It's a Sellers Market Simple supply and demand. Little supply. BIG demand.
Active listings continue to go down The number of sales keeps going up The average and median sales prices keep going up List prices are being corrected to match buyers perceived market value
What does this mean for buyers?
I have said for many, many years, the right time to buy is when you see your perfect property. Now, no property is absolutely perfect. It could be in the right location. Has the number of bedrooms & bathrooms you need to fit your family. All the amenities you want.
But maybe it needs new paint. New furniture. The kitchen and bathroom are outdated. You are wondering if you are going to pay too much.
Relax .... take a step back and look at the big picture. Updates do increase market value. And your personal comfort and enjoyment value. Real estate markets go up and down. How long are you going to own it? Over time this cost is going to diminish in importance as you enjoy your property sooner rather than later. Don't try and play the market. Buy when you have the financial ability and it's the right time to upgrade as your family gets bigger or you have the desire and time to make the lifestyle choice.
Real estate has proven time and again to be a great investment. You will choose to sell sometime in the future when it's the right time for you and your family. Add the value of that enjoyment to the dollar value at that time. Whether it's gone up amazingly or just a bit.
Go Ahead and buy. It will be ok and I will be with you every step of the way. True!
What does this mean for sellers?
2020 has been a big surprise for all of us. It is not only Whistler that is seeing great jumps in sales numbers and values, but also Vancouver, Canada and in the USA. What is driving the price and demand up? Well, interest rates are historically low and are not expected to go up for a while. Is that it? Not solely.
Did you find while you were isolating yourself in March, April, May and continuing with restrictions of changing amounts every day that you are feeling that your space is too small? While working remotely did you find that everyone... you, your kids, your partner are needing more psychological space? You may have the requisite bedrooms and bathrooms but it isn't giving you the feeling of enough? Are they wanting more freedom to stretch, exercise, go outside, participate in life? And still want to be safe. Other people are as well.
Buyer demand is up as they want more room, an office, a larger living area, larger outdoor space. More amenities. More ways to enjoy being at home while they safely take care of themselves and their family. They also want to be able to go outside... safely. They would rather be outside exercising safely within COVID-19 recommendations. And Whistler has a lot of space where people can recreate safely.
And with that demand comes property value increases.
Are you needing to upsize? Do you own a vacation home in Whistler and your family is no longer using it? Did you know that this is the most common reason owners of Whistler sell? True.
When you are considering selling, you will be wondering what your market value is. And whether it's the right time. It's the right time to sell when you are ready. Not because the market is up. Not because you're afraid that the market may turn suddenly and drop. The time is when it fits your plans.
Buyers and Sellers always have a lot of questions about real estate. Not only what their property is worth or how much buyers should pay. I am happy to share my 30 years of Whistler living and 20 years of real estate knowledge with you. I'd be delighted to answer any questions. Anytime. Reach out.