image via: https://www.instagram.com/grex123/
1. Fundamental economics are driving today’s market
There is really no other explanation: inventory of homes in all of Greater Vancouver in January was at its lowest in almost a decade. In North Vancouver, this hovered between 265 & 300 homes, which is HALF of the typical January inventory in the last five years.
Demand is incredibly strong. The secret is out! Yes, lots of foreign ownership in West Vancouver and the West side of Vancouver, but in North Van, mostly local folks who simply want to live here; tons of influx of folks from Burnaby, East Van & the West side as well.
Other than December, January is typically the month with the lowest inventory of the year, and ECON101 says: low supply, high demand, and well, prices can soar. We don’t need to mention again that we have some of the priciest real estate in the country, um, so we won’t.
2. Folks are fed up
And rightly so! Buying & selling Real Estate on a good day in a stable market has an inherent level of stress. Who wants to feel the added pressure of multiple offers, and the poker game that ensues? It’s even having a negative effect on Sellers today. High expectations, questions about timing, and the question of “where do we go if we sell?”
Us and our Realtor colleagues have never seen a market like this. So, what are we doing these days? Spending lots of time connecting with our fellow Realtors to figure out prices and strategies, worrying for & about our clients & their tolerance for this market, and remarking about the market in general – sharing stories and solutions for the people we have the pleasure of serving.
Behind the scenes, we’ve been combing the streets and our databases, doing our best to find inventory for some lovely people who have been looking for homes for a really long time. Yes, it’s pretty crazy out there, but there is some good news…
3. Money is cheap
Low interest rates continue to fuel the fire of low inventory & high demand, learly with the levels of financing that people are now qualifying for, 2.69% for five years is a blessing.
4. You still need a Navigator
Buying or selling a home in today’s real estate market can be an emotional experience, but it needn’t be a trying one. Align yourself with a Real Estate professional that you trust. Check references, testimonials & performance. There are some really great Realtors in our community with many years’ experience, who have helped clients reach their goals in all types of market conditions. It’s not as easy as it appears to sell a home today. The MLS® is the most powerful real estate marketing system in the country. If you’re thinking of selling, it’s important to talk with your Realtor® about putting your home on the MLS® system to ensure your property gets maximum exposure. If you’re looking to buy real estate, this market is moving incredibly fast, and you’ll benefit from a full time professional who can tell you about the latest as it happens.
With a focus is on service and expertise, Jasmine and Grant Botto are top-producing local realtors with decades of collective experience. They have an extraordinary passion for North Vancouver and giving back to the community.
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