Yes, we saw a pick up in sales as those daffodils bloomed (especially in our more eastern markets) along with rising inventories in some areas. Despite the interest rates, it looks like we’re going to experience a busier market as we enter the period where the end of the school year is a popular time for family moves. It’s hard to believe that we’ve reached that point but prospective buyers and sellers should be aware & taking advantage of that forecast. Don’t forget that if you were to be waiting to finalize a purchase in July, it could be that the interest rate just might be lower!!
Our most active March markets were in Port Coquitlam condos and townhomes with a 68% sales ratio, closely followed by the detached market in Pitt Meadows, showing a 65% sales ratio. Pitt Meadows also saw a brisk market for attached homes with a 50% sales ratio. Most of our other neighbourhoods from west to east were struggling with less than 3 in 10 homes selling and varying inventories – some growing faster than others.
Now that we have the answer to “will interest rates drop immediately”, we can all move forward. There’s nothing like uncertainty to kill a market! If a move is in your future, now is the time to prepare your home even if that move does not seem imminent. Remember, this is Spring going into summer so for detached homes, the yard is important and buyers will walk out to view it. Curb appeal is essential – buyers decide outside whether or not they want the inside viewing experience. An attractive outside space is equally important in townhomes and condos. Make the most of what you have – clean and inviting!
If you feel at all daunted by the prospect of preparing your home, we are happy and able to help and advise. This is a vital part of the process these days – most buyers will have looked at your home online before deciding if it’s worth spending the time viewing. We have the up-to-the-minute neighbourhood & building information which we are happy to share and see how it affects your sale price. As a very active team, we also have first-hand experience, having visited most of the homes in your vicinity.
We work and play locally, are contributing community members and love seeing you around. Enjoy the sunshine (& rain!).
We remain YOUR partners in Real Estate – Generations Real Estate Partners:
Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis