Thinking about selling your property?
You may be thinking January isn't a great time to sell - it's still Winter and more people will be looking in Spring. And why you might be right, consider this - we have an unprecedented lack of properties on the market in Vancouver. There is very little available for people looking to buy houses, townhouses, or condos. On the East side, there is less than a two month supply, and on the West side there is about six months. This means it's a seller's market, and if you're a buyer, it's most likely you'll be competing for anything you're trying to buy.
Vancouver is a Seller's Market
For example, we called on behalf of a buyer about a condo in Richmond yesterday, and were told by the realtor that they already had 26 viewings for that day alone. We're quite sure the property will be sold by Monday or Tuesday. We called about another property that was listed two days ago, and it's already got an accepted offer. We're seeing on the street lineups for viewings on townhouses in Kitsilano listed in the 1.5M range. So if you're a homeowner thinking January is too early in the year to sell, and you should consider waiting, consider this - there's not much competition! There's very few properties for sale, and you can see that just driving around and noticing a lack of 'for sale' signs. If you're a buyer, you've got to expect a lot of competition when making an offer.
So, if you're selling, it's a good time to get a GREAT price. People will compete for your property and right now they're willing to pay top dollar. What's driving this market? Low interest rates. Right now, you can get a fixed rate 5 year mortage at 1.5%, which is dirt cheap. We've never had interest rates so low, and that's a driving factor to why demand is so high. Low inventory coupled with high demand means prices are soaring.
List now for the best price on your Vancouver Real Estate
So if you're thinking about selling, I'd list now - you're going to get a great price. If you plan to list in the Spring, you should be fine, but by May expect more properties to be listed leading to less demand. January is usually considered a bad time to sell, but this year it's a terrific one. Low inventory and high demand mean you can get an amazing price on your home as buyers are in competition for a place like yours.
Have any questions? Jil and I are always happy to answer your real estate questions. Contact us at any time!