Vancouver Real Estate Market Update – January 2015

Happy New Year!  REALTORS® always get excited at this time of year because it is the start of our “busy” time and we need to be ready to take it on!  This year is going to be no different and in fact, all indicators point to this coming spring market being a particularly active one.  How do we know?  Well, the last few months saw a steadily decreasing number of listings while sales stayed consistent to previous months.  This is an indication that there are lots of Buyers out there but less and less for them to chose from.  When there is low supply and high demand, it translates to a busy market as the good properties get snapped up quickly, often with multiple offers.

What does this mean for you?

If you are a Buyer: You will find it a little tough at the beginning as you fight over properties with other Buyers but the pressure eases off a fair amount come April and May when the number of listings always climbs as the number of Buyers fall off.  What’s a good strategy?  Get out there and start looking at properties to get a feel for the market and what you like, but plan to actually buy a few months down the road.  Of course, if you find your dream home and you just have to have it, then go for it!

If you are a Seller: The earlier you list your property this year, the better your chances of getting top dollar.  As more and more properties come on the market, you will have more and more competition.  Many of the Buyers have been looking since last year and are ready to pounce if they find something they like.  Inventory of properties for sale is rather low at the moment which is always great news for a Seller!  But remember that pricing is always your most important tool as Buyers are savvy these days and tend to only write offers on properties they feel are reasonably priced.