Real Estate Market Update for March 2015
I'm going to share with you a little bit about what's going on in the market right now and where home values are headed. Because THAT is a million dollar question.
February was on fire! Sales to active listing ratio was 25.7%. That ratio hasn't been this high in Vancouver since 2011.
February sales were 60% higher than in January but listings are down. In fact, inventory hasn't been this low since 2010.
This dynamic of high demand with low inventory is putting upward pressure on prices.
Now, hopefully as we head into the late spring market and summer, we usually do see inventory levels increase a little bit and demand drop. So this should slow down the upward trajectory on prices.
When is the BEST time to sell? Well, from a sellers perspective the best time to sell is when:
1. Demand is at its highest
2. Inventory is at its lowest
3. Interest rates are low
Now is a perfect time to sell.
As a buyer, there is traffic at open houses and more multiple offer situations. So, it is very important that you do your homework before entering into a contract or writing an offer.
If you need any advice about as a seller, when you should sell and at what price or as a buyer what you should pay, I am happy to sit down with you and talk to you.
Give me a call at 604.240.1879 or send me an email at: teresa@teresacomeau.ca
Want to know what your home is worth in today's market? Check out this FREE home valuation tool at http://www.homevaluesvancouver.net