So we’re into April now and a few weeks into our “Stay at Home” measure. This measure started about halfway into March, so the month of March tells two different stories, so April’s numbers are going to be a much more realistic measure of the change. As per the Real Estate Board, the first half of the month were “the busiest days of the year for our region with heightened demand and multiple offers becoming more common” and boy was that the truth. Anything good was getting multiple offers and a lot of Buyers were excited about the additional influx of inventory we were expecting to see in the Spring. Interest rates were good and Buyer confidence was back after a slow 2018-2019. This allowed Sellers to upgrade to a bigger home and produced a lot of activity and excitement.
East Vancouver Real Estate Stats for April 2020
I have been spending a lot of my time researching economic cycles, recession and the Vancouver market over the last few decades in an effort to be prepared and knowledgeable in analyzing what we’re experiencing now. We just came out of a slow market in 2018-2019 so the memories of a slow market and how to attack it are still fresh. I had a lot of clients waiting for the market to drop during the slow market, only to miss the boat and end up in competing offer situations. This sentence remains true: “How do you know we’ve hit the bottom of the market? Prices have increased”. The overall HPI Price in Vancouver is still slightly down from the high we saw in 2018 before the recent slow down started, and at this point they won’t be increasing until we’re on the other side of this pandemic. When the market is slow, you have to be an active Buyer trying to negotiate with Sellers in order to find the deals. And in the excitement of finding a deal, don’t lose sight of the fact that you’re trying to find the right home. Good properties in good buildings in good locations will hold their value and will be a better option for you in the long term and will always be an easier sell in the future.
If you’d like to follow the ups and downs in the market, I can set you up on a Custom Real Estate Search. Contact me to get that started: [email protected] or 778-387-7371.
Sending you love and happiness during this strange time!