May 24, 2024
It’s been an interesting week with highs and lows for both buyers and sellers.
A property we have had listed almost continuously for 20 months received two offers, an hour apart on the same day! This bode very well for the seller and we were able to maximize the sale price and terms to fit their needs.
Another sale this week was delayed a few weeks because the sellers had deferred taxes. If you are selling your mobile home (in a mobile home park or on its own land), the deferred taxes must be paid in advance of the closing date. Call us for details if this applies to you.
On three occasions this week we have had other realtors tell us that they expect to be writing an offer on one of our listings, only to have them back away with “…the buyers are thinking it over…”.
The urgency to purchase is not where I would expect it to be BUT… we are seeing more activity and a desire from buyers to look at “everything available..”.
In a sellers market (ie: 2 years ago), buyers would be satisfied if the home they were viewing hit most of their needs and wants. In order to get a home, they were happy if it wasn’t exactly what they wanted but close – lets say it hit 80% of their needs. Today, I find that buyers are looking for the perfect home, at their price. They are passing on those homes that are 90%.
Now, we are also seeing those same buyers come back to our listings after looking around for 30, 60 or 90 days and realizing that this could be a good fit – but it is challenging as a seller to have to wait through this process.
Average days on the market for all Vancouver Island is now 45 days. A further breakdown for each area tells a slightly different story.
- Nanaimo 40 days
- Gabriola 76 days
- Ladysmith 99 days
- Parksville 35 days
- Victoria 40 days
There is no magic formula and I believe that consistent follow through with buyers, sellers and other Realtors leads to success.
