February 2020 Market Update

Is now a good time to put my house on the market?

The numbers for January are out now, and it is a great time to sell your house. Sales are up by 42.5% for January comparaed to the same time last year, but remains 7.5% below the 10 year average for January. Things are looking better than last year when we saw a number of new taxes introduced that dampened the market significantly. We are definitely not seeing the same issues that we saw last year.

What is happening in the market right now?

The biggest issue on the market right now is the lack of supply. We are seeing a lot less supply on the market, and most houses being sold with competing offers at above asking price. We are about 20% down in inventory from where we were a year ago, with 20% less homes coming on the market than a year ago. This is looking to quickly become a seller's market. So, if you were worried about not getting your asking price after the events in last year's market, this is a much better time to sell your house. 

How much has the Vancouver real estate market improved?

Just to give you an example, of one of the properties that we sold in late 2019:

  • Over 100 people at the open house
  • 13 Offers
  • Sold for $250,000 over asking price

I want to sell my house, where do I start?

If you are thinking aboout selling your house we can recommend a number of strategies to help you do this, and Jill or I would both be happy to meet with you to discuss some of these.

As always, we recommend that you spruce up your home before listing it, this can mean taking care of how your lawn looks and getting some routine maintenance done like getting rid of mould or moss growing on your roof tiles, or having your boiler serviced. The last thing you want is a buyer renegotiating during the final stages of a contract or you potentially losing a sale you thought you had secured due to what was found by the home inspector.

As always, we are evailable for a no obligation home evaluation, just click below to talk to either myself or Jill.

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