I’ll get right into it… things are happening! There have been some changes in the mortgage world benefiting Buyers and a more active real estate market to boot.
The amount of inventory is increasing, but there are a lot of really good properties on the market right now. Buyers are taking advantage of the current trend and are taking their time to find a property, pushing Sellers to be more reasonable with their prices. The Buyers willing to jump are securing good properties at good rates and prices, with conditional offers to give them enough time for proper due diligence.
Based on what I’m seeing on the market, overpriced properties aren’t the ones selling. You have to be priced reasonably from the get go otherwise your days on market will be high because Buyers won’t bother trying to negotiate, forcing you to finally lower your price. However, Buyers are still keen on reasonable priced properties, and why not, prices have softened slightly over the last few years and interest rates are holding steady (if not dropping) for now before an expected increase over time. I’ve seen quite a few multiple offer situations this year, on everything from 1 bedroom condos to houses. The offers don’t tend to reach extremes but it shows that if you’re priced right and show well, Buyers will be there.
For those buying and selling, remember that you need to focus on the overall change in value of your purchase and sale, not the fact that your current property may not be worth as much as before. It’s more than likely that the more expensive property that you’re looking to move up too has dropped further in value, make this a good time to make the jump.
Prices can still vary significantly, so don’t let that stop you from looking at a particular property (within reason, of course). A lot of properties are priced high because the Seller has built in a bit of a negotiation buffer, some properties are priced reasonably, and like I mentioned, I’ve seen a few low priced offers receive multiple offers. Do your due diligence, check out the comparable listings and sales, and start submitting offers. You’ll never know if a Seller is keen to sell until you get an offer in front of them.
As always, if you have any questions about the market, or want to sit down to talk about appropriate expectations when buying or selling, shoot me a message [email protected] or 778-387-7371.
KITSILANO REAL ESTATE STATS
Here are the updated stats. Keep in mind that these stats represent January, which was slow for the first 2 weeks. I imagine the February numbers to really show the uptick in activity.
Mortgage interest rates recently dropped, with the expectation that they’ll increase again this year, so I anticipate we’ll see some Buyers take advantage of the chance to rock in with a good rate.
KITSILANO CONDO MARKET UPDATE
The Kitsilano condo market is quite active right now. I’ve seen some multiple offer situations, but also some good units sit on the market for a few weeks. I’m seeing a bit of a logjam within this market right now. It seems that first time buyers are nervous about the changing market and are taking their time to familiarize themselves, but if they don’t buy the 1 bedroom condos, then every Buyer above them on the ladder can’t move either.
KITSILANO TOWNHOUSE MARKET UPDATE
Kitsilano has a lot of great townhouse style units thanks to the hill between W 4th and the beach, and the general style of the buildings that are popular in the neighbourhood. This market has been really active. Buyers have jumped on the sophisticated, move in ready options.
KITSILANO DETACHED HOUSE MARKET UPDATE
The Kitsilano Detached Market has finally seen some good activity. It’s been a slog with this market, leading to slow months and really slow months. Prices are the lowest they’ve been in years and Buyers are finally coming back to the table.