The Sky is Falling

The Sky isn't really falling but it looks like we have finally seen the peak of the COVID market in Vancouver.  Just like in 2016 many people believed it would never stop, endlessly surging higher.    However, markets like this are not sustainable and we are finally starting to see shifts.  In my opinion, two weeks ago was the peak and now it is starting to slow down somewhat.   We’ll still see high prices and multiple offers on properties that are priced low and in high demand but the number of offers seems to be less in the last few weeks and the prices aren’t driving quite as high. What does this mean to you?  If you are a Buyer, hopefully it means you will be able to secure a property you want.  Chances are, subjects such as financing and inspection will no longer mean your offer is of no interest to the Seller.  Many Buyers are exhausted from making offers on homes and not acquiring them over the last year and a half.  Now is your opportunity. If you are a Seller, it will be even more important now to ensure you are working with a Realtor who understands shifting markets and the necessity of pricing your property correctly.  Pricing too high in a transitional market means sitting around and Buyers start to wonder if there is something wrong with the home.  If you are looking to Buy or Sell a home, call me.  I develop an individual strategy for each home which takes into account the current market conditions.