Week one of May and we have already had our first heat wave. Records were broken all over Vancouver Island with temperatures topping 30° in several areas. I personally de-thatched my lawn two days before the heat wave and then watched as it burned in the sun (insert eye roll here). I am now in the rebuilding phase – something like the Canucks.
The sunshine invigorated buyers and we saw a bump in activity market wide. The weather has cooled down this week but the increase in calls and offers is still evident.
Overall, it’s a great time to buy but not ideal for sellers. Uncertainty has cooled the market for a few years which affects sale prices so buyers are really in the drivers seat. Given that, I do see multiple offers on well priced homes.
I just watched a Real Estate market update video produced by CIBC with Scott McGillivray and Katherine Judge. Its about 50 min long and goes into how the housing market affects our economy as a whole.
Scott had a more grass roots “how does this affect me” input and I especially found that what he was saying resonated with me. A couple items (paraphrased)
“… you can have two homes right next door to each other. One sells over asking in multiple offers and two weeks later the other one sells under asking…”
“… buyers are looking for ‘turn-key’ homes . The unknown costs and timelines to renovate and add value are too uncertain…”
Here is a link to the video: https://cibcvirtual.com/EconomicOutlookHousingMarket
Are you buying? Get pre-approved, know the market and be ready to act FAST if the ‘right’ property comes onto the market. Get new listings sent to your inbox as soon as they come online.
Selling? Super clean, tidy homes with all the projects completed and are ready to new owners are what’s selling.
The Spring market is in full swing and even if it doesn’t look like the big increases we’ve had in the past, it is happening and buying or selling, it’s the time to get all your ducks in a row.
Have a fantastic weekend & Happy Mother’s Day!
