Jeff Benna & Andrew Hasman Discuss the Vancouver Real Estate Market for Feb 2023


We have another video update with Remax Realtor's Andrew Hasman and Jeff Benne on the state of the Vancouver Real Estate market. What can you expect and how should you plan? Listen on for all the tips on how to sell your home and buy in this market. 

What can you expect in the Vancouver Real Estate Market?

There is still tight inventory and many Vancouver sellers are reluctant to list their properties. That means there is a pool of Vancouver home buyers who have been waiting are stepping back into the market and making offers on properties that have, in some cases, been sitting in the market for 90-120 days plus. 
Metro Vancouver House listings that have come on the market and are priced right have been purchased almost immediately. Home Buyers seem more willing than they have in the past couple of months to jump into competing offer situations. 

There was a Vancouver Special on the east side of Vancouver that received eleven offers! And there were other properties with around a dozen offers, one Vancouver home that sold for $300,000 over the asking price.  

Are we back to the Vancouver Real Estate market that we're used to? 

Not yet. But there does seem to be less reluctance to really jump in the Vancouver Real Estate market and move. If there is a Vancouver home that a buyer needs and likes, they are ready to put in an offer.

People have life situations that don't stop, such as growing families and downsizing, and instead of waiting, they are looking at the mortgage rate of about 4% and keeping that in mind and adjusting their budgets accordingly. 

It's possible, maybe even likely that we'll look back at this time and this will be the bottom of the market. That makes it a great time to be out there making offers on properties and this is where the opportunities lie today. This is an amazing time to downsize or trade up on your home needs. 

What should I be considering if I want to put my Vancouver house for sale?

  • Make sure you do your preparation.
  • Have a pre-home inspection done. Identify all the things that you can get done to get top dollar for your home. 
  • Resolve your deficency list. Deficiencies can result in a failed offer. People will sometimes walk away or try to get a $5,000 - $30,000 adjustment in price. Usually the cost to fix the issues are much less than the perceived discount a buyer will request. 
  • Have your property scanned for an oil tank. A GPR scan of your lot will easily detect any buried oil tanks on your yard and will only cost $300 - $400. Your buyers won't be able to get insurance or financing if there is an oil tank on your property, so don't frustrate the purchase. 
  • Tidy your yard. Increase curb appeal and make your yard look appealing. 
  • Get your gutters cleaned.
  • Have your furnace or heat pump serviced. 
  • Think about access to your home. Think about how will people get into your home for the showings. Offer many showings and get the word out about Open Houses. The easier it is to get people into your home, the more showings you'll have and the better chance you have of getting a great offer. 

We're expecting March and April to pick up. How much? We can't say for sure. But now is the time to talk to us to get the particulars of your situation. Give us a call: 604-657-7936


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