homes well and this is attractive to the buyers, that tend to bid up. A 1 bedroom apartment in Mount Pleasant neighbourhood of Vancouver has been trying to sell at $475'000 in Mount plesant did not have much luck after 76 days. However, after re-listing it for $449'000 it now get a higher than ask offer becuase with the new price it attracts more buyers*. As supply is now limited, there is greater demand.

3. Buyers that are not waiting on the side lines still continue to do showings and open houses and see that rain or rain ( there is no shine these days) they are not the only ones. This gives them more confidence. After all, we all feel a bit better when we see there is other interest and reassures us that we have a popular choice.

4. My role as a relator is to continue to guide my clients especially in light of all the recent news. I watch the sales trends, new listings and get all the data, so we know if the numbers still work. Only when the numbers work do my clients get a message from me. Simply, I reduce the white noise and only focus my clients time on the homes that work best for them.

5. The perfect price can be anywhere and demand attention. Just a few days ago an old tear down home in Abbotsford relisted and was under contract within days, even though it was on and off the market for under 2 years. Sellers, take note: As inventory counts start to drop off slightly, this is a great time to get an edge over the competition and get the attention your home deserves.

6. With the way Vancouver politics you never know if there are new rules around the corner that will make it even harder to buy a home. Buyers searching do not want any more surprises that can affect their ability to buy homes, which inadvertently affect all home sales.

Oh and Happy Halloween - muaaaah ha ha ha 

-shali tark-

*min details of listings above are included to protect the privacy of the current offers in place. 

For any questions or comments please feel free to email me at shali@shalitark.com