It’s officially Spring in Vancouver, though we’ve been seeing a busy real estate market since February. Things haven’t slowed down this past month as we continued to see a number of quick sales, lots of multiple offers and growing interest from Buyers and Sellers. If you’re looking for a stat to prove that – the sales to active ratio was 50% across all of East Vancouver last month, meaning half of all homes listed for sale were sold, while Days on Market dropped to 10 days. Prices are increasing, often helped by people bidding each other up during multiple offers. There have been some situations blown out of context thanks to various news agencies (like this) so if you want the opinion of professional, analytical and successful realtors, let us know. We’re happy to give you our take on the market and what you can expect given what you’re hoping to buy.
I’ve had a lot of people mention to me that us Realtors must love this busy market where homes are selling above asking and very quickly. Honestly? These are really tough markets, and far from my favourite. Homes are selling so quickly that it’s hard to get Buyers into see these great properties before they have an offer. I’ve also written a few offers with the same clients, which can end up being an emotional roller coaster for everyone involved. And price? When it comes to multiple offers, trying to figure out an offer price that keeps us competitive, yet doesn’t feel like an over-valuation has been difficult.
Remember, “value” is different for everyone. Value to someone looking to make the unit their home for the next 10 years is different from the value to a condo flipper. Value is different to someone who’s been looking for months, than compared to someone who has only started looking. At the end of the day, I encourage my clients to write offers on homes they love that are expecting multiple offers because you never know what the other Buyers will offer. I’ve seen homes that expected a few offers that never materialized, I’ve seen financing fall through for prospective Buyers and I’ve seen homes that have sold for under their list price (though keep in mind that homes can be over- or under-priced).
One thing is certain, prospective Buyers need a Realtor to guide them during this market. For determination of value, professional guidance on building maintenance, trust during the offer process and a well connected network to get the Buyer in to see as many options as possible (a lot of homes are selling without going on market right now). Contact us to sit down and chat about how we can position you to win in this market.
Now, for our specific East Vancouver Real Estate Market updates:
East Vancouver Condo Market Update
Have a great April! We’re here if you need us, just give us a call or send us a message.