Hello East Van!
What a January and start to February we are seeing. It’s a VERY busy market out there. This month is a good reminder that the stats don’t tell the whole story, and what’s actually happening in the market is not (or not yet) reflected in the numbers.
The Market has been extremely busy over the last month. We have been seeing multiple offers on anything good since the Summer, but it has jumped to another level this year. Unfortunately inventory numbers aren’t meeting demand, so we’re seeing 3, 5 10, 20+ offers on good properties. I’m seeing a lot of properties priced too far under their value, which is what’s leading to the really significant number of offers, but even if Sellers were to price something within reason there are still going to be Buyers ready to snap it up. There’s the occasional over priced listing that sits on the market, so if you’re having trouble winning in multiple offer scenarios, circle back to the overpriced listings to see how much you can negotiate it down.
In order to have success in this market, you need to be prepared for multiple offer scenarios. Multiple Offer Scenarios have been happening since 2014 so this isn’t too unusual, but it feels especially busy at the moment. That means seeing properties as soon as possible so you know you like it enough to offer, having your financing as close to an approval as possible, doing a pre-inspection, completing all of our due diligence with regards to any building documentation and asking every question you have so you feel comfortable submitting a subject free offer. That offer then needs to be a great price, often offering the Seller their preferred dates and with some finesse in presentation and negotiation. For more information on multiple offer scenarios, check out my blog: About Multiple Offers.
In general, inventory is quite low and Buyer demand is quite high. Mortgage rates are expected to be low for quite some time so I don’t anticipate any major changes in rates or financing requirements. The new Provincial Budget should be released soon, but again, I don’t expect any major changes.
If you’re thinking about selling your property, give me a call to chat about value and the process. I understand the intricacies of marketing a property expected to receive multiple offers and negotiating the best contract possible for you. There is a lot more to it than opening the door and receiving offers, and the better the situation is handled by me, the better your final price will be. There are plenty of details to chat about so don’t hesitate to contact me if you’d like to get started [email protected] or 778-387-7371.
Onto the stats:
Like I mentioned above, this is one month where the stats don’t tell the whole story – it will be interesting to see how the February Stats look once they’re released in a month. Good properties or low priced properties are receiving multiple offers, selling after the first week or being listed and for more than the asking price, and those metrics aren’t really reflected in these stats.
Overall total inventory is lower than average, particularly for detached houses so you can expect a lot of competition. Prices are increasing quickly for units in good buildings, good neighbourhoods or in good repair.
East Vancouver Real Estate Stats up to and including January 2021
If you have any questions – regardless of how simple – don’t hesitate to send me an email or give me a call: [email protected] or 778-387-7371.
Finally, my monthly reminder to keep supporting local businesses. This time of year is always slow for restaurants, and more so this year. Order take out from your favourites to show them some support. It’s also a good time of year to start working on some home projects – everything from exterior touch ups, gutter cleaning, furnace and duct maintenance, grout cleaning and resealing, carpet cleaning, spring garden planning and more. And your health benefits have renewed so contact your favourite health service providers for a treatment.
– Kristi
