Home Values and the Current Real Estate Market

As everyone knows, and as we’ve been reporting every month in our Real Estate Market Updates, the Vancouver Real Estate market has been on a real upswing the last few months. The end of 2014 wasn’t too busy thanks to a lack of great inventory and timid Buyers, but things turned around in 2015, leading to a strong Sellers market, multiple offers and quick sales. It seems like the good properties aren’t on the market long enough, and everything is going for over it’s asking price, making it a tough call for Buyers – what do you offer to be the chosen bid? What’s the sweet spot between logic (value given comparable sales) and emotion (value to you)? Is it worth extending yourself financially to get into the market or to find a home that you can grow into over time? The answers to these questions are all situational, and change with every Buyer. Part of my job (and that of any Realtor) is to make sure that your real estate purchase is in line with your current situation and future goals.

One trend I do want to mention is regarding list prices. The last few months have been unexpected and a little nuts thanks to properties selling for more than asking, and at higher price points than a lot of buildings have seen in the recent past. I’ve noticed, especially recently, that some Sellers are starting to price their properties especially high in order to test the market and hopefully reap the rewards of Buyer demand, while Buyers are finally starting to push back with lower offers and more realistic sale prices. This is especially evident in the few multiple offer scenario’s I’ve been involved in recently where all parties end up offering less than the offer price (that’s a sure sign that the property was over-priced). Our Team will make sure that you know where the property lies from a real estate value perspective, so you can make an educated offer. Contact us to chat about your real estate goals – you need a professional on your side.

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