Wow!! The latest stats show a sellers’ market in all categories of housing in the most active (read affordable!) price bands from Burnaby, across the TriCities, through Pitt Meadows and Maple Ridge. Who would have predicted the return of multiple offers?- oh, I know – the infallible Mr. Ozzie Jurock did predict the 2020 turn around! These magic price bands range from $1 mil – $1.25 mil in Burnaby & Coquitlam to $600,000 – $700,000 in Maple Ridge in detached homes and pretty much between $300,000 and $500,000 in the attached category.
This surprising situation is as a result of an unusually low inventory – especially for this time of year. Also that the present inventory contains many overpriced listings hanging on to the glory days of 2016 – 2017. The sellers enjoying the new luxury of entertaining multiple offers are those who have adjusted their thinking to price their homes using recent sale prices as a guide.
For buyers – new rules of engagement are in order to make the desired purchase. Financing must be fully in place, inspection preferably already done before offer time, in order to avoid inserting that clause, while still having peace of mind. The secret is to present as “clean” an offer as possible so that sellers can confidently accept it. We have been around this block before and so are happy to advise buyers as well as sellers in these changed circumstances.
Watch this space to see if February brings any more surprises. Stay warm and dry! Whatever the climate, we have you covered.
Michelle Hawthorne, Scott Johnson, Sheila Francis, Ray Harris & Shane Goutsis.