Yes, January brought some encouragement with the vast majority of local markets showing an increase in sales numbers. The Maple Ridge attached market held its own at the December level while Pitt Meadows & Port Moody attached markets, along with Coquitlam detached, experienced a reduced number of sales. At least holding the current interest rate seems to have kick started (albeit slowly) our market and in some instances has again created multiple offers on properties. Think what a drop in rates would do!
The most active markets in our region are PoCo attached (4.6 in 10 homes selling) and Port Moody attached (4.1 in 10 selling) so we see apartments and townhomes continuing to be the the most popular choice for buyers. Our sold statistics are also showing an increase in the days on market, particularly in more expensive homes. This could well change with an active spring market.
If we follow a traditional trajectory, new listings will come on stream as spring brings us daffodils and tulips. So now is the time to be prepared if you are looking to buy or sell. Potential purchasers can begin by contacting their mortgage specialist to get full pre-approval for a new mortgage. As well as giving you a clear range in which to shop, this will also give you an advantage as a prepared buyer.
Potential sellers can benefit from our expertise in what buyers expect and want to see in a home on the market – time for decluttering and ascertaining which improvements are necessary or not. We are happy to help with these decisions – getting your home sale-ready not only makes a difference in attracting buyers but it also makes a difference in sale price. Lots of “boots on the ground” experience in this regard!
Not sure where January went… so let’s really enjoy springtime and our very good fortune to be living in British Columbia. We look forward to hearing from you and seeing you out and about.
We remain your Generations Real Estate Partners –
Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.